Results 26,581-26,600 of 27,945 for speaker:Michael McGrath

Written Answers — Department of Finance: Fiscal Policy (23 Nov 2023)

Michael McGrath: The EU taxonomy for sustainable activities being developed at present is a harmonised classification system for environmentally sustainable economic activities. The Taxonomy has a significant role in supporting the mobilisation of capital towards sustainable investments through providing common definitions to companies, investors and policymakers on what constitutes an environmentally...

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

Michael McGrath: Government policy with regard to greenhouse gas emissions and taxation is based on the polluter-pays principle, whereby high emission energy products, fuels or vehicles are subject to the highest levels of taxation. National taxation measures are reviewed and examined as part of the annual budgetary cycle and policy options are published in the Tax Strategy Group papers. As set out in the...

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

Michael McGrath: The total recapitalisation of the domestic banks amounted to €64.1bn, of which €34.7bn was invested in Anglo Irish Bank and INBS Irish Bank Resolution Corporation (IBRC) and €29.4bn in AIB, Bank of Ireland and PTSB. To date, €23.1bn of the investment in the three remaining banks has been recovered in cash by way of disposals, investment income and liability...

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

Michael McGrath: As the Deputy will be aware, I announced in my Budget 2024 speech the intention to introduce a domestic tax on e-cigarettes and vaping products as part of next year’s Budget. In light of public health interests, continuing delays to the revision of the Tobacco Products Tax EU Directive and the Programme for Government commitment to tax e-cigarettes and vapes, I instructed my officials...

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

Michael McGrath: At the outset, it is important to note that neither I, nor the Central Bank of Ireland, can direct the pricing or provision of insurance products. This position is reinforced by the EU Single Market framework for insurance (the Solvency IIDirective). Nevertheless, this Government is aware that certain groups are currently facing difficulty in terms of affordability and availability of public...

Written Answers — Department of Finance: House Prices (23 Nov 2023)

Michael McGrath: As the Deputy will be aware, there are a wide range of factors which influence the viability of developments. These include the dynamics of our planning system, infrastructure requirements and land costs, as well as hard and soft costs. While housing policy and remediation for homeowners affected by defective blocks are matters for my colleague, the Minister for Housing, Local Government and...

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

Michael McGrath: I am advised by Revenue that the VAT treatment of goods and services is subject to EU VAT law, with which Irish VAT law must comply. In accordance with the EU VAT Directive, farmers can elect whether or not to register for VAT in respect of their farming business. Farmers who register for VAT have an entitlement to reclaim VAT on costs incurred in relation to their agricultural business. A...

Written Answers — Department of Finance: Energy Prices (23 Nov 2023)

Michael McGrath: The Temporary Business Energy Support Scheme (TBESS) was designed as a temporary measure. Its aim was to mitigate the expected impact of elevated energy costs over the winter months of 2022-23, arising from the illegal invasion of Ukraine by Russia, by assisting businesses with their energy bills during that time of uncertainty. When TBESS was originally devised, it was expected that energy...

Written Answers — Department of Finance: Energy Prices (23 Nov 2023)

Michael McGrath: The Temporary Business Energy Support Scheme (TBESS) was designed as a temporary measure. Its aim was to mitigate the expected impact of elevated energy costs over the winter months of 2022-23, arising from the illegal invasion of Ukraine by Russia, by assisting businesses with their energy bills during that time of uncertainty. When TBESS was originally devised, it was expected that energy...

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

Michael McGrath: The Disabled Drivers & Disabled Passengers Scheme (DDS) provides relief from VRT and VAT on an adapted car, as well as an exemption from motor tax and an annual fuel grant. Under DDS provisions, the reliefs from VRT and VAT are generous in nature amounting to up to €10,000, €16,000, €22,000, €32,000 or €48,000 depending on the level of adaption...

Written Answers — Department of Finance: Departmental Schemes (23 Nov 2023)

Michael McGrath: The National Disability Inclusion Strategy Transport Working Group (NDIS TWG), comprising members from a range of Departments, agencies and Disabled Persons Organisations, was tasked to review all Government-funded transport and mobility supports for those with a disability, including the Disabled Drivers and Disabled Passengers Scheme (DDS). Officials from the Department of Children,...

Written Answers — Department of Finance: Renewable Energy Generation (23 Nov 2023)

Michael McGrath: The Deputy has asked about relief from Electricity Tax in the context of electricity supplier data on fuel mix as published by the Commission for Regulation of Utilities (CRU). The requirement for electricity suppliers to show the sources of electricity on consumer bills, and to report Fuel Mix Disclosures to the CRU, is governed by the State’s electricity market regulatory framework...

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

Michael McGrath: I am advised by Revenue that if an individual’s pension fund is higher than the Standard Fund Threshold (SFT), which is currently €2 million, the excess over the threshold (the “chargeable excess”) is subject to an upfront, ring-fenced income tax charge (known as “chargeable excess tax”) at 40%, in the year of assessment in which the “benefit...

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

Michael McGrath: I assume the Deputy is referring to the OECD's two-pillared solution to address the tax challenges associated with the digitalisation of the economy and the recent Opinion of the Advocate General in the Apple Case. Ireland signed up to the OECD two-pillar agreement in October 2021 and we intend to follow through on that commitment. Our long-standing position is that the international tax...

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

Michael McGrath: The latest Exchequer returns, for end-October, presented a mixed picture of our public finances. The underlying resilience of our economy is reflected in the steady growth in income tax and VAT receipts, but, as the Deputy will be aware, corporation tax fell for a third consecutive month and now stands some €0.4 billion behind its end-October 2022 position. I have long warned that...

Written Answers — Department of Finance: Foreign Direct Investment (23 Nov 2023)

Michael McGrath: Ireland remains an attractive location for international investors, with the stock of FDI in Ireland at over €1.3 trillion at the end of 2022. I am conscious of the need to maintain our competitive position globally, given the important contribution that this FDI makes to the domestic economy. Indeed, the IDA reported the highest ever increase in FDI-related employment last year,...

Written Answers — Department of Finance: EU Regulations (23 Nov 2023)

Michael McGrath: Ireland has always been, and continues to be, a strong proponent of unanimity in tax matters at EU level. Tax Sovereignty is an area close to the heart of Irish citizens and was one of the reasons the Irish people initially rejected the Lisbon Treaty. A subsequent Protocol to the Treaty provided guarantees in relation to tax sovereignty, which paved the way for the Treaty's approval in...

Written Answers — Department of Finance: EU Regulations (23 Nov 2023)

Michael McGrath: State Aid, within the meaning of Article 107 TFEU refers to any advantage, granted by a Member State or through State resources, on a selective basis, to any undertaking that could potentially distort competition and trade in the European Union, and can take the form, inter alia, a tax advantage. As regards general taxation policy measures applied to individuals or open to all enterprises,...

Written Answers — Department of Finance: Economic Policy (23 Nov 2023)

Michael McGrath: I propose to take Questions Nos. 189 and 190 together. I am confident that Ireland continues to compete on the international stage. At the end of the first half of this year, the stock of foreign direct investment stood at €1.1 trillion, while 300,000 were employed in the multinational sector here at the end of 2022. Ireland’s talented and flexible workforce, strong legal and...