Results 25,621-25,640 of 27,945 for speaker:Michael McGrath

Written Answers — Department of Finance: Tax Data (20 Sep 2023)

Michael McGrath: I am advised by Revenue that the estimated cost to the Exchequer, on a first and full year basis, for the proposal outlined by the Deputy is €475 million and €545 million respectively. An estimated 2.16 million taxpayer units would benefit. If the 2nd rate of USC was reduced to 1%, all taxpayer units paying USC would benefit. The number of taxpayer units that would benefit...

Written Answers — Department of Finance: Tax Credits (20 Sep 2023)

Michael McGrath: I propose to take Questions Nos. 157 and 185 together. 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. Tax refunds can be requested within four years after the end of the tax year to which the claim relates,...

Written Answers — Department of Finance: Business Regulation (20 Sep 2023)

Michael McGrath: In relation to the acceptance of cash, the general position for businesses is where a business places no restrictions on the means of payment it is prepared to accept, it must accept cash as legal tender when offered by a customer to settle a debt that has arisen. If a business specifies that payment must be in a form other than cash, for example through a sign stating, “cash not...

Written Answers — Department of Finance: Legislative Measures (20 Sep 2023)

Michael McGrath: In November 2022, the Retail Banking Review was published by my Department. It concluded that, despite this decline, cash remains an important element of the payments system and the broader economy and it is essential that cash remains readily available to customers through ATMs and other means across the country. It also concluded that there was still reasonable access to cash at the time of...

Written Answers — Department of Finance: Tax Code (20 Sep 2023)

Michael McGrath: As I noted in my response to PQ No. 475 of 11 September 2023, I am aware that there is a difference in the tax treatment where an Approved Retirement Fund (ARF) is inherited by a child or a foster child. However, I would note that this issue is more complex than a single difference in one particular pension product. The definition of child which is the basis for the ARF provisions...

Written Answers — Department of Finance: Mortgage Interest Rates (20 Sep 2023)

Michael McGrath: The Government is acutely aware of the challenges rising interest rates, and the cost of living more generally, are having for some mortgage holders. In that context, I recently met with banks and other mortgage creditors and made it clear to them that they need to be aware of these difficulties for their customers. I also indicated that all credit providers should be open to considering...

Written Answers — Department of Finance: Tax Code (20 Sep 2023)

Michael McGrath: As the Deputy will be aware, it is a longstanding 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.

Written Answers — Department of Finance: Departmental Strategies (20 Sep 2023)

Michael McGrath: I wish to inform the Deputy that my Department has taken a series of measures to implement the specific action points referenced of the National LGBTI+ Inclusion Strategy 2019-2021. My Department is supportive of the Government Departments leading on the Strategy actions across wider society, and also implements actions within my Department as an employer to promote equality, diversity and...

Written Answers — Department of Finance: Budget 2024 (20 Sep 2023)

Michael McGrath: As Minister for Finance, I receive a large number of pre-budget submissions on a wide range of issues. All submissions are acknowledged by my Department on receipt. I can confirm that the pre-Budget submission to which the Deputy refers was received from numerous sources. Each receipt was acknowledged, with the first acknowledgement issuing on Wednesday, 6 September 2023. The contents will be...

Written Answers — Department of Finance: Tax Credits (20 Sep 2023)

Michael McGrath: As the Deputy will be aware, Capital Gains Tax (CGT) is chargeable on a gain arising on the disposal of an asset at the rate of 33%. I understand that the CGT credit referred to by the Deputy in his question is the annual exempt amount, which is provided for in section 601 of the Taxes Consolidation Act 1997. This gives an exemption to an individual in respect of the first €1,270...

Written Answers — Department of Finance: Tax Reliefs (20 Sep 2023)

Michael McGrath: I propose to take Questions Nos. 166, 177 and 182 together. I understand that Deputy Matthews, in line with Deputies Burke and McNamara, is referring to the chargeable excess tax and Standard Fund Threshold (SFT) regime. I am advised by Revenue that the SFT was introduced in Finance Act 2005, with the purpose of addressing excessive pension accrual, and it applies to all private and...

Written Answers — Department of Finance: Tax Code (20 Sep 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 (20 Sep 2023)

Michael McGrath: I propose to take Questions Nos. 168 and 169 together. The Department publish an Annual Report on Tax Expenditures alongside the Budgetary papers each year. The publication of such a report is a statutory requirement under the EU Budgetary Framework Directive (2011/85/EU), which was transposed into Irish legislation under S.I. 508 of 2013. Under this Directive the Department is required to...

Written Answers — Department of Finance: Departmental Reports (20 Sep 2023)

Michael McGrath: Details of studies, research and reports commissioned by my Department are set out in the attached table. Year Studies, research and reports commissioned Organisation commissioned Total Cost (Ex VAT) Published Date reports yet to be released provided to Minister Modelling of the multinational sector Joint...

Written Answers — Department of Finance: European Investment Bank (20 Sep 2023)

Michael McGrath: The Deputy will be aware that Ireland has benefitted from loans from the European Investment Bank (EIB) to the value of approximately €1 billion per annum in recent years. EIB financing to Ireland has covered both public and private sectors, and a broad range of sectors, including broadband; energy generation and transmission; transport; health; water; education (schools and Third...

Written Answers — Department of Finance: Tax Clearance Certificates (20 Sep 2023)

Michael McGrath: Tax Clearance is required for various purposes, such as renewal of a variety of licences and permits, public sector contracts, grants, subsidy payments and Government supports. The tax clearance procedures in relation to the payment of grants, subsidies and similar type payments by Government Departments and other public sector bodies are set out in Circular 44/2006. The following payments...

Written Answers — Department of Finance: Tax Code (20 Sep 2023)

Michael McGrath: For a number of years following the economic crash, there was a restriction on the use of losses carried forward by NAMA-participating institutions (AIB, Bank of Ireland (BOI), Anglo Irish Bank, Irish Nationwide Building Society and the Educational Building Society (EBS)), such that losses could be used to shelter only 50% of taxable profits in any given year, with any restricted amounts...

Written Answers — Department of Finance: Tax Code (20 Sep 2023)

Michael McGrath: Building on the original OECD Base Erosion and Profit Shifting (BEPS) project, in October 2021 Ireland, along with almost 140 other countries in the OECD/G20 Inclusive Framework on BEPS, agreed a two-pillar solution to address the tax challenges arising from digitalisation and globalisation. Recognising how large multi-national enterprises (MNEs) across the globe now operate commercially and...

Written Answers — Department of Finance: Tax Code (20 Sep 2023)

Michael McGrath: I am aware that Oxfam International released a report in January 2023 regarding global wealth inequality entitled “Survival of the Richest”which proposes new wealth taxes in Ireland and in other jurisdictions. While I understand the background to calls for a specific wealth tax in Ireland, it is not the case that wealth in Ireland is untaxed, as taxes on wealth are already in...

Written Answers — Department of Finance: Tax Credits (20 Sep 2023)

Michael McGrath: Tax relief for trade union subscriptions was previously provided for under section 472C of the Taxes Consolidation Act 1997. The relief was introduced in 2001 and abolished from 2011 onward. A review of the appropriate treatment for tax purposes of trade union subscriptions and professional body fees was carried out by the Department of Finance in 2016 and included in the 2016 report on tax...