Results 25,821-25,840 of 27,945 for speaker:Michael McGrath

Written Answers — Department of Finance: Tax Code (5 Oct 2023)

Michael McGrath: The Universal Social Charge (USC) was designed and incorporated into the Irish taxation system in 2011 to replace the Health and Income Levies. Its primary purpose was to widen the tax base and to provide a steady income to the Exchequer to provide funding for public services. The USC is an individualised tax, meaning that a person’s liability to the tax is determined on the basis of...

Written Answers — Department of Finance: Tax Collection (5 Oct 2023)

Michael McGrath: I propose to take Questions Nos. 104 and 122 together. Vacant Homes Tax (VHT) is administered by Revenue in accordance with Part 22B of the Taxes Consolidation Act 1997 (TCA 1997). A residential property will be within the scope of the new tax if it has been occupied as a dwelling for less than 30 days in a chargeable period. Each chargeable period will commence on 1 November and end on 31...

Written Answers — Department of Finance: Banking Sector (5 Oct 2023)

Michael McGrath: I wish to advise the Deputy that the Department of Finance published a report in December 2019 by Indecon Consulting on an Evaluation of the Concept of Community Banking in Ireland. This report followed a previous paper on Local Public Banking published by my Department in 2018. The Indecon report concluded that there is no business case for the State to establish a community banking...

Written Answers — Department of Finance: Tax Yield (5 Oct 2023)

Michael McGrath: The Universal Social Charge (USC) was designed and incorporated into the Irish taxation system in 2011 to replace the Health and Income Levies. Its primary purpose was to widen the tax base and to provide a steady income to the Exchequer to provide funding for public services. The USC is an individualised tax, meaning that a person’s liability to the tax is determined on the basis of...

Written Answers — Department of Finance: Tax Code (5 Oct 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. However it should be noted that a zero VAT rate already applies to newspapers, including those supplied electronically.

Written Answers — Department of Finance: Fiscal Policy (5 Oct 2023)

Michael McGrath: Ireland has committed to a 51 per cent reduction of 2018 Greenhouse Gas (GHG) emissions levels by 2030 and to carbon neutrality by 2050. The Climate Action and Low Carbon Development (Amendment) Act 2021 is the legally binding framework with clear targets and commitments set in law to ensure we achieve our national, EU and international climate obligations in the near and long term....

Written Answers — Department of Finance: Job Creation (5 Oct 2023)

Michael McGrath: Despite the headwinds facing the domestic economy over the past year, the labour market has proved remarkably resilient. Over 88,000 (net) jobs were added over the past four quarters, with employment reaching a record high of 2.64 million in the second quarter of 2023. As a result, almost three quarters of the working age population are now in employment – an all-time high. Perhaps...

Written Answers — Department of Finance: Tax Code (5 Oct 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. However, the VAT rating of goods and services is subject to the requirements of EU VAT law, with which Irish VAT law must comply. In general, the EU VAT Directive provides that all goods and...

Written Answers — Department of Finance: Defective Building Materials (5 Oct 2023)

Michael McGrath: As the Deputy will be aware, arising from a November 2021 Government decision that a levy be imposed on the construction sector to contribute towards the cost of the Mica Redress Scheme, the Defective Concrete Products Levy ("DCPL") was announced as part of Budget 2023. The DCPL only came into effect on 1 September 2023, with the first return under it not due until 23 days after the end...

Written Answers — Department of Finance: Business Supports (5 Oct 2023)

Michael McGrath: I propose to take Questions Nos. 113, 114, 130, 133 and 139 together. 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. Finance Act 2022 (as amended) made provision for the TBESS. The scheme provided support to qualifying businesses in...

Written Answers — Department of Finance: Tax Code (5 Oct 2023)

Michael McGrath: I am advised by Revenue that as a result of the UKs departure from the EU, the import of a vehicle from the UK is treated as an import from a third country. As a result, the importer is required to complete a Customs import declaration and pay Customs duty, if applicable, and import VAT at the standard rate of 23% prior to presenting the vehicle for registration. The Customs Duty rate for...

Written Answers — Department of Finance: Financial Services (5 Oct 2023)

Michael McGrath: I propose to take Questions Nos. 116, 140 and 153 together. Regarding Question 43131/23, I published the terms of reference for the National Payment Strategy (NPS) on 27 June 2023. Since then a team in my Department has commenced work on the project. The NPS will take account of the changing payment landscape and it will consider ongoing legislative developments at EU level, including...

Written Answers — Department of Finance: Housing Schemes (5 Oct 2023)

Michael McGrath: The Financial Consumer Protection Roadmap, which was published by my Department on 13 September 2023, addressed this issue in the context of the consumer protections available in Ireland. Firstly, the Deputy should note that in June of this year Insurance Ireland and its members published a Code of Practice for Underwriting Mortgage Protection Insurance for Cancer Survivors, which is expected...

Written Answers — Department of Finance: Tax Reliefs (5 Oct 2023)

Michael McGrath: The Living City Initiative, provided for in Finance Act 2013 and commenced on 5 May 2015, is a tax incentive aimed at the regeneration of the historic inner cities of Dublin, Cork, Galway, Kilkenny, Limerick and Waterford. The scheme provides income or corporation tax relief for qualifying expenditure incurred in refurbishing/converting qualifying buildings which are located within...

Written Answers — Department of Finance: Insurance Industry (5 Oct 2023)

Michael McGrath: I propose to take Questions Nos. 120 and 131 together. Insurance reform remains a priority for this Government and is being delivered via the Action Plan for Insurance Reform. The latest Implementation Report demonstrates that significant progress has been made, with 90 per cent of the actions contained in the ActionPlannow either delivered or initiated. The importance that Government places...

Written Answers — Department of Finance: Irish Stock Exchange (5 Oct 2023)

Michael McGrath: Over the years, companies have delisted from the Irish Stock Exchange for various commercial reasons. Regarding recent announcements, I have taken note of these developments and my officials have engaged with Euronext Dublin on this and related matters and beyond that it would not be appropriate for me to comment on individual commercial decision-making of specific companies. However, it is...

Written Answers — Department of Finance: Tax Code (5 Oct 2023)

Michael McGrath: As the Deputy will be aware the planned ‘go-live’ date for the operation of the Deposit Return Scheme (DRS) is February 2024. The appropriate VAT treatment for the scheme has been considered and discussed with the European Commission. I intend to amend the VAT Consolidation Act 2010 in Finance Bill (no.2) 2023 to set out the operating principles of the scheme with further...

Written Answers — Department of Finance: Budget 2024 (5 Oct 2023)

Michael McGrath: The Deputy will be aware that it is a longstanding practice of the Minister for Finance not to comment, in advance of the Budget, on any tax matters that might be the subject of Budget decisions. Nevertheless, I can state that one of the key outcomes of the work of the Future of Media Commission was that reform of the current funding model is necessary to provide a more sustainable basis...

Written Answers — Department of Finance: Tax Exemptions (5 Oct 2023)

Michael McGrath: I am advised by Revenue that the available information in respect of the number of Local Property Tax exemptions and deferrals claimed for the year 2022 is published on the Revenue website at: www.revenue.ie/en/corporate/documents/statistics/lpt/lpt-sta ts-update-120723.pdf As of July 2023, €510 million has been collected from all sources for the Local Property Tax year 2022. For the...

Written Answers — Department of Finance: Budget 2024 (5 Oct 2023)

Michael McGrath: I propose to take Questions Nos. 135 and 205 together. As the Deputies will be aware, it is a longstanding practice of the Minister for Finance not to comment, in advance of the Budget, on any tax matters that might be the subject of Budget decisions.