Results 26,021-26,040 of 27,945 for speaker:Michael McGrath

Written Answers — Department of Finance: EU Funding (7 Nov 2023)

Michael McGrath: The annual net contribution of Ireland to the EU Budget (payments) and income (receipts), from 2013 until 2021 is outlined in full inTable 1below. Table 2 outlines Ireland’s actual gross contribution (payment) for 2022 together with current forecasts for the gross contribution (payment) for the remaining years until the end of the current Multiannual Financial Framework period which...

Written Answers — Department of Finance: Departmental Contracts (7 Nov 2023)

Michael McGrath: I propose to take Questions Nos. 326 and 335 to 337, inclusive, together. The ‘National Public Procurement Policy Framework’ issued by the Office of Government Procurement (OGP) in November 2019, sets out the procurement procedures to be followed by government departments and state bodies in accordance with EU rules and national guidelines. In addition, my Department has...

Written Answers — Department of Finance: Tax Code (7 Nov 2023)

Michael McGrath: The Deputy will recall that a Government decision was taken for Ireland to sign up to a global agreement on a two-pillared solution at the OECD Inclusive Framework to address the tax challenges associated with the digitalisation of the economy in October 2021. Pillar Two of that agreement sees the implementation of a global minimum tax of 15%. This decision was not taken lightly and came on...

Written Answers — Department of Finance: Financial Services (7 Nov 2023)

Michael McGrath: The Deputy may wish to note that EU sanctions have direct effect in all Member States of the EU, and they are legally binding on all natural and legal persons. As such, a natural or legal person who contravenes a provision of an EU sanctions regulation would be guilty of an offence and liable to prosecution. Ireland has strongly supported sanctions in response to Russia’s unjust and...

Written Answers — Department of Finance: Financial Services (7 Nov 2023)

Michael McGrath: The Deputy may wish to note that EU sanctions have direct effect in all Member States of the EU, and they are legally binding on all natural and legal persons. As such, a natural or legal person who contravenes a provision of an EU sanctions regulation would be guilty of an offence and liable to prosecution. The Central Bank of Ireland is one of three Competent Authorities in Ireland...

Written Answers — Department of Finance: Financial Services (7 Nov 2023)

Michael McGrath: The Central Bank of Ireland is responsible for regulating the provision of mortgage and other credit by regulated financial services providers. As regulator, the Central Bank sets out macro prudential and consumer protection requirements which have the objective of protecting overall financial stability and the interests of consumers. In line with this mandate, the Central Bank has specified...

Written Answers — Department of Finance: Tax Reliefs (7 Nov 2023)

Michael McGrath: Section 118(5G) of the Taxes Consolidation Act 1997 (TCA) provides for the Cycle to Work scheme. This scheme offers an exemption from benefit-in-kind (BIK) where an employer purchases a bicycle and/or associated safety equipment for one of their employees (or directors) to use, in whole or in part, to travel to work. Associated safety equipment includes helmets, lights, bells, mirrors and...

Written Answers — Department of Finance: Tax Reliefs (7 Nov 2023)

Michael McGrath: The Help-to-Buy (HTB) incentive is an income tax relief designed to assist first-time buyers with obtaining the deposit required to purchase or build their first home. With a view towards increasing the supply of new housing, the relief is only available for ‘new builds’. Broadly, the relief takes the form of a rebate of income tax, including DIRT, paid over the previous four...

Written Answers — Department of Finance: Revenue Commissioners (7 Nov 2023)

Michael McGrath: Revenue is a fully integrated tax and customs administration and, as a result, I am advised that it is not possible to disaggregate the resources deployed at any given time to combat smuggling activities. Over the last ten years, Revenue has had approximately 2,000 staff engaged on activities that are directly dedicated to targeting and confronting non-compliance, in all its forms. These...

Written Answers — Department of Finance: Tax Code (7 Nov 2023)

Michael McGrath: Capital Acquisitions Tax (CAT) is the tax that applies to gifts and inheritances. In the case of an interest-free loan, the person who receives the loan is deemed to take a gift for CAT purposes in each year they have the benefit of the loan. The gift is the interest-free element of the loan rather than the loan itself. The person will self-assess the value of this gift in determining whether...

Written Answers — Department of Finance: Financial Services (7 Nov 2023)

Michael McGrath: The policy responsibility for the matter of politically exposed persons, or PEPs, rests primarily with the Minister for Justice, but clearly, rules in relation to customer due diligence in respect of any individual, often arise to be applied by financial institutions. The Criminal Justice (Money Laundering and Terrorist Financing) Act 2010 is the relevant piece of Irish legislation which...

Written Answers — Department of Finance: Tax Yield (8 Nov 2023)

Michael McGrath: I am advised by Revenue that their micro-simulation modelling tool, Tax Modeller, is built to model scenarios on a taxpayer unit basis (i.e. including jointly assessed couples as one taxpayer unit). As such, it does not generate any outputs on an individualised basis, and it is therefore not possible to estimate changes to tax credits on an individual basis for a projected tax year. ...

Written Answers — Department of Finance: International Agreements (8 Nov 2023)

Michael McGrath: First of all I believe that it is important to clarify that the comments made by Secretary Yellen which the Deputy refers to did not suggest that Pillar Two will not be a global project. At the meetings in Luxembourg, Secretary Yellen confirmed there are open issues in relation to Pillar One of the OECD agreement, which concerns the reallocation of taxing rights, and which will delay the...