Results 25,561-25,580 of 27,945 for speaker:Michael McGrath

Committee on Budgetary Oversight: Summer Economic Statement 2023: Discussion (12 Jul 2023)

Michael McGrath: The immediate decision I have to make in the context of the budget is regarding the VRT relief of up to €5,000 for the purchase of certain EVs below a particular threshold. The Minister, Deputy Eamon Ryan, has reduced the grant support that is available. I will have to consider the matter. As we seek to encourage and support people in that transition, we have significant targets to...

Committee on Budgetary Oversight: Summer Economic Statement 2023: Discussion (12 Jul 2023)

Michael McGrath: I will respond first and I know the Minister, Deputy Donohoe, will want to add some points. Overall, we have a highly redistributive tax system. In particular, our income tax system is highly progressive. The top 25% of earners pay approximately 85% of all income taxes. On the wealth side, we have well-established capital taxes, both capital gains tax and capital acquisitions tax. We...

Committee on Budgetary Oversight: Summer Economic Statement 2023: Discussion (12 Jul 2023)

Michael McGrath: We can if the Deputy wants to. The population grew by 8% from 2016 to 2022. It has probably gone up by another 150,000 since then, principally, I acknowledge, due to Ukrainians and international protection, IP, applicants coming to the country but also due to net inward migration. There are people leaving the country for many different reasons. People will always leave because they want...

Committee on Budgetary Oversight: Summer Economic Statement 2023: Discussion (12 Jul 2023)

Michael McGrath: I believe so. The Deputy is right to point to the risks. They are real and the global economic outlook is very uncertain. We have seen a weakening of demand, including for some of our export base. We are not immune to those changes but in terms of our preparedness, the way in which the economy and public finances have been managed gives us the capacity to respond. In response to the...

Committee on Budgetary Oversight: Summer Economic Statement 2023: Discussion (12 Jul 2023)

Michael McGrath: The obvious risk we have all been highlighting is the windfall nature of perhaps half of the corporation tax receipts.

Committee on Budgetary Oversight: Summer Economic Statement 2023: Discussion (12 Jul 2023)

Michael McGrath: This is why the support of Deputy Conway-Walsh and her party would be very welcome, if it is forthcoming, on the overall proposal that we put resources away. We cannot spend money that we do not believe we will continue to have in the future. There will be a decision to be made by Sinn Féin as to whether it supports the overall plan. We will work through the detail.

Committee on Budgetary Oversight: Summer Economic Statement 2023: Discussion (12 Jul 2023)

Michael McGrath: It is important because buy-in across the political divide for such a plan is crucial to it continuing and lasting.

Committee on Budgetary Oversight: Summer Economic Statement 2023: Discussion (12 Jul 2023)

Michael McGrath: We already have the Ireland Strategic Investment Fund, which manages investments of between €14 billion and €15 billion. Some of this includes the remaining shares that we hold in the banks. Some of that money is invested globally but much of it is invested in Ireland. Essentially, the return from the global portfolio is recycled and invested in assets in Ireland, including...

Committee on Budgetary Oversight: Summer Economic Statement 2023: Discussion (12 Jul 2023)

Michael McGrath: We can also point to the national broadband plan, which the Minister, Deputy Donohoe, supported from the very beginning. With regard to regional connectivity we are helping to build the investment in our regional airports through the regional airports programme. All counties are experiencing population growth according to the census up to 2022. If we look at the plans of IDA Ireland and...

Committee on Budgetary Oversight: Summer Economic Statement 2023: Discussion (12 Jul 2023)

Michael McGrath: Our work is never done. Of course, there are many things that the Government needs to do and deliver. A great deal of progress has been made in the regions and in rural areas. I can point to all of these things, along with the roll-out of the national development plan, which is being expanded. It is getting a bigger budget.

Committee on Budgetary Oversight: Summer Economic Statement 2023: Discussion (12 Jul 2023)

Michael McGrath: I thank Deputy Ryan for the question. She has highlighted a really important issue about the age-related costs. We have estimated that by the end of this decade, the cost of providing existing levels of service to an ageing population will be €7 billion to €8 billion higher than at the beginning of the decade. The Social Insurance Fund has recovered very well from the...

Written Answers — Department of Finance: Rental Sector (13 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 the Finance Act 2022 and may be claimed in respect of qualifying rent paid in 2022 and subsequent years to end-2025. I am advised by Revenue that the Rent Tax Credit statistics currently available refer only to claims by PAYE taxpayers for the 2022 tax year and the 2023 tax...

Written Answers — Department of Finance: Rental Sector (13 Jul 2023)

Michael McGrath: A new tax incentive was introduced in Finance Act 2022 for small-scale landlords who undertake retrofitting works while the tenant remains in situ, which has the aim of attracting and retaining small-scale landlords in the private rental sector. This measure is provided for in section 97B of the Taxes Consolidation Act 1997. The provision is intended to provide for a deduction of certain...

Written Answers — Department of Finance: Prize Bonds (13 Jul 2023)

Michael McGrath: I am advised by the National Treasury Management Agency (NTMA) who manage State Savings that the below table shows both the total amount of Prize Bond winnings from a monetary and volume perspective from July 2021 to June 2022, and from July 2022 to June 2023. - € prizes # prizes July 2021 – June 2022 15,382,250.00 ...

Written Answers — Department of Finance: Tax Code (13 Jul 2023)

Michael McGrath: As the Deputy will be aware, it is a long-standing practice that the Minister for Finance does not comment, in advance of the Budget, on any tax matters that might be the subject of Budget decisions. Under Irish VAT law the supply of services by writers, composers and performing artists are subject to the standard rate of VAT, currently 23%. The providers of such services are required to...

Written Answers — Department of Finance: Tax Collection (13 Jul 2023)

Michael McGrath: I have been advised by Revenue that the named individual requested an exemption from filing online on 30 October 2020 and that an e-filing exemption was granted on 15 December 2020. This exemption is still in place.

Written Answers — Department of Finance: Tax Yield (13 Jul 2023)

Michael McGrath: I am advised by Revenue that the latest available full year information available in respect of Local Property Tax (LPT) is for the year 2022. The total number of properties for which returns and/or LPT payments have been made for the year 2022 is 1,907,308 to-date. The table below shows a breakdown of these properties by valuation band. These figures include exempt and deferred properties...

Written Answers — Department of Finance: Tax Reliefs (13 Jul 2023)

Michael McGrath: The following tax expenditures have a sunset clause of end-2023:Sea-going naval personnel creditReduced rate of USC for medical card holdersConsanguinity reliefRelief from VRT for electric Vehicles Accelerated Capital Allowances for Energy Efficient Equipment In relation to costings it should be noted that the Department of Finance has opened its pre-budget costings service, this is available...

Written Answers — Department of Finance: Tax Exemptions (13 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 Code (13 Jul 2023)

Michael McGrath: The Department of Finance has opened its pre-budget costings service, which 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...