Results 25,781-25,800 of 27,945 for speaker:Michael McGrath

Ceisteanna ar Sonraíodh Uain Dóibh - Priority Questions: European Union (5 Oct 2023)

Michael McGrath: As the Deputy will be aware, an updated package of possible new own resources proposed by the European Commission on 20 June included a new proposal for a corporate statistical own resource based on company profits. He will also be aware that a number of officials from my Department met yesterday with Oireachtas Joint Committee on Finance, Public Expenditure and Reform, and Taoiseach - I...

Ceisteanna ar Sonraíodh Uain Dóibh - Priority Questions: European Union (5 Oct 2023)

Michael McGrath: Of course, the context is that the EU budget is under real pressure, which I acknowledge. Ireland has always sought to be a very constructive member state when it comes to supporting the policies and initiatives of the Union, and the budget is under pressure. I have pointed to our broad support for some of the other measures that were set out within that package but I have confirmed in the...

Ceisteanna ar Sonraíodh Uain Dóibh - Priority Questions: European Union (5 Oct 2023)

Michael McGrath: Ireland would be the fourth largest gross contributor to the corporate profits own resource after Germany, France and Italy, although we are a small member state in relative terms. At a political level, I set out my views at the July ECOFIN meeting and also put them directly to the EU budget Commissioner in May, when we met on the margins of the informal ECOFIN in Stockholm. In addition, my...

Ceisteanna Eile - Other Questions: Tax Code (5 Oct 2023)

Michael McGrath: As the Deputy will be aware, the small gift exemption is an annual CAT relief available to all recipients of gifts. This means a person can receive a gift to the value of €3,000 free of CAT. For example, a parent may give a gift up to the value of €3,000 to a child or anyone else each calendar year without any CAT arising. Two parents can make gifts of €3,000 each to a...

Ceisteanna Eile - Other Questions: Tax Code (5 Oct 2023)

Michael McGrath: Any changes to the small gift exemption must be considered in the context of competing demands. Increasing the small gift exemption threshold would incur a cost to the Exchequer, which may potentially inhibit the Government’s ability to introduce further cost-of-living supports for households and businesses. The relief, in its current guise, is fair, and providing an increase to the...

Ceisteanna Eile - Other Questions: Tax Code (5 Oct 2023)

Michael McGrath: As always when it comes to individual areas of taxation, they are considered in the lead-up to a budget. We are in a scenario where we have limited resources overall. We have a net tax package of €1.15 billion, as set out in the summer economic statement, and there are lots of different things we would like to do with that envelope. Principal in that would be an income tax package...

Ceisteanna Eile - Other Questions: Banking Sector (5 Oct 2023)

Michael McGrath: As the Deputy said, I met the mortgage industry on 31 August 2023. Attendees included the Banking and Payments Federation Ireland, BPFI, CEOs and senior representatives of all the main mortgage lenders and servicers, including: AIB; Bank of Ireland; Permanent TSB; Pepper; Mars Capital; Avant Money; Dilosk; and other mortgage entities. The Central Bank of Ireland also attended. The...

Ceisteanna Eile - Other Questions: Banking Sector (5 Oct 2023)

Michael McGrath: As the Deputy knows, in total we have more than 110,000 principal dwelling home mortgages that are in the non-bank sector, and the agreement on the eligibility criteria for switching is a significant step forward. It is the first time we have such agreement in place and we have the agreement of all of the different lenders that they will operate and support those mortgage switching and...

Ceisteanna Eile - Other Questions: Banking Sector (5 Oct 2023)

Michael McGrath: Before the eligibility criteria were agreed, we had very low levels of switching from the non-bank sector to the bank sector. This is in part because the eligibility criteria were not in place. The appetite to receive such customers was limited. That has been challenged. We now have agreed criteria and we have the Central Bank confirming that around one quarter of non-bank mortgage...

Ceisteanna Eile - Other Questions: Mortgage Interest Rates (5 Oct 2023)

Michael McGrath: The retail banking review last year highlighted the change in the Irish mortgage market, with the increased level of fixed-rate mortgages. A significant portion of new mortgages, some 85% in July of this year, are now fixed-rate mortgages. This will protect borrowers in the event of a rise in official and market interest rates, at least for the period that the interest rate is fixed. The...

Ceisteanna Eile - Other Questions: Mortgage Interest Rates (5 Oct 2023)

Michael McGrath: I would welcome the introduction of more long-term fixed rate mortgages in Ireland in terms of the offering by the lenders. It de-risks a mortgage for a borrower if they can know with certainty what their repayments are going to be for the next five, ten or 15 years. It offers them certainty and there is real value in that. It is also important to highlight the role the credit unions are...

Ceisteanna Eile - Other Questions: Mortgage Interest Rates (5 Oct 2023)

Michael McGrath: This is an area where I have been very active. I have met the banks and the non-banks and also MABS, the Insolvency Service of Ireland and the Central Bank at a round-table meeting at the end of August. One of the outcomes of that was that for the first time we now have an agreed set of eligibility criteria for people whose mortgage is in the non-bank sector to enable them to switch their...

Ceisteanna Eile - Other Questions: Tax Yield (5 Oct 2023)

Michael McGrath: I propose to take Questions Nos. 88, 92, 125, 126 and 134 together. The Exchequer returns to the end of September this year showed an overall surplus of €1.1 billion. This compares with a surplus of €7.9 billion at end of September 2022. The bulk of the deterioration was driven by the transfer of €4 billion to the National Reserve Fund earlier this year. ...

Ceisteanna Eile - Other Questions: Tax Yield (5 Oct 2023)

Michael McGrath: The year-to-date receipts of income tax are at €23.1 billion compared with a performance last year of €21.4 billion, meaning it is up by over 8% year on year. However, when compared with the profile or the estimate of what we thought we would collect to the end of quarter 3, it is only ahead of it by about €145 million, or 0.6%. As the Deputy said, VAT receipts are...

Ceisteanna Eile - Other Questions: Tax Yield (5 Oct 2023)

Michael McGrath: The Deputy is very quick to advise us how to spend the surpluses, but he pays very little heed to why we have surpluses. It is due to the enterprise model that Ireland has successfully developed over many decades, our commitment to European Union membership and the euro, political stability, and successive governments running pro-enterprise business policies and implementing such policies....

Ceisteanna Eile - Other Questions: Tax Yield (5 Oct 2023)

Michael McGrath: I thank the Deputy. We will lay out next Tuesday what our forecasts are for corporation tax receipts and indeed receipts under every other tax head for the next number of years. That will be the considered view of my Department as to what we expect to receive over the coming years. Deputy Burke is right that these companies that contribute the vast bulk of our corporation tax receipts have...

Ceisteanna Eile - Other Questions: Economic Policy (5 Oct 2023)

Michael McGrath: I thank Deputy Lawless for raising this issue. On 6 April this year I published the terms of reference for a review of Ireland’s funds sector. The objective of the review is to ensure that Ireland’s funds sector framework is up to date and fit for purpose in the years ahead, that we can maintain our globally competitive position by supporting long-term growth and a sustainable...

Ceisteanna Eile - Other Questions: Economic Policy (5 Oct 2023)

Michael McGrath: I thank the Deputy. As I have indicated, the review is now well under way. The consultation period has closed. Submissions were received and are being examined. I have no doubt that the question of digitalisation and questions around crypto feature as part of those submissions. Once the budget is over I intend to sit down at an early date with the review team to engage to get a sense of...

Written Answers — Department of Finance: Motor Fuels (4 Oct 2023)

Michael McGrath: The final retail prices of fuel is determined by a number of factors including energy market dynamics, wholesale pricing policy, transport costs, exchange rate impacts, taxation and individual retailer pricing policies. In the context of increases in consumer prices in 2022, the Government implemented a reduction in Mineral Oil Tax (excise duty) on petrol and diesel by 20 and 15 cent per...

Written Answers — Department of Finance: Tillage Sector (4 Oct 2023)

Michael McGrath: A number of tax reliefs are in place specifically to support the farming sector, for example, accelerated capital allowances for farm safety equipment and for construction of slurry storage facilities, various stock reliefs, tax exemption for certain income earned from leasing farm land, carbon tax relief on farm diesel, succession farm partnerships relief, and VAT rebates on farm buildings....