Results 25,761-25,780 of 27,945 for speaker:Michael McGrath

Written Answers — Department of Finance: Tax Code (3 Oct 2023)

Michael McGrath: Regarding taxation, recent policy has been focused on strengthening the environmental rationale behind company car taxation. From 1 January 2023, the amount taxable as BIK continues to be determined by the car’s Original Market Value (OMV) and the annual business kilometres driven, while new CO2 emissions-based bands determine whether a standard, discounted, or surcharged rate is...

Written Answers — Department of Finance: Tax Code (3 Oct 2023)

Michael McGrath: As the Deputy will recall from my previous response, on 11 September 2023, the Value Added Tax (Refund of Tax) (Touring Coaches) Order of 2012 provides for a refund of VAT on the cost of acquiring “qualifying vehicles” used for the carriage of tourists under contracts for group transport. This order places no restriction on the fuel source of a qualifying vehicle and therefore...

Written Answers — Department of Finance: Tax Code (3 Oct 2023)

Michael McGrath: The current stamp duty rate for non-residential property, which includes agricultural land, is 7.5%. Farming is first and foremost a business, and section 655 of the Taxes Consolidation Act 1997 states "For the purposes of the Tax Acts, farming shall be treated as the carrying on of a trade or, as the case may be, of part of a trade, and the profits or gains of farming shall be charged to tax...

Written Answers — Department of Finance: Departmental Policies (3 Oct 2023)

Michael McGrath: I can confirm to the Deputy that Cybersecurity Guidance from the National Cyber Security Centre (NCSC) in relation to Generative AI issued to Government departments, including my department, during the year. A National AI Strategy, “AI – Here for Good”, prepared by the Department of Enterprise, Trade and Employment was also published in 2021. The NCSC guidance...

Written Answers — Department of Finance: Departmental Reviews (3 Oct 2023)

Michael McGrath: The Deputy will be aware that, as signalled in Budget 2023, the Government is committed to a review of the personal tax system, having regard to the medium term. The Department of Finance was tasked with carrying out this review. On the 8th March, I launched a public consultation in respect of the review of the personal tax system, with the consultation period closing on 5 April. The terms...

Written Answers — Department of Finance: Departmental Records (3 Oct 2023)

Michael McGrath: The Department of Finance does not record such data and does not have a role in such matters as the type of vehicles involved in road traffic accidents which are the subject of a civil trial involving an insurance company. As the Deputy will be aware, the Courts Service may be able to advise what data is recorded during the case of a civil trial. As the Court Services come under the remit...

Ceisteanna ar Sonraíodh Uain Dóibh - Priority Questions: Mortgage Interest Rates (5 Oct 2023)

Michael McGrath: I thank Deputy Doherty for his question. As I have stated previously in the House, the position is that the formulation and implementation of monetary policy in the eurozone and the setting of official interest rates is an independent matter for the European Central Bank. The Government has no role in setting official interest rates, nor in setting the retail interest rates that lenders may...

Ceisteanna ar Sonraíodh Uain Dóibh - Priority Questions: Mortgage Interest Rates (5 Oct 2023)

Michael McGrath: For factual accuracy, as the Deputy well knows, when we advocated in opposition for an extension of mortgage interest relief it was in the context of the confidence and supply agreement we had. The relief was about to be phased out and we negotiated an extension of mortgage interest relief and it remained in place for longer than it otherwise would have. That is the fact of the matter, as...

Ceisteanna ar Sonraíodh Uain Dóibh - Priority Questions: Mortgage Interest Rates (5 Oct 2023)

Michael McGrath: Again, as the Deputy knows well, when my party was in opposition, we used the influence we had at the time to secure an extension to mortgage interest relief, but that ended a number of years ago. It is undoubtedly the case that the ten successive ECB rate increases are placing a real burden on households throughout the country. I am not into rhetoric or political declarations; I am into...

Ceisteanna ar Sonraíodh Uain Dóibh - Priority Questions: Tax Code (5 Oct 2023)

Michael McGrath: I thank Deputy Nash for raising this issue. The domicile levy was introduced in the Finance Act 2010, as he said, to ensure Irish-domiciled individuals who met certain criteria would make a contribution to the Exchequer, irrespective of where they were resident for tax purposes. The purpose of the levy is to ensure individuals with substantial income and assets located in the State will...

Ceisteanna ar Sonraíodh Uain Dóibh - Priority Questions: Tax Code (5 Oct 2023)

Michael McGrath: To clarify, what declarations or information is the Deputy looking for?

Ceisteanna ar Sonraíodh Uain Dóibh - Priority Questions: Tax Code (5 Oct 2023)

Michael McGrath: Okay. Of course, the levy applies to individuals who are resident and non-resident for Irish tax purposes, but I will respond formally to the Deputy on the specific point he raised. This is a self-assessed tax, so people are required to make the relevant return. The Revenue Commissioners are very active in the area of compliance in respect of the domicile levy and taxpayers are aware of...

Ceisteanna ar Sonraíodh Uain Dóibh - Priority Questions: Tax Code (5 Oct 2023)

Michael McGrath: Given the Deputy referred to the commission, it is important to point to its work. I earlier referred to the remittance basis of tax, which concerns how non-domiciled Irish residents are taxed on their worldwide income. The current rules permit long-term non-domiciled residents to avail of the remittance basis of tax, even though these individuals may have significant ties to the State....

Ceisteanna ar Sonraíodh Uain Dóibh - Priority Questions: Fuel Prices (5 Oct 2023)

Michael McGrath: As the Deputy is aware, it is a long-standing practice of the Minister for Finance not to specifically comment on individual measures that may be part of the budget. With regard to kerosene used for home heating purposes, mineral oil tax and VAT at a rate of 13.5% are applied. Kerosene is also subject to the National Oil Reserves Agency, NORA, levy at a rate of 2 cent per litre. Mineral...

Ceisteanna ar Sonraíodh Uain Dóibh - Priority Questions: Fuel Prices (5 Oct 2023)

Michael McGrath: I am aware of the volatility in the cost of filling or half filling a tank of oil. It is down to a number of factors. As the Deputy said, we have seen the price of oil increase very significantly in recent weeks. In the past 48 hours it has gone down by 5% or 6%, but who knows what will happen today or in the weeks ahead? Of course, the cost of refining is also a factor. The relative...

Ceisteanna ar Sonraíodh Uain Dóibh - Priority Questions: Fuel Prices (5 Oct 2023)

Michael McGrath: I am all too aware of the real-life impact of the increase in the cost of oil. When I was young, we grew up in a home where heating was provided by oil. I well remember my parents trying to put together money to fill or half-fill the tank of oil. I am very aware of the reality and of the burden this imposes on many families. As the Deputy says, it is subject to a lot of fluctuation....

Ceisteanna ar Sonraíodh Uain Dóibh - Priority Questions: Housing Provision (5 Oct 2023)

Michael McGrath: The vacant homes tax is a new measure announced in last year's budget, which aims to increase the supply of homes for rent or purchase to meet demand. The first chargeable period commenced on 1 November 2022. The first self-assessed returns are due on 7 November this year and the tax will be payable from 1 January 2024. The number of properties in scope and tax payable will depend on the...

Ceisteanna ar Sonraíodh Uain Dóibh - Priority Questions: Housing Provision (5 Oct 2023)

Michael McGrath: I have in recent weeks asked my officials to engage with Revenue. I wanted to be satisfied about the preparatory work and engagement Revenue is having with people it believes are within scope of the tax. It is important to point out there is a range of exemptions, for example, for homes that underwent structural works, homes being actively marketed, where the owner has passed away, where it...

Ceisteanna ar Sonraíodh Uain Dóibh - Priority Questions: Housing Provision (5 Oct 2023)

Michael McGrath: In June this year, Revenue launched a series of information sessions and webinars with key relevant stakeholders, including Citizens Information, the Approved Housing Bodies Regulatory Authority, the Irish Council for Social Housing, the Irish property valuers association and all local authorities. Revenue has undertaken significant work to understand the number of properties that have...

Ceisteanna ar Sonraíodh Uain Dóibh - Priority Questions: Housing Provision (5 Oct 2023)

Michael McGrath: I outlined earlier some of the numbers within that 166,000 that are not within scope of the vacant homes tax and the reasons. It is a policy decision for any Government whether, where someone has just deceased or where a property is up for sale or on a short-term let but on census night was vacant, that should be in scope. These are all policy decisions.