Results 26,541-26,560 of 27,945 for speaker:Michael McGrath

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Estimates for Public Services 2023
Vote 7 - Office of the Minister for Finance (Supplementary)
Vote 9 - Office of the Revenue Commissioners (Supplementary) (23 Nov 2023)

Michael McGrath: I thank the Deputy. Perhaps it might be helpful if we provide an information note about what enforcement activity is undertaken by Revenue and the nature of it. This is one issue. The second issue is a valid policy question about considering the impact of further price changes through excise decisions on the level of smuggling, in effect, of tobacco into Ireland. It is something that...

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Estimates for Public Services 2023
Vote 7 - Office of the Minister for Finance (Supplementary)
Vote 9 - Office of the Revenue Commissioners (Supplementary) (23 Nov 2023)

Michael McGrath: I thank the Deputy for his comments. We will arrange for some information to be provided in relation to Revenue activity on the enforcement side when it comes to coal. On the issue of Rosslare Europort, the construction work there has been under way since last month. It is estimated it will take 18 to 24 months to be completed. I acknowledge the Deputy's comments in relation to the...

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Estimates for Public Services 2023
Vote 7 - Office of the Minister for Finance (Supplementary)
Vote 9 - Office of the Revenue Commissioners (Supplementary) (23 Nov 2023)

Michael McGrath: It is for work completed up to the end of September 2024 in respect of spending incurred by the end of this year.

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Estimates for Public Services 2023
Vote 7 - Office of the Minister for Finance (Supplementary)
Vote 9 - Office of the Revenue Commissioners (Supplementary) (23 Nov 2023)

Michael McGrath: Yes. We have been working on this since 2016 and we are fully implementing the various non-tariff customs controls now. As the Leas-Chathaoirleach will be aware, many Irish businesses involved in exporting goods to Great Britain will, for the first time, experience in early 2024 the non-tariff custom controls. From the perspective of Revenue, certainly, it is fully implementing all the...

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Estimates for Public Services 2023
Vote 7 - Office of the Minister for Finance (Supplementary)
Vote 9 - Office of the Revenue Commissioners (Supplementary) (23 Nov 2023)

Michael McGrath: Taxation decisions continue to be governed by unanimity at EU level and Ireland will always be a strong defender, certainly this Government will be, of the protection of this principle of unanimity. I think the Deputy may be referring to the corporate own resource proposals from the European Commission, which are not agreed at this point. We have made our views well known in this regard....

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Estimates for Public Services 2023
Vote 7 - Office of the Minister for Finance (Supplementary)
Vote 9 - Office of the Revenue Commissioners (Supplementary) (23 Nov 2023)

Michael McGrath: In recent weeks, we received an opinion from the Judge Advocate General in the Apple case, that will be taken into account by the European Court of Justice, which may reach the same conclusion or a different one. The ECJ may well refer the case back to the general court or it may deal with the case and arrive at a definitive judgment. That remains to be seen. As long as the matter remains...

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Message to the Dáíl (23 Nov 2023)

Michael McGrath: I thank the Leas-Chathaoirleach, the committee members and the secretariat for facilitating this discussion. I also thank the Revenue Commissioners and my officials in the Department of Finance for all the work they put into preparing for it.

Written Answers — Department of Enterprise, Trade and Employment: Commissions of Investigation (23 Nov 2023)

Michael McGrath: I wish to inform the Deputy that there are currently no commissions of investigation under my Department. My Department is a stakeholder in one commission of investigation, however, this is set up under the Department of the Taoiseach.

Written Answers — Department of Finance: Tax Code (23 Nov 2023)

Michael McGrath: Officials from my Department continue to monitor developments in the vehicle taxation area. New proposals are considered and current vehicle tax policies are kept under review as part of the Tax Strategy Group and Budgetary cycle. Going forward, it is possible that vehicle taxes may shift to a weight-based approach in order to protect the vehicle tax base. Recently, other European countries...

Written Answers — Department of Finance: Tax Code (23 Nov 2023)

Michael McGrath: As the Deputy should be well aware, wealth can be taxed in a variety of ways, many of which are already levied here in Ireland. These include Capital Gains Tax and Capital Acquisitions Tax, which are, in effect, taxes on wealth, in that they are paid by an individual or company on the disposal of an asset or the acquisition of an asset through gift or inheritance. There is also Deposit...

Written Answers — Department of Finance: Primary Medical Certificates (23 Nov 2023)

Michael McGrath: I propose to take Questions Nos. 91, 99 and 122 together. Progress has been made on efforts to convene a new Disabled Drivers Medical Board of Appeals (DDMBA), to secure hosting arrangements for the DDMBA and to recommence the appeals process. All five members have now been appointed to the new DDMBA. Funding arrangements between the Department of Finance and the Department of Health have...

Written Answers — Department of Finance: Financial Irregularities (23 Nov 2023)

Michael McGrath: Firstly, it is important to note that the Department of Finance does not hold any supervisory or investigative role in relation to money laundering.However, the Department does have a key role in developing policy and legislation to ensure that Ireland’s framework for combating both money laundering and the financing of terrorism adheres to EU and international standards. The nature of...

Written Answers — Department of Finance: Tax Reliefs (23 Nov 2023)

Michael McGrath: As the Deputy is aware, the Standard Fund Threshold (SFT) was introduced in Finance Act 2005, with the purpose of addressing excessive pension accrual, and it applies to all private and public sector pension arrangements. It is provided for in Chapter 2C of Part 30 of the Taxes Consolidation Act 1997 (TCA) which sets out the maximum tax-relieved pension fund at retirement. The SFT regime was...

Written Answers — Department of Finance: Banking Sector (23 Nov 2023)

Michael McGrath: It is regrettable that Ulster Bank and KBC have decided to exit the Irish market, but these are commercial decisions of both banks. The priority since has been to ensure that each bank withdraws from the market in an orderly manner and to ensure the impact on customers is minimised. Financial services continues to evolve rapidly, and my Department is engaging with national, European and...

Written Answers — Department of Finance: Tax Credits (23 Nov 2023)

Michael McGrath: I propose to take Questions Nos. 98 and 142 together. The Rent Tax Credit, as provided for in section 473B of the Taxes Consolidation Act 1997 (TCA 1997), was introduced by Finance Act 2022. This is an income tax credit which may be claimed in respect of qualifying rent paid in 2022 and subsequent years to end-2025. For the tax years 2022 and 2023, the maximum value of the credit will be...

Written Answers — Department of Finance: Inflation Rate (23 Nov 2023)

Michael McGrath: Inflation reached multi decades high rates last year, peaking as high as 9.6 per cent in July 2022. This increase in inflation was initially driven by a surge in energy prices on foot of the fallout from Russia’s invasion of Ukraine. However, inflation subsequently became increasingly broad based as price pressures spread throughout the economy. I am pleased to report that we now...

Written Answers — Department of Finance: Ireland Strategic Investment Fund (23 Nov 2023)

Michael McGrath: The NTMA has advised me that the Ireland Strategic Investment Fund (ISIF) constructs its portfolio within the legislative framework set for it by the Oireachtas and aligns it with any changes it makes. ISIF has, to date, completed several divestment programmes and excluded investments from the Fund, consistent with legislative changes enacted by the Oireachtas which have had a consequential...

Written Answers — Department of Finance: Tax Data (23 Nov 2023)

Michael McGrath: I propose to take Questions Nos. 102, 105, 133, 134, 137, 139 and 147 together. The Rent Tax Credit, as provided for in section 473B of the Taxes Consolidation Act 1997, was introduced by Finance Act 2022 and may be claimed in respect of qualifying rent paid in 2022 and subsequent years to end-2025. For the tax years 2022 and 2023, the maximum value of the credit is €1,000 per year in...

Written Answers — Department of Finance: Insurance Coverage (23 Nov 2023)

Michael McGrath: The current Government policy in relation to flood insurance coverage is focused on the development of a sustainable, planned and risk-based approach to managing flooding. Preventing flooding is the best approach to reducing flood risk and maximising flood insurance capacity. Accordingly, €1.3 billion has been committed to the delivery of flood relief schemes over the lifetime of the...

Written Answers — Department of Finance: Tax Code (23 Nov 2023)

Michael McGrath: I propose to take Questions Nos. 104, 177, 181 and 183 together. I understand that the Deputy is referring to the recent Opinion of the Advocate General in the Apple Case. In 2016, the European Commission issued a Decision finding that Ireland had provided State aid to Apple. Ireland challenged this decision before the General Court of the European Union (GCEU) and in2020, the GCEU issued...