Results 25,861-25,880 of 27,945 for speaker:Michael McGrath

Written Answers — Department of Finance: Primary Medical Certificates (5 Oct 2023)

Michael McGrath: I propose to take Questions Nos. 203 and 204 together. Progress has been made on efforts to convene a new Disabled Drivers Medical Board of Appeals (DDMBA), to secure new hosting arrangements for the DDMBA and to recommence the appeals process. I have now formally appointed all five members to the new DDMBA. Funding arrangements between the Department of Finance and the Department of...

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

Michael McGrath: As the deputy is aware, agricultural relief allows the value of agricultural assets gifted or inherited (including farmland, buildings, stock) to be reduced by 90% of their value for the calculation of a Capital Acquisition Tax (CAT) liability. To be eligible for the relief, at least 80% of the gross market value of the property to which a person is beneficially entitled must comprise...

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

Michael McGrath: I propose to take Questions Nos. 207 and 208 together. As the Deputy may be aware, it is possible to change the VAT rate for hospitality or accommodation without reference to the other. The respective costs of extending the 9% VAT for different sectors are set out in the below table but for the year 2024 the estimated cost would be €159.5 for accommodation, €569.3m for...

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

Michael McGrath: I propose to take Questions Nos. 209 and 210 together. As the Deputy will recall, I extended the 9% VAT rate for the tourism and hospitality sectors to 31 August 2023 from the previous end date of 28 February 2023. It reverted to the 13.5% VAT rate on 1 September 2023. The estimated cost of the final extension of the measure is €300m. This extension struck a balance between the cost...

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 Deputy should note that the European VAT Directive, with which Irish VAT legislation must comply, would not permit VAT rates for a particular good or service to vary depending on...

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

Michael McGrath: I propose to take Questions Nos. 212 and 213 together. As the Deputies 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: Fiscal Policy (5 Oct 2023)

Michael McGrath: Despite facing substantial economic headwinds over the past year, the Irish economy has proven to be remarkably resilient. This has been reflected in strong domestic economic growth in the second quarter, with both modified domestic demand (MDD) and personal consumption growing by close to 1 per cent. Government supports have clearly played a key role in helping households to weather the...

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

Michael McGrath: Ireland is widely acknowledged to promote a stable pro-enterprise economy, reflected in our continued ability to attract and retain foreign direct investment (FDI) and the jobs that this investment brings. I am conscious of the need to maintain our competitive position on an international stage, given the contribution of FDI to the domestic economy, and in light of an increase in...

Written Answers — Department of Finance: Economic Growth (5 Oct 2023)

Michael McGrath: I propose to take Questions Nos. 216 and 223 together. Economic growth prospects across the Eurozone, the European Union and more broadly remain subdued. In the second quarter of this year, GDP grew by just 0.1 per cent in the Eurozone and was flat in the EU. Irish GDP, by comparison, increased by ½ a per cent in the second quarter, while modified domestic demand – my preferred...

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

Michael McGrath: As the deputy will be aware, the Government, in October 2021, took the decision to join with almost 140 other jurisdictions in a two-pillared agreement to create a new international tax framework and we intend to follow through on that commitment. Pillar One seeks to reallocate taxing rights to market jurisdictions through Amount A as well as simplifying transfer pricing rules in certain...

Written Answers — Department of Finance: Interest Rates (5 Oct 2023)

Michael McGrath: The setting of retail lending rates by individual entities is a commercial matter for each individual entity and neither the Central Bank nor I have any function or role in such decision making matters by financial institutions. There are no regulatory provisions requiring non-bank financial entities, such as retail credit and credit servicing firms, operating in the housing market to charge...

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

Michael McGrath: The Government is aware of the pressure that the rising interest rate environment may have on borrowers. I convened a meeting with lenders active in the mortgage market on 31 August. The Central Bank of Ireland, the Insolvency Service of Ireland, the Citizens Information Board and Money Advice and Budgeting Service also attended. Following this meeting, on 6 September the Banking &...

Written Answers — Department of Finance: Primary Medical Certificates (5 Oct 2023)

Michael McGrath: Progress has been made on efforts to convene a new Disabled Drivers Medical Board of Appeals (DDMBA), to secure new hosting arrangements for the DDMBA and to recommence the appeals process. I have now formally appointed all five members to the new DDMBA. Funding arrangements between the Department of Finance and the Department of Health have been agreed. On this basis the National...

Written Answers — Department of Finance: Inflation Rate (5 Oct 2023)

Michael McGrath: Inflation in Ireland averaged just over 8 per cent in 2022, peaking at 9½ per cent last summer. This September, HICP inflation stood at 5 per cent, representing a decline of 4½ percentage points from last year peak. While these developments represent a significant reduction in inflationary pressures, inflation remains far above the ECB’s 2 per cent target and even further...

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

Michael McGrath: Despite facing multiple headwinds over recent years, the Irish economy has proven to be remarkably resilient. This resilience is most clearly evident in the labour market with the unemployment rate remaining around historically low levels (4.1 per cent in August). This is consistent with the robust growth in modified domestic demand and consumer spending recorded in the second quarter...

Financial Resolutions 2023 - Budget Statement 2024 (10 Oct 2023)

Michael McGrath: I welcome the opportunity to present budget 2024 to this House, alongside my colleague, the Minister, Deputy Donohoe. INTRODUCTION Budget 2024 is the first budget I will deliver as Minister for Finance. It is an enormous privilege to serve in this historic office and I have a deep sense of the responsibility that comes with it. As Minister for Finance, it is my role, working with...

Financial Resolutions 2023 - Budget Statement 2024 (10 Oct 2023)

Michael McGrath: I wish to announce a number of other new measures in budget 2024. An issue which has been regularly raised with me, including by colleagues across the House, is the VAT treatment of audio books and e-books. E-books are currently subject to a VAT rate of 9%, unlike printed books, which are zero-rated. Audio books are not currently included in the VAT zero-rating. Therefore, I have decided...

Financial Resolutions 2023 - Budget Statement 2024 (10 Oct 2023)

Michael McGrath: As we stand here today, I believe there is so much in our country we can be proud of. CONCLUSION Full employment, a growing economy, budget surpluses, a national debt that is falling, a population that is rising, and now a plan to secure the future. We can never take any of this for granted and we must always strive to do better. Today’s budget provides help to households and...

Financial Resolutions 2023 - Budget Statement 2024 (10 Oct 2023)

Michael McGrath: You are wrong.

Written Answers — Department of Finance: Motor Fuels (10 Oct 2023)

Michael McGrath: Ireland’s taxation of fuel is governed by European Union law as set out in Directive 2003/96/EC, commonly known as the Energy Tax Directive (ETD). The ETD prescribes minimum tax rates for fuel with which all Member States must comply. ETD provisions on mineral oils are transposed into national law in Finance Act 1999 (as amended). Finance Act 1999 provides for the application of excise...