Results 25,161-25,180 of 27,945 for speaker:Michael McGrath

Written Answers — Department of Finance: Tax Credits (31 May 2023)

Michael McGrath: I am advised by Revenue that the Tax Code sets out the basis on which an individual is assessed to tax and provides for a significant number of credits, reliefs and exemptions, eligibility for which is subject to a wide range of conditions. The basis of assessment and the credits, reliefs and exemptions available vary depending on the facts and circumstances applicable in each specific case....

Written Answers — Department of Finance: Budget Process (31 May 2023)

Michael McGrath: As the Deputy will be aware, it would not be appropriate for me to speculate on policy decisions in advance of Budget Day and it is a longstanding practice of the Minister for Finance not to comment on matters that might be the subject of Budget decisions. In addition, I must also note that this question is outside of my remit as the Minister for Finance. It is Uisce Éireann that...

Written Answers — Department of Finance: Primary Medical Certificates (31 May 2023)

Michael McGrath: The Disabled Drivers and Disabled Passengers Scheme provides relief from Vehicle Registration Tax and VAT on an adapted car, as well as an exemption from motor tax and an annual fuel grant. The Scheme is open to severely and permanently disabled persons as a driver or as a passenger and also to certain charitable organisations. In order to qualify for relief, the applicant must hold a Primary...

Written Answers — Department of Finance: Central Bank (31 May 2023)

Michael McGrath: The Central Bank holds 12.02 tonnes of physical gold. The asset class is revalued at market prices by the Bank on a quarterly basis and this holding had a market value of €703.94m at the end of Q1 2023. Transactions for gold, as for all the Bank’s investment assets, are conducted on the capital markets with investment banks that are approved as investment counterparts by the...

Written Answers — Department of Finance: National Asset Management Agency (31 May 2023)

Michael McGrath: As the Deputy is aware, NAMA was established in December 2009 as part of the State’s response to the 2008 banking crisis with a very specific legal mandate, which was approved by the European Commission. NAMA has been successful in achieving this mandate. To date, €3.9 billion has been paid by NAMA to the Exchequer, including €3.5 billion in cash surplus payments and...

Written Answers — Department of Finance: Tax Code (31 May 2023)

Michael McGrath: I am advised by Revenue that the VAT rating of goods and services is subject to EU VAT law, with which Irish VAT law must comply. In general, the Directive provides that all goods and services are liable to VAT at the standard rate unless they are exempt from VAT or fall within Annex III of the Directive, in respect of which Member States may apply reduced rates of VAT. Under VAT law,...

Written Answers — Department of Education and Skills: Apprenticeship Programmes (1 Jun 2023)

Michael McGrath: The ‘Action Plan for Apprenticeship 2021-2025’ was launched in April 2021 and sets out new ways of structuring, funding, and promoting apprenticeships to make apprenticeship more accessible to employers and learners. The Plan seeks to deliver on a target of 10,000 apprenticeship registrations per annum, across a wide range of programmes, by 2025. We are making significant...

Written Answers — Department of Finance: Insurance Industry (1 Jun 2023)

Michael McGrath: I note that the question refers to the cost of insurance for the amusement sector. At the outset, it is important to note that neither I, nor the Central Bank of Ireland, can direct the pricing or provision of insurance products. This position is reinforced by the EU Single Market framework for insurance (the Solvency IIDirective). Nevertheless, this Government is aware that certain business...

Written Answers — Department of Finance: Tax Exemptions (1 Jun 2023)

Michael McGrath: Finance Act 2021 introduced Part, 22A Residential Zoned Land Tax (RZLT), into the Taxes Consolidation Act 1997. The RZLT is designed to prompt residential development by landowners, including farmers, of land that is zoned for residential or mixed-use (including residential) purposes and that is serviced. RZLT is an annual tax, calculated at a rate of 3% of the market value of the land...

Written Answers — Department of Finance: Departmental Bodies (1 Jun 2023)

Michael McGrath: Circular 25/2016 states that State Bodies under the aegis of Government Departments must provide and maintain a dedicated email address for Oireachtas members. The circular applies to all bar three of the bodies under the aegis of my Department. These three bodies are the Credit Union Advisory Committee (CUAC), the Disabled Drivers Medical Board of Appeal (DDMBA) and the Credit Union...

Written Answers — Department of Finance: Revenue Commissioners (1 Jun 2023)

Michael McGrath: I am advised by Revenue that the previous Investigation and Prosecution Division (IPD) amalgamated with the five frontier management branches in July 2021 and formed a new Division called Investigation, Prosecution and Frontier Management Division (IPFMD). I am advised by Revenue that the number serving in Investigation, Prosecution and Frontier Management Division on the 24 May 2023 is as...

Written Answers — Department of Finance: Tax Data (1 Jun 2023)

Michael McGrath: I am advised by Revenue that the estimated first and full year yield to the Exchequer of the Deputy’s proposal would be €290 million and €375 million respectively. This would have the result of increasing the top marginal tax rate on PAYE income from 52 per cent to 55 per cent and for non-PAYE income from 55 per cent to 58 per cent.

Written Answers — Department of Finance: Tax Data (1 Jun 2023)

Michael McGrath: I am advised by Revenue that their micro-simulation modelling tool, Tax Modeller, is built to model scenarios on a taxpayer unit basis (i.e. including jointly assessed couples as one taxpayer unit). As such, it does not generate any outputs on an individualised basis, and it is therefore not possible to estimate changes to tax credits on an individual basis for a projected tax year. However,...

Written Answers — Department of Finance: Tax Data (1 Jun 2023)

Michael McGrath: I am advised by Revenue that the administrators of pension schemes and personal pension arrangements are not generally required to provide information on the numbers and values of individual pension funds or on individual accrued benefits to Revenue. Therefore, there is no underlying data available to Revenue on which to base reliable estimates of the savings that would arise from the...

Written Answers — Department of Finance: Tax Data (1 Jun 2023)

Michael McGrath: I am advised by Revenue that pages 18 and 19 of Revenue’s Ready Reckoner can be used to estimate the yield from changes to the rate of Stamp Duty on property. The Ready Reckoner is available on the Revenue website at www.revenue.ie/en/corporate/documents/statistics/ready-recko ner.pdf The Ready Reckoner can be used to extrapolate the estimated additional yield from increasing the rate...

Written Answers — Department of Finance: Tax Data (1 Jun 2023)

Michael McGrath: I am advised by Revenue that the estimated full-year revenue generated from a 40% Capital Gains Tax (CGT) rate being applied to the taxable gains of individuals with aggregate income and gains in excess of €500,000 is of the order of €86 million. The first-year yield would depend on the timing of the introduction of the change. This estimate is based on 2020 data, the latest...

Written Answers — Department of Finance: Tax Reliefs (1 Jun 2023)

Michael McGrath: I am advised by Revenue that the system referred to by the Deputy, whereby tenants deduct and remit to Revenue withholding tax at the standard rate of income tax (currently 20%) from rental payments to a landlord who lives outside the State, has been in operation for many years. However, some changes were introduced in last year’s Finance Act. The relevant legislation provides...

Written Answers — Department of Finance: Vehicle Registration Tax (13 Jun 2023)

Michael McGrath: I propose to take Questions Nos. 331, 374, 375, 376 and 377 together. I am informed by Revenue that, as permitted by the legislation on Vehicle Registration Tax, certain services concerning vehicle registration are carried out on Revenue’s behalf by an external service provider. This work is undertaken by the service provider as part of its contract to provide a wide range of...

Written Answers — Department of Finance: Tax Code (13 Jun 2023)

Michael McGrath: I propose to take Questions Nos. 332, 334 and 382 together. As the Deputy will be aware, the Dáil passed a Financial Resolution on 18 April 2023 to allow this important measure in relation to solar panels to come into effect on 1 May 2023. As I have previously stated, the zero rate of VAT for solar panels can only operate from that date forward. I have no discretion to apply this measure...

Written Answers — Department of Finance: Departmental Policies (13 Jun 2023)

Michael McGrath: The Living City Initiative is a modest, targeted, measure which is aimed at very specific areas in urgent need of regeneration. Introduced in the Finance Act 2013, it is provided for under sections 372AAA to 372AAD of the Taxes Consolidation Act 1997. The initiative is quite restricted in the areas to which it can apply. A key element of the scheme is that it applies only to Special...