Results 25,261-25,280 of 27,945 for speaker:Michael McGrath

Written Answers — Department of Finance: Tax Code (21 Jun 2023)

Michael McGrath: The Temporary Wage Subsidy Scheme (TWSS) was introduced on 26 March 2020. It was legislated for in Section 28 of the Emergency Measure in the Public Interest (Covid-19) Act 2020 and was an emergency measure to deal with the impact of the Covid-19 pandemic on the economy. As the Deputy will be aware in order to maximise the financial support provided to recipients, tax on TWSS payments was not...

Written Answers — Department of Finance: Vehicle Registration Tax (21 Jun 2023)

Michael McGrath: The Deputy should note that my office has replied to the named individual in relation to this matter on Monday June 19 June 2023, by email. Vehicle Registration Tax (VRT) is a tax payable on registration of a vehicle in the State. The tax is administered by the Revenue Commissioners in accordance with law. I have been advised by Revenue that its approach to enforcement of the law...

Written Answers — Department of Finance: Interest Rates (21 Jun 2023)

Michael McGrath: As Minister for Finance, monetary policy is not part of my remit and it is not my place to comment or speculate on the setting of Eurozone interest rates, which is the responsibility of the ECB. However, I note the rapid tightening of monetary policy that has occurred over the past year. Whilst this has been a necessary step to prevent inflationary expectations from becoming de-anchored, the...

Ceisteanna ar Sonraíodh Uain Dóibh - Priority Questions: Interest Rates (22 Jun 2023)

Michael McGrath: I thank the Deputy for his question. The formulation and implementation of monetary policy is an independent matter for the European Central Bank, ECB. As the Deputy will be aware, the ECB has increased official interest rates over recent months as it attempts to combat inflation. The latest increase, which was announced last week, brings the main ECB lending rate to 4%. Any decision...

Ceisteanna ar Sonraíodh Uain Dóibh - Priority Questions: Interest Rates (22 Jun 2023)

Michael McGrath: I welcome the work of the Joint Committee on Finance, Public Expenditure and Reform, and Taoiseach on this issue. I have been very clear as to my expectations and what I want to see from the financial sector, and that is that customers who are making genuine efforts to repay their mortgages should not be allowed to fall into arrears by virtue of changes in interest rates brought about by...

Ceisteanna ar Sonraíodh Uain Dóibh - Priority Questions: Interest Rates (22 Jun 2023)

Michael McGrath: The commitment I can give as Minister is that we will help households in the budget, but those decisions fall to be made as part of the budgetary process. The Deputy gives stark examples, which are real examples, of people whose mortgage payments might have increased by €400, €600 or maybe €800 a month. His proposal is to give them €4 a day, maximum, to help them...

Ceisteanna ar Sonraíodh Uain Dóibh - Priority Questions: Universal Social Charge (22 Jun 2023)

Michael McGrath: The USC was designed and incorporated into the Irish taxation system in 2011 to replace the health and income levies. Its primary purpose was to widen the tax base and provide a steady income to the Exchequer to provide funding for public services. The USC is an individualised tax, meaning that a person's liability to it is determined on the basis of his or her own individual income and...

Ceisteanna ar Sonraíodh Uain Dóibh - Priority Questions: Universal Social Charge (22 Jun 2023)

Michael McGrath: I am glad to hear that the Deputy supports reducing the burden of income tax on ordinary workers.

Ceisteanna ar Sonraíodh Uain Dóibh - Priority Questions: Universal Social Charge (22 Jun 2023)

Michael McGrath: When we proposed such reductions in recent budgets, he opposed them. That is a fact.

Ceisteanna ar Sonraíodh Uain Dóibh - Priority Questions: Universal Social Charge (22 Jun 2023)

Michael McGrath: Did the Deputy ever vote for a finance Bill?

Ceisteanna ar Sonraíodh Uain Dóibh - Priority Questions: Universal Social Charge (22 Jun 2023)

Michael McGrath: The Deputy never voted for a finance Bill.

Ceisteanna ar Sonraíodh Uain Dóibh - Priority Questions: Universal Social Charge (22 Jun 2023)

Michael McGrath: Finance Bills are the way in which we bring about reductions in the burden of income tax.

Ceisteanna ar Sonraíodh Uain Dóibh - Priority Questions: Universal Social Charge (22 Jun 2023)

Michael McGrath: By the way, the Deputy did not say what he would replace the €5 billion with. When what we deem to be, and what I am advised to be, windfall receipts in the current year are stripped out, we have an underlying deficit, yet the Deputy just asked whether we could eliminate a tax that brought in €5 billion without explaining what he would replace it with. He might argue he will...

Ceisteanna ar Sonraíodh Uain Dóibh - Priority Questions: Universal Social Charge (22 Jun 2023)

Michael McGrath: There is an obligation on the Deputy to be consistent. When we introduce budgets where we increase PAYE and personal tax credits for low-income workers, the Deputy votes against them. We have a programme for Government-----

Ceisteanna ar Sonraíodh Uain Dóibh - Priority Questions: Universal Social Charge (22 Jun 2023)

Michael McGrath: Yes, the Deputy does. He should check the voting record.

Ceisteanna ar Sonraíodh Uain Dóibh - Priority Questions: Universal Social Charge (22 Jun 2023)

Michael McGrath: The Deputy has never voted in the House for a package of income tax reductions. He then comes in during oral questions-----

Ceisteanna ar Sonraíodh Uain Dóibh - Priority Questions: Universal Social Charge (22 Jun 2023)

Michael McGrath: -----and proposes to get rid of a tax that brings in €5 billion per year. We have a programme for Government commitment, one agreed by all three parties in government, to index credits and bands in line with Ireland's growth.

Ceisteanna ar Sonraíodh Uain Dóibh - Priority Questions: Universal Social Charge (22 Jun 2023)

Michael McGrath: That is the Government's commitment-----

Ceisteanna ar Sonraíodh Uain Dóibh - Priority Questions: Universal Social Charge (22 Jun 2023)

Michael McGrath: -----and is what we have implemented in the past.

Ceisteanna ar Sonraíodh Uain Dóibh - Priority Questions: Universal Social Charge (22 Jun 2023)

Michael McGrath: The commitment I will give is that we will reduce the burden of income tax-----