Results 25,401-25,420 of 27,945 for speaker:Michael McGrath

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

Michael McGrath: I propose to take Questions Nos. 212 and 213 together. The Research and Development (R&D) Tax Credit is an important feature of the Irish Corporation Tax (CT) system. The primary policy objective is to increase business R&D in Ireland, as R&D can contribute to higher innovation and productivity. More broadly, the tax credit forms part of Ireland’s corporation...

Written Answers — Department of Finance: Electronic Commerce (22 Jun 2023)

Michael McGrath: Ireland is supportive of the examination of the possibility of a digital euro by the EU institutions. A properly-designed digital euro has the potential to unlock major benefits for citizens, businesses, Member States and the overall functioning of our economic and monetary union. It would also contribute towards digitalization efforts within our economies. At the same time, it could...

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

Michael McGrath: Despite the significant headwinds faced over the past year, the fundamentals of Ireland’s economy have proven to be remarkably strong. In the first quarter of the year, modified domestic demand (MDD) grew by 2.7 per cent. The broad based nature of this growth is encouraging, with both consumption and investment contributing to robust growth over the first quarter of the year despite...

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

Michael McGrath: I propose to take Questions Nos. 216 and 220 together. Ireland’s long-standing reputation as a stable and pro-enterprise jurisdiction is reflected in the continued investment in the economy. The most recent figures show the stock of foreign direct investment (FDI) in Ireland stood at over €1.2 trillion at the end of the first quarter of 2023. The multinational sector...

Written Answers — Department of Finance: Fiscal Policy (22 Jun 2023)

Michael McGrath: At the end of last year public indebtedness stood at €225 billion or 83 per cent of GNI*. Public debt this year is projected at €224 billion, almost 80 per cent of national income. A stock of public debt on this scale can be managed, but only if the appropriate policy stance is in place. That is why this Government is committed to sustainable fiscal policies. As set out in...

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

Michael McGrath: Despite facing numerous economic headwinds over the past ten years, households have continued to grow their stock of deposits. According to Central Bank data, the outstanding stock of household deposits in financial institutions rose by 65 per cent between April 2013 and April 2023. The onset of the pandemic brought about a notable uptick in deposits, as public health restrictions...

Written Answers — Department of Finance: Banking Sector (22 Jun 2023)

Michael McGrath: As Minister for Finance, I do not have a direct function in the operations of any bank. Although the State is a shareholder in some of the banks operating in the State, they must be run on a commercial and independent basis, and their independence in this regard is protected by the relationship agreement. The charging of fees is a commercial decision for regulated entities, but this is...

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

Michael McGrath: Economic growth prospects across the Eurozone and the European Union remain subdued for the year ahead. In the first quarter of 2023, the European economy flat-lined with Eurozone GDP falling by 0.1 per cent, while GDP growth of 0.1 per cent was recorded for the wider European Union driven by a fall in consumption as incomes continue to be eroded by increasing prices. GDP contracted in...

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

Michael McGrath: The National Treasury Management Agency has advised me that sovereign borrowing costs have increased in the last 18 months as global central banks, including the European Central Bank, tightened monetary policy somewhat faster than had been expected in response to significant inflationary pressures. At the start of 2022, Ireland’s 10-year government bond yield stood at c. 0.2%. By the...

Written Answers — Department of Finance: Housing Provision (22 Jun 2023)

Michael McGrath: The Irish funding landscape has undergone significant change since the Global Financial Crisis in 2008. In order to address the current imbalance between supply and demand of housing across all tenure types, the Government's Housing for All plan aims to significantly increase the supply of housing to an average of 33,000 per year over the next decade. This is an ambitious plan which will...

Written Answers — Department of Finance: Banking Sector (22 Jun 2023)

Michael McGrath: In recent years, the banking landscape has changed significantly in Ireland. The number of banks serving the sector reduced from 12 to 3 as banks were amalgamated or closed down and foreign owned entrants exited the Irish retail market. There has also been a considerable acceleration in technological developments and the pace of uptake has been accelerated by the COVID-19 pandemic. With that...

Written Answers — Department of Finance: Banking Sector (22 Jun 2023)

Michael McGrath: Banks and investment funds both have a positive role to play in providing financial services within the economy and wider society and can complement each other in this regard. Ireland, like our partners in the EU, will require significant funding into the future to address strategic priorities. In this regard the EU Capital Markets Union initiative - which aims to get investment and...

Written Answers — Department of Finance: Capital Expenditure Programme (27 Jun 2023)

Michael McGrath: As the Deputy is aware my Department published a paper on 10 May 2023 outlining a range of illustrative options to help insulate the public finances from the risks associated with an overreliance on potentially transitory windfall corporation tax receipts while also putting money aside to contribute to future ageing and other structural costs. I note the Deputy's point regarding a possible...

Written Answers — Department of Finance: Ethics in Public Office (27 Jun 2023)

Michael McGrath: The Taoiseach transferred responsibility for the policy to which the Deputy’s question relates to my Department with effect from 1 March 2023 on foot of Minister Donohue’s recusal from certain functions at that time. This was done by way of the Standards in Public Office (Transfer of Departmental Administration and Ministerial Functions) Order 2023 (S.I. No.89 of 2023). Pending...

Written Answers — Department of Finance: Public Sector Pay (27 Jun 2023)

Michael McGrath: I refer to the parliamentary question raised regarding increases due to a member of Revenue staff under the Building Momentum Agreement. The NSSO has advised Revenue that they faced a number of significant challenges in delivering these increases in such a short time frame. In response to this challenge, the NSSO created a dedicated project team, incorporating experts from both HR and Payroll...

Written Answers — Department of Finance: Tax Code (27 Jun 2023)

Michael McGrath: I propose to take Questions Nos. 190 to 192, inclusive, together. The 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 of land that is zoned for residential or mixed-use (including residential) purposes and that is serviced. RZLT is an annual tax,...

Written Answers — Department of Finance: Tax Code (27 Jun 2023)

Michael McGrath: Professional Services Withholding Tax (PSWT) is a deduction at the standard rate of income tax, currently 20%, from relevant payments made by accountable persons to specified persons in respect of certain professional services. The tax deducted is a payment on account against the specified person’s final Income Tax or Corporation Tax liability for the year, with the amount of PSWT...

Written Answers — Department of Finance: Mortgage Interest Rates (27 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 lending...

Written Answers — Department of Finance: Tax Yield (27 Jun 2023)

Michael McGrath: I propose to take Questions Nos. 195 and 196 together. I am informed by Revenue that a breakdown of net tax receipts, including VAT, by economic sector is available on the Revenue website at: revenue.ie/en/corporate/information-about-revenue/statistics /receipts/receipts-sector.aspx VAT registered persons are associated with a particular economic sector using the NACE classification. However...

Written Answers — Department of Finance: Electronic Commerce (27 Jun 2023)

Michael McGrath: Ireland is supportive of the examination of the possibility of a digital euro by the EU institutions. A properly-designed digital euro has the potential to unlock major benefits for citizens, businesses, Member States and the overall functioning of our economic and monetary union. It would also contribute towards digitalization efforts within our economies. At the same time, it could have...