Results 26,661-26,680 of 27,945 for speaker:Michael McGrath

Seanad: Finance (No. 2) Bill 2023: Committee Stage (5 Dec 2023)

Michael McGrath: The residential zoned land tax, RZLT, is a new tax introduced in the Finance Act 2021. It seeks to increase housing supply by encouraging the activation of development on lands that are suitably zoned and appropriately serviced. It is important to note that to come within the scope of the RZLT, farmland must be both zoned for residential use and serviced. Farmland that is zoned for...

Seanad: Finance (No. 2) Bill 2023: Committee Stage (5 Dec 2023)

Michael McGrath: Both of these recommendations pertain to the defective concrete products levy, DCPL, but they have separate purposes. I will speak on each of those purposes in turn. The effect of Senator Gavan's first recommendation would be to eliminate the levy, which was introduced through section 99 of the Finance Act 2022 and only came into effect on 1 September this year. It is important to...

Seanad: Finance (No. 2) Bill 2023: Committee Stage (5 Dec 2023)

Michael McGrath: The Senator will be aware that the Government is committed to tackling climate change and decarbonising the economy by 2050, and is therefore very much aware of the challenges that subsidies pose to our collective effort to disincentivise fossil fuels. The programme for Government, the climate action plan and the Climate Action and Low Carbon Development Act form a broad policy and...

Seanad: Finance (No. 2) Bill 2023: Committee Stage (5 Dec 2023)

Michael McGrath: The funding of local authorities is a matter for the Department of Public Expenditure, NDP Delivery and Reform, and the Department of Housing, Local Government and Heritage. The Finance (No. 2) Bill legislates in respect of fiscal matters only, such as taxation. That said, there already exists provision for budgeting at the level of local authorities via the local property tax, LPT, which...

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

Michael McGrath: I am advised by Revenue that it does not have the necessary data to model the potential impact of changes in the rate of Electricity Tax charged to any particular cohort of energy users. The annual Electricity Tax Return does not include any breakdown of supply by customer size. I am further advised by Revenue that the full-year yield that would arise from increasing the current Electricity...

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

Michael McGrath: Special Drawing Rights (SDRs) are an international reserve asset that was created by the International Monetary Fund (the IMF) in 1969. SDRs are not a currency but their value is based on a basket of five currencies with one SDR currently equivalent to approximately €1.22. The IMF has allocated SDRs to its member countries in the 1970s (in response to a marked decline in world...

Written Answers — Department of Finance: Tax Credits (5 Dec 2023)

Michael McGrath: I am aware of the contents of the Committee on Budgetary Oversight’s Report on Section 481 Film Tax Credit. In relation to Recommendation 7 regarding intellectual property rights, and indeed Recommendation 8 regarding compliance with relevant copyright legislation, I would note that copyright law falls within the remit of the Department of Enterprise, Trade and Employment. It is worth...

Written Answers — Department of Finance: Departmental Communications (5 Dec 2023)

Michael McGrath: The Department of Finance has active accounts for both LinkedIn and X which are used for official Department publications and press releases. No subscription fees are paid for these accounts and the policy for their use is purely for amplifying official Department of Finance messaging and not endorsing other users activity on social media.

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

Michael McGrath: 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 services are liable to VAT at the standard rate, unless they fall within categories of goods and services specified in Annex III of the VAT Directive, in respect of which Member States may apply a lower rate of...

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

Michael McGrath: I am advised by Revenue that the total amounts of rental income, from residential and commercial properties, as declared on Form 11 Income Tax returns by non tax-resident persons, is set out in the table below for the years 2020 and 2021 (the latest year for which data are currently available). - Commercial Rental Income €m Residential Rental Income...

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

Michael McGrath: 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 services are liable to VAT at the standard rate, unless they fall within categories of goods and services specified in Annex III of the VAT Directive, in respect of which Member States may apply a lower rate of...

Written Answers — Department of Finance: Departmental Advertising (5 Dec 2023)

Michael McGrath: I wish to advise the Deputy that my Department did not advertise on X, formally known as Twitter, from 2019 to-date 2023.

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

Michael McGrath: I understand the Deputy’s office has confirmed this question relates to PAYE taxpayers. I am advised by Revenue that, where an income tax return is not completed, it is not possible for Revenue to know if a taxpayer may be due additional credits or reliefs. Therefore, it is not possible to provide the Deputy with final figures on the amount of overpaid tax as individual taxpayer...

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

Michael McGrath: The overall Government response on the problems associated with defective concrete blocks is led by my colleague the Minister for Housing, Local Government and Heritage. His Department is engaging with impacted householders and relevant stakeholders and has put in place a scheme of financial support to help affected homeowners. Some homeowners have identified potential challenges with...

Written Answers — Department of Finance: Online Safety (5 Dec 2023)

Michael McGrath: Records indicate that there were several meetings during the period with the entities referred to by the Deputy. One of these was with my predecessor and the rest were with Department officials. The topics of the meetings included the EU Cybersecurity Act and International and EU tax developments and not the issue raised by the deputy.

Written Answers — Department of Finance: Tax Reliefs (6 Dec 2023)

Michael McGrath: It is my understanding that the Deputy's question relates to s. 33 of Finance (No. 2) Bill 2023 which amends s. 664 of the Taxes Consolidation Act 1997 (TCA). Section 664 provides for an income tax exemption for certain income arising from leasing of farm land. I am advised by Revenue as follows: There are a number of conditions to be satisfied before relief under s. 664 can be claimed....

Written Answers — Department of Finance: National Treasury Management Agency (6 Dec 2023)

Michael McGrath: The Ireland Strategic Investment Fund was legislated for by the Oireachtas under the NTMA (Amendment) Act 2014. Sections 39 and 40 deal with the Investment policy and the Investment strategy of the fund, respectively. 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....

Written Answers — Department of Finance: Tax Code (6 Dec 2023)

Michael McGrath: The Deputy has made reference to a “pre-1963” property. It is assumed the Deputy is referring to a building that was subdivided into separate units prior to the coming into force of the Planning and Development Act 1963. Local Property Tax (LPT) is a self-assessed tax and is chargeable in respect of a building, or a part of a building, that is in use, or suitable for use,...

Written Answers — Department of Finance: Primary Medical Certificates (6 Dec 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: Departmental Policies (7 Dec 2023)

Michael McGrath: To date in 2023, the Department of Finance has delivered a number of policy achievements which include: -Budget 2024 The distributional impact of Budget 2024 is progressive, with lower income deciles experiencing the largest gains from both the Cost of Living package and from the core Budget 2024 measures. The establishment of two new funds was announced in Budget 2024:the Future Ireland...