Results 25,341-25,360 of 27,945 for speaker:Michael McGrath

Written Answers — Department of Finance: Mortgage Interest Rates (22 Jun 2023)

Michael McGrath: Research has indicated that there is potential for existing mortgage holders to make mortgage savings by switching their mortgage. This is a particularly important consideration at a time of rising interest rates. In this regard I have met with the CEOs of the retail banks and a number of non-bank lenders where I emphasised that they should take a consumer focused approach to encourage...

Written Answers — Department of Finance: Tax Reliefs (22 Jun 2023)

Michael McGrath: I am aware of the recommendations made by the Oireachtas Committee on Budgetary Oversight as part of its recent examination of the section 481 film tax credit and of the recommendations made therein. In relation to the intellectual property rights, I would note that copyright law falls within the remit of the Department of the Enterprise, Trade and Employment (DETE). Notwithstanding this,...

Written Answers — Department of Finance: Tax Code (22 Jun 2023)

Michael McGrath: The primary purpose of taxation is to finance public expenditure. The size and composition of aggregate tax receipts have undergone significant change over the last two decades. Prior to the financial crisis, tax receipts were increasingly skewed towards transitory taxes, with a significant narrowing of the remaining tax base. On foot of the need for fiscal consolidation, a range of...

Written Answers — Department of Finance: Inflation Rate (22 Jun 2023)

Michael McGrath: This Government has acted on a significant scale to respond to the cost-of-living challenge, making available some €12 billion in direct support to help to ease the burden of inflation on households and businesses. As the Deputy has highlighted, it is essential that the fiscal response is carefully designed to avoid adding to inflationary pressures, particularly given that the...

Written Answers — Department of Finance: Tax Code (22 Jun 2023)

Michael McGrath: As a small open economy, connected to Europe, the US and the wider world, Ireland is committed to a competitive, transparent and stable corporation tax system. As the Deputy will be aware, the trading profits of companies in Ireland are generally taxed at the standard corporation tax rate of 12.5%, and we are committed under the Pillar Two agreement to increasing to an effective rate of 15%...

Written Answers — Department of Finance: Tax Reliefs (22 Jun 2023)

Michael McGrath: I propose to take Questions Nos. 102, 115, 128 and 137 together. The National Disability Inclusion Strategy Transport Working Group (TWG), comprising members from a range of Departments, agencies and Disabled Persons Organisations, was tasked under Action 104 to review all Government-funded transport and mobility supports for those with a disability, including the Disabled Drivers and...

Written Answers — Department of Finance: Mortgage Interest Rates (22 Jun 2023)

Michael McGrath: The formulation and implementation of monetary policy is an independent matter for the European Central Bank (ECB) and, as the Deputy is aware, the ECB has increased official interest rates over recent months as it attempts to combat inflation. The level of official interest rates influences the overall level of interest rates throughout the economy. However, the setting of retail...

Written Answers — Department of Finance: Economic Growth (22 Jun 2023)

Michael McGrath: I propose to take Questions Nos. 104 and 105 together. Despite facing substantial economic headwinds over the past year, the Irish economy has proven to be remarkably resilient. This has been reflected in strong domestic economic growth at the start of this year, with modified domestic demand (MDD) growing by 2.7 per cent in the first quarter. It is particularly encouraging to see the...

Written Answers — Department of Finance: Tax Yield (22 Jun 2023)

Michael McGrath: I propose to take Questions Nos. 106, 125 and 133 together. Overall, tax receipts to date have amounted to €33.1 billion. This has been driven by strong income tax, VAT and corporation tax. Total tax revenue was up by €3.1 billion or over 10 per cent on the same period last year. In relation to income tax, receipts of €13 billion to end-May were up by...

Written Answers — Department of Finance: Defective Building Materials (22 Jun 2023)

Michael McGrath: I propose to take Questions Nos. 107, 112 and 145 together. I met with the Banking and Insurance Defective Block Redress Focus Group yesterday to discuss their concerns, which included the issues raised by the Deputy. I understand the very difficult situation faced by homeowners whose houses are affected by defective concrete blocks, and the Government is determined to assist households...

Written Answers — Department of Finance: International Bodies (22 Jun 2023)

Michael McGrath: The International Monetary Fund (IMF) promotes international monetary cooperation and provides policy advice, technical assistance and loans to help countries build and maintain strong economies. It also provides loans and helps countries design policy programmes. Ireland is one of a near-global membership of 190 countries and we continue to work proactively with the IMF in order to support...

Written Answers — Department of Finance: Tax Yield (22 Jun 2023)

Michael McGrath: Details of the year to date VAT performance in Exchequer terms are set out in the Fiscal Monitor for May 2023. The link to that document is as follows: www.gov.ie/en/publication/e51b0-fiscal-monitor-may-2023/ As set out on page 11 of that document, the VAT receipts to the end of May 2023 total €10,018,576,000.

Written Answers — Department of Finance: Tax Code (22 Jun 2023)

Michael McGrath: I am aware that the CEO of Oxfam Ireland recently addressed the Oireachtas Committee on Budgetary Oversight, as part a discussion on the taxation of assets and wealth. During that hearing, Oxfam International's report of earlier this year regarding global wealth inequality which proposes new wealth taxes in jurisdictions around the globe, and which is entitled “Survival of the...

Written Answers — Department of Finance: Departmental Reviews (22 Jun 2023)

Michael McGrath: Section 24 of the HBFI Act provides for a periodic review of HBFI to ensure that it is fulfilling its functions as set out in the Act and that its continuation remains necessary given prevailing market conditions. To inform the Review, the Department of Finance undertook stakeholder engagement and also sought the views of both the HBFI Board and the Department of Housing, Local Government...

Written Answers — Department of Finance: Tax Code (22 Jun 2023)

Michael McGrath: Ireland’s corporate tax policy, and broader industrial strategy, has consistently focused on attracting real and substantive investment that brings jobs. Measured by any objective international criterion, Ireland cannot be defined as a tax haven. Our competitive but fair corporation tax rate is just one part of the Ireland's offering which is complemented by our highly educated...

Written Answers — Department of Finance: Tax Code (22 Jun 2023)

Michael McGrath: As previously noted to the Deputy, under the EU VAT Directive it is not possible to reduce the VAT on heat pumps to zero. However, following changes agreed last year in Annex III of the aforementioned Directive, there is scope to reduce the VAT rate in highly efficient low emissions heating systems to a reduced VAT rate. In Ireland that would mean a rate of 9% or 13.5%. However, these...

Written Answers — Department of Finance: Tax Reliefs (22 Jun 2023)

Michael McGrath: There are a number of relevant criteria that apply to both the Help to Buy (HTB) Scheme and the Enhanced HTB Scheme. In the case of the HTB Scheme the amount of relief available is the lesser of:€20,000,5% of the purchase price or approved valuation, andthe amount of Income Tax (IT) and Deposit Interest Retention Tax (DIRT) paid for the 4 years prior to when the application is made.The...

Written Answers — Department of Finance: Economic Data (22 Jun 2023)

Michael McGrath: I welcome the publication of the spring forecasts by the European Commission. While GDP growth for 2023 has been revised upwards for the euro area and European Union since the Commission’s winter forecasts, risks are once more tilted to the downside and these forecasts were made prior to the recent downward revision to GDP in the EU and euro area in the first quarter of 2023. In any...

Written Answers — Department of Finance: Mortgage Interest Rates (22 Jun 2023)

Michael McGrath: I propose to take Questions Nos. 118 and 142 together. Research has indicated that there is potential for existing mortgage holders to make mortgage savings by switching their mortgage. This is a particularly important consideration at a time of rising interest rates. In this regard I have met with the CEOs of the retail banks and a number of non-bank lenders where I emphasised that...

Written Answers — Department of Finance: Tax Yield (22 Jun 2023)

Michael McGrath: My Department estimates that in 2022, windfall corporation tax receipts were in the region of €11 billion. Going forward, an annual average of between €11-12 billion of corporation tax receipts was identified in the Stability Programme Update 2023 as being potentially at risk. The level shift in corporate tax receipts, occurring over a very short timeframe, raises legitimate...