Results 25,441-25,460 of 27,945 for speaker:Michael McGrath

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

Michael McGrath: I am advised by Revenue that the gross additional yield from imposing a 5% levy on the taxable profits of all airlines and aircraft leasing companies is tentatively estimated to be in the region of €44 million, for a full year. These estimates are based on the 2021 Corporation tax returns of these companies, the latest year for which fully analysed data are available. These...

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

Michael McGrath: RZLT is an annual tax, calculated at a rate of 3% of the market value of the land within its scope. The tax will be due and payable from 2024 onwards in respect of land which fell within the scope of the tax on or before 1 January 2022. Where land is zoned or serviced after 1 January 2022, the tax will be first due in the third year after the year in which it comes within scope. The aim...

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

Michael McGrath: According to the preliminary Census figures released in June 2022, 166,752 vacant dwellings were recorded in Census 2022. The preliminary information also provided a breakdown by reason, this is available at: www.cso.ie/en/releasesandpublications/ep/p-cpr/censusofpopul ation2022-preliminaryresults/housing/ It should be noted that the Census measure of vacancy is a point in time...

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

Michael McGrath: The Help to Buy (HTB) incentive is a scheme to assist first-time purchasers with a deposit they need to buy or build a new house or apartment. The incentive gives a refund on Income Tax and Deposit Interest Retention Tax (DIRT) paid in the State over the previous four years, subject to limits outlined in the legislation. Section 477C Taxes Consolidation Act 1997 outlines the definitions and...

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

Michael McGrath: I am advised by Revenue that the estimated yield from increasing the rate of stamp duty on non- residential property is published on page 19 of the Revenue Ready Reckoner, available on the Revenue website at: www.revenue.ie/en/corporate/documents/statistics/ready-recko ner.pdf While the exact changes sought by the Deputy are not provided, they can be estimated on a straight-line or...

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

Michael McGrath: In order to estimate the potential revenue from a tax of the nature outlined in this question it would first be necessary to identify the net worth of Irish households at an individual level. I am informed by the Revenue Commissioners that they currently have no statistical basis for compiling estimates in relation to such a tax. Although an individual's assets and liabilities are declared...

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

Michael McGrath: I am advised by Revenue that the theoretical estimated full year cost of introducing these measures is provided in the table below. The Deputy should note, however, that a price cap of this nature would result in operators selling fuel at below cost which is not sustainable in any business. The estimates are based on the most recently available price information and do not take account of any...

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

Michael McGrath: I am advised by Revenue that the estimated full year yield for the proposed decrease in the earnings limit for occupational pension schemes, RACs and PRSAs can be found by consulting page 10 of the Revenue Ready Reckoner, published on the Revenue website at: www.revenue.ie/en/corporate/documents/statistics/ready-recko ner.pdf

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

Michael McGrath: I am advised by Revenue that the estimated yield from increasing the rate of Capital Gains Tax (CGT) is published on page 14 of the Revenue Ready Reckoner, available on the Revenue website at: www.revenue.ie/en/corporate/documents/statistics/ready-recko ner.pdf While the exact changes sought by the Deputy are not provided, they can be estimated on a straight-line or pro-rata basis. These...

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

Michael McGrath: While wholesale energy prices have fallen from the exceptional peaks in late 2021 and in 2022, energy policy, including increasing costs of energy supply and the taxation of profits, remains a matter of key concern to the Government. The cost of energy supply is complex and there are many factors which must be considered including energy security, rising input costs, costs to consumers...

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

Michael McGrath: As the Deputy will be aware, the Programme for Government, “Our Shared Future”, states that “From Budget 2022 onwards, in the event that incomes are again rising as the economy recovers, credits and bands will be index linked to earnings. This will be done to prevent an increase in the real burden of income tax, to prevent more low income workers being taken into the tax...

Written Answers — Department of Finance: Departmental Bodies (27 Jun 2023)

Michael McGrath: Following the resignation of all previous DDMBA members in November 2021, I had hoped that a new DDMBA would have been established by now and that the appeals process would have recommenced. You should note that five members are legislatively required for a functional Board, however the recruitment of these members has proved to be challenging. In this regard, four expressions of interest...

Written Answers — Department of Finance: National Treasury Management Agency (27 Jun 2023)

Michael McGrath: I propose to take Questions Nos. 233 and 234 together. The Ireland Strategic Investment Fund (ISIF) portfolio is constructed within the legislative framework set for it by the Oireachtas. ISIF endeavours to be a responsible investor, actively integrating ESG factors into its decision-making processes with a view to enhancing the overall outcomes for the Fund and ultimately its beneficial...

Written Answers — Department of Finance: Customs and Excise (27 Jun 2023)

Michael McGrath: I am advised by Revenue that no additional excise duty applies to goods being shipped through the United Kingdom to the State from another Member State. Revenue advise that where goods, which are subject to excise, such as alcohol or tobacco, are shipped through the UK for commercial purposes a Customs procedure called Transit is used which allows these goods to be moved across...

Written Answers — Department of Finance: Banking Sector (27 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. Provision 4.54 of the Central Bank's Consumer Protection Code (the Code) requires that...

Written Answers — Department of Finance: Construction Industry (27 Jun 2023)

Michael McGrath: As the Deputy is aware, arising from a November 2021 Government decision that a levy be imposed on the construction sector to contribute towards the cost of the Mica Redress Scheme, the Defective Concrete Products Levy was announced in the Budget 2023 speech. As part of the work undertaken on the impact that the levy could have on the construction sector the Department of Housing, Local...

Written Answers — Department of Finance: Insurance Coverage (27 Jun 2023)

Michael McGrath: Government is aware that a small number of activity-related sectors are currently facing difficulty in terms of affordability and availability of insurance. As the Deputy will be aware, neither Government nor the Central Bank of Ireland can interfere in the provision or pricing of insurance products, nor do we have the power to direct insurance companies to provide cover to specific...

Written Answers — Department of Finance: Assisted Decision-Making (28 Jun 2023)

Michael McGrath: I thank the Deputy for his question. In October 2021 Safeguarding Ireland wrote to the Department of Finance highlighting a possible mis-alignment between the Credit Union Act and the then Assisted Decision Making Capacity Bill. Officials in the Department engaged extensively with, Safeguarding Ireland, all the credit unions representative bodies, and with the Department's internal legal unit...

Written Answers — Department of Finance: Tax Reliefs (28 Jun 2023)

Michael McGrath: I am informed by Revenue that section 469 of the Taxes Consolidation Act 1997 (“TCA”) provides for tax relief in respect of health expenses incurred for the provision of health care. Section 469 TCA defines health care as the prevention, diagnosis, alleviation or treatment of an ailment, an injury, an infirmity, a defect or a disability. For the purposes of tax relief health...

Written Answers — Department of Finance: Insurance Coverage (28 Jun 2023)

Michael McGrath: At the outset, it is important to note that neither I, nor the Central Bank of Ireland, can intervene in the provision or pricing of insurance products, nor can we compel any insurer operating in the Irish market to provide cover to specific individuals or businesses. This position is reinforced by the EU framework for insurance companies (the Solvency II Directive). Notwithstanding this,...