Results 26,681-26,700 of 27,945 for speaker:Michael McGrath

Written Answers — Department of Finance: Tax Reliefs (7 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: Housing Schemes (7 Dec 2023)

Michael McGrath: The Help to Buy (“HTB”) incentive, is a scheme to assist first-time purchasers with the deposit they need to buy or build a new house or apartment. The incentive gives a refund of Income Tax and Deposit Interest Retention Tax (“DIRT”) paid in Ireland over the previous four years, subject to limits outlined in the legislation. Section 477C of the Taxes...

Written Answers — Department of Finance: Credit Availability (7 Dec 2023)

Michael McGrath: The Deputy can be assured a key strategic priority for me and my Department is a well regulated, sustainable banking and financial services sector. This includes that viable businesses operating in Ireland should have the opportunity to access sufficient finance to meet their enterprise needs in a manner that supports growth and employment in the economy. That is why my Department has a range...

Written Answers — Department of Finance: Economic Policy (7 Dec 2023)

Michael McGrath: Ireland’s long-standing reputation as a stable and pro-enterprise jurisdiction is reflected in the continued investment in the economy. The most recent figures show the stock of foreign direct investment (FDI) in Ireland stood at over €1.2 trillion at the end of the third quarter of 2023. The multinational sector contributes to the domestic economy through employment and supply...

Written Answers — Department of Finance: Tax Reliefs (12 Dec 2023)

Michael McGrath: I assume the Deputy is referring to the relief from stamp duty that is provided for by section 81AA of the Stamp Duties Consolidation Act 1999. Section 81AA provides for relief from stamp duty in respect of transfers of agricultural land to individuals who come within the definition of “young trained farmer” on the date the deed transferring the land is executed, subject to...

Written Answers — Department of Finance: Housing Schemes (12 Dec 2023)

Michael McGrath: Help to Buy (HTB) is a scheme to assist first-time purchasers with the deposit they need to buy or build a new house or apartment. The incentive offers a refund on Income Tax and Deposit Interest Retention Tax (DIRT) paid in the State over the previous four years, subject to limits outlined in Section 477C of the Taxes Consolidation Act 1997. An increase in the supply of new housing remains a...

Written Answers — Department of Finance: Primary Medical Certificates (12 Dec 2023)

Michael McGrath: As the Deputy may be aware, the final report of the National Disability Inclusion Strategy (NDIS) Transport Working Group's (TWG) review of mobility and transport supports which included the Disabled Drivers and Disabled Passengers Scheme (DDS), endorsed proposals for a modern, fit-for-purpose vehicle adaptation scheme in line with international best practice that would replace the DDS, as...

Written Answers — Department of Finance: Departmental Policies (12 Dec 2023)

Michael McGrath: To date in 2023, key policy achievements and new initiatives taken by the Department of Finance 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...

Written Answers — Department of Finance: Financial Services (12 Dec 2023)

Michael McGrath: The Central Bank of Ireland, as part of its independent mandate to preserve and protect financial stability in Ireland, has statutory responsibility for the regulation of mortgage lending by banks and other Central Bank regulated mortgage lending institutions operating in Ireland. In line with this mandate, the Central Bank introduced macroprudential measures, which apply certain...

Written Answers — Department of Finance: Housing Schemes (12 Dec 2023)

Michael McGrath: The Help to Buy (HTB) scheme, as legislated for by Section 477C of the Taxes Consolidation Act 1997 (TCA), is designed to assist first-time buyers with the deposit required to purchase or self-build a new house or apartment to live in as their home. In accordance with Section 477C (1) of the legislation, the purchase value of the qualifying residence cannot exceed €500,000. In the...

Written Answers — Department of Finance: Customs and Excise (12 Dec 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...

Written Answers — Department of Finance: Tax Code (12 Dec 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: Primary Medical Certificates (12 Dec 2023)

Michael McGrath: The final report of the NDIS Transport Working Group's review of mobility and transport supports including the Disabled Drivers and Disabled Passengers Scheme (DDS), endorsed proposals for a modern, fit-for-purpose vehicle adaptation scheme in line with international best practice that would replace the DDS, as it is no longer fit-for-purpose on any and all aspects. The proposals note this...

Written Answers — Department of Finance: International Bodies (12 Dec 2023)

Michael McGrath: The International Monetary Fund (IMF) promotes international monetary cooperation and provides policy advice, technical assistance and loans to help countries build and maintain strong economies. Ireland is a strong supporter of the work of the IMF and we value their role at the centre of the global financial safety net. The IMF has been in existence since 1944 and Ireland has been a member...

Written Answers — Department of Finance: Departmental Properties (12 Dec 2023)

Michael McGrath: I wish to advise the Deputy that my Department does not own any properties. The OPW are responsible for all building related matters for my Department.

Written Answers — Department of Finance: Departmental Schemes (12 Dec 2023)

Michael McGrath: The Government is acutely aware of recent events which are impacting on mortgage interest rates and the strain these increases place on households. On 31 August 2023, I met with the mortgage industry including the Banking and Payments Federation Ireland (BPFI), CEOs and senior representatives of all the main mortgage lenders and servicers and I made it clear that banks and all other...

Written Answers — Department of Finance: Departmental Priorities (12 Dec 2023)

Michael McGrath: Key objectives and priorities for the year ahead are currently being finalised as part of my Department’s 2024 business planning process. Key policy priorities will include: Economic and Taxation A key objective will be the preparation of economic and fiscal forecasts to inform the Government’s policy priorities, along with delivery of Budget 2025. Production and publication of...

Written Answers — Department of Finance: Banking Sector (12 Dec 2023)

Michael McGrath: I propose to take Questions Nos. 255, 257 and 258 together. I understand that on the 27 November 2023 Ulster Bank of Ireland (UBI) announced they were writing to customers with offset mortgage products to advise them of changes necessitated by UBI’s withdrawal from the Irish market. UBI has announced that customers are being given six months’ notice to close the savings and...

Written Answers — Department of Finance: International Bodies (12 Dec 2023)

Michael McGrath: Special Drawing Rights (SDRs) are an international reserve asset that was created by the International Monetary Fund (IMF) in 1969. Under the IMF’s Articles of Agreement, the IMF has the authority to create liquidity through allocations of SDRs to its member countries. Allocations are made in proportion to each country’s shareholding in the IMF, which is broadly reflective of...

Written Answers — Department of Finance: Primary Medical Certificates (12 Dec 2023)

Michael McGrath: The Disabled Drivers & Disabled Passengers Scheme provides relief from VRT and VAT on an adapted car, as well as an exemption from motor tax and an annual fuel grant. The Scheme is open to severely and permanently disabled persons as defined as those who meet one of the below medical criteria, as a driver or as a passenger and also to certain organisations. In order to qualify for...