Results 25,521-25,540 of 27,945 for speaker:Michael McGrath

Written Answers — Department of Finance: Tax Code (11 Jul 2023)

Michael McGrath: The application of excise duty on fuel in Ireland is governed by European Union law as set out in Directive 2003/96/EC, commonly known as the Energy Tax Directive (ETD). The ETD prescribes minimum tax rates for fuel with which all Member States must comply. ETD provisions on mineral oils are transposed into national law in Finance Act 1999 (as amended). Finance Act 1999 provides for the...

Written Answers — Department of Finance: Tax Reliefs (11 Jul 2023)

Michael McGrath: As the Deputy will be aware, with effect from 1 January 2009, tax relief in respect of qualifying health expenses, with the exception of relief in respect of nursing home expenditure, has been granted at the standard rate of tax. Prior to that date, tax relief was available at the taxpayer's marginal rate of income tax. The decision to standardise health expenses relief was to widen the tax...

Written Answers — Department of Finance: Departmental Data (11 Jul 2023)

Michael McGrath: I wish to advise the Deputy that neither my Department nor any agency under the aegis of my Department operates a 'barter account' for the provision of goods or services.

Written Answers — Department of Finance: Departmental Data (11 Jul 2023)

Michael McGrath: I am advised by the National Treasury Management Agency (NTMA) who manage the National Debt on behalf of the State, that there are different ways of presenting the interest rates on Ireland’s public debt as there are different measures of both debt and interest. There is the National (or Exchequer) Debt and the related debt service cost, but there is also General Government Debt and...

Written Answers — Department of Finance: Tax Code (11 Jul 2023)

Michael McGrath: I propose to take Questions Nos. 206 and 210 together. The residential zoned land tax (RZLT) is a new tax introduced in Finance Act 2021 which seeks to increase housing supply by encouraging the activation of development on lands which are suitably zoned and appropriately serviced. It aims to bring those lands which have benefitted from investment in services and are capable of being...

Written Answers — Department of Finance: Tax Code (11 Jul 2023)

Michael McGrath: A key objective of the Government’s Housing for All plan is a pathway to increase housing supply, including a focus on providing an adequate supply of available serviced zoned land for the development of housing. In this regard, provision was made for a new tax on land zoned for residential development, which also has the necessary services in place. The purpose of this Residential...

Written Answers — Department of Finance: Tax Code (11 Jul 2023)

Michael McGrath: I propose to take Questions Nos. 208 and 209 together. The Residential Zoned Land Tax (RZLT) is a new tax introduced in Finance Act 2021 which seeks to increase housing supply by encouraging the activation of development on lands which are suitably zoned and appropriately serviced. It aims to bring those lands which have benefitted from investment in services and are capable of being...

Written Answers — Department of Finance: Tax Code (11 Jul 2023)

Michael McGrath: The residential zoned land tax (RZLT) is a new tax introduced in Finance Act 2021 which seeks to increase housing supply by encouraging the activation of development on lands which are suitably zoned and appropriately serviced. It aims to bring those lands which have benefitted from investment in services and are capable of being developed forward for housing. The tax is an action contained...

Written Answers — Department of Finance: Tax Code (11 Jul 2023)

Michael McGrath: I am advised by Revenue that the obligation imposed on tenants (and other parties such as local authorities) to deduct and remit to Revenue withholding tax at the standard rate of income tax (currently 20%) from rental payments made directly to a landlord who lives outside the State, has been in operation for many years. However, since 1 July 2023, the system for remitting the deducted tax...

Written Answers — Department of Finance: Business Supports (11 Jul 2023)

Michael McGrath: The Temporary Business Energy Support Scheme (TBESS) was introduced to support qualifying businesses with increases in their electricity or natural gas costs arising from the Russian invasion of Ukraine. The scheme provides support to qualifying businesses in respect of energy costs relating to the period from 1 September 2022 to 31 July 2023. The TBESS is available to eligible tax compliant...

Written Answers — Department of Finance: Tax Code (11 Jul 2023)

Michael McGrath: As the Deputy may be aware, for the purposes of capital acquisitions tax (“CAT”), the relationship between the person who provides a gift or inheritance (“the disponer”) and the person who receives it (“the beneficiary”) determines the tax-free threshold (“Group Threshold”) below which CAT does not arise. Any prior gift or...

Written Answers — Department of Finance: Tax Code (11 Jul 2023)

Michael McGrath: The Residential Zoned Land Tax (RZLT) is a new tax introduced in Finance Act 2021 which seeks to increase housing supply by encouraging the activation of development on lands which are suitably zoned and appropriately serviced. It aims to bring those lands which have benefitted from investment in services and are capable of being developed forward for housing. The tax is an action contained...

Written Answers — Department of Finance: Tax Credits (11 Jul 2023)

Michael McGrath: It is assumed that the Deputy is referring to accelerating the second and third payable credit associated with the research and development tax credit for small and micro-companies. The Deputy may be aware of changes included in the Finance Act 2022 which made the first €25,000 of a claim on R&D expenditure payable in full, to provide a cash-flow benefit for smaller R&D...

Written Answers — Department of Finance: Tax Credits (11 Jul 2023)

Michael McGrath: 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 tax offering aimed at attracting FDI and building an...

Written Answers — Department of Finance: Tax Credits (11 Jul 2023)

Michael McGrath: It is not possible to accurately project the cost of increasing the portion of expenses allowed for deduction under the Research and Development tax credit from 25% to 30% for SME companies as the R&D credit is based on qualifying R&D expenditure and information in respect of future qualifying expenditure by SMEs is not available. However, I am advised by Revenue that, based on...

Written Answers — Department of Finance: Tax Reliefs (11 Jul 2023)

Michael McGrath: The Department of Finance has opened its pre-budget costings service, this is available with effect from 3 July 2023. The procedures for availing of this service are set out in a letter dated 3 July 2023 from the Secretary General of the Department to all recognised parties and technical groups in Dáil Éireann. To ensure efficiency and fairness all costing requests should be made...

Written Answers — Department of Finance: Tax Exemptions (12 Jul 2023)

Michael McGrath: The Department of Finance has opened its pre-budget costings service, this is available with effect from 3 July 2023. The procedures for availing of this service are set out in a letter dated 3 July 2023 from the Secretary General of the Department to all recognised parties and technical groups in Dáil Éireann. To ensure efficiency and fairness all costing requests should be...

Written Answers — Department of Finance: Housing Schemes (12 Jul 2023)

Michael McGrath: The original Help to Buy (HTB) Scheme allowed for relief to the lesser of: • €20,000 • 5% of the purchase price or approved valuation • The amount of Income Tax (IT) and Deposit Interest Retention Tax (DIRT) paid for the 4 years prior to when the application is made The enhanced HTB scheme allows for relief to the lesser of: • €30,000 • 10%...

Written Answers — Department of Finance: Rental Sector (12 Jul 2023)

Michael McGrath: The Rent Tax Credit, as provided for in section 473B of the Taxes Consolidation Act 1997 (TCA 1997), was introduced by Finance Act 2022 and may be claimed in respect of qualifying rent paid in 2022 and subsequent years to end-2025. Claims in respect of the 2022 year of assessment can be made by PAYE taxpayers by submitting an Income Tax return for that year. For claims relating to 2023, PAYE...

Written Answers — Department of Finance: Departmental Expenditure (12 Jul 2023)

Michael McGrath: Details of outside/third-party report costs incurred by my Department in 2022 and 2023 to date are set out in the table below. Year Reports Payee Amount (Ex-VAT)€ 2022 Help to Buy Review Mazars €64,300 2022 Research, preparation, production and revision of research paper on...