Results 26,921-26,940 of 27,945 for speaker:Michael McGrath

Ceisteanna Eile - Other Questions: Tax Reliefs (1 Feb 2024)

Michael McGrath: I understand the points the Deputy has made. Let me put on record the tax reliefs available for gluten-free products. I am advised by the Revenue Commissioners that section 469 of the Taxes Consolidation Act 1997 provides for tax relief for an individual who proves he or she has incurred costs in respect of qualifying health expenses. Only health expenses incurred in the provision of...

Ceisteanna Eile - Other Questions: Tax Code (1 Feb 2024)

Michael McGrath: The Irish funding landscape has undergone significant change since the global financial crisis in 2008. In order to address the current imbalance between supply and demand of housing across all tenure types, the Government's Housing for All plan aims to significantly increase the supply of housing to an average of 33,000 units per year over the next decade. This is an ambitious plan which...

Ceisteanna Eile - Other Questions: Tax Code (1 Feb 2024)

Michael McGrath: As the Deputy will be aware, the Government is undertaking an overall review of the fund sector, including a review of many of the issues he raised today. I expect that work to be completed by the summer. I will have a report and that will feed into the budget process for 2025 and the finance Bill that will be brought forward later this year. However, I will make an overall point that I...

Ceisteanna Eile - Other Questions: Tax Code (1 Feb 2024)

Michael McGrath: I will examine the Bill the Deputy has brought forward. It is important to put on record that in the case of the IREF structure, approximately €170 million has been paid in IREF tax in the three years for which I have data here, 2019, 2020 and 2021. As the Deputy will be aware, in the past three years, some €40 million of tax has been paid in respect of the additional stamp...

Ceisteanna Eile - Other Questions: Business Supports (1 Feb 2024)

Michael McGrath: The tax debt warehousing scheme offered valuable and practical liquidity support to businesses during the Covid-19 pandemic and continues to support businesses as they recover from the impacts of the pandemic and the cost-of-living crisis. It assisted businesses with their cash flow in recent years, during difficult trading periods and certainly has, in many cases, prevented business...

Ceisteanna Eile - Other Questions: Business Supports (1 Feb 2024)

Michael McGrath: The Deputy has touched on the key issues in the tax debt warehousing regime. It is important that we are as flexible as possible. The overall principle is that this tax debt will be treated very differently from other tax debt. It is important that businesses continue to file their current returns on time and meet their current taxation liabilities. On that basis, the Revenue...

Ceisteanna Eile - Other Questions: Business Supports (1 Feb 2024)

Michael McGrath: I assure the Deputy that this is very much on my desk. I have a further meeting today. I am very anxious to finalise the arrangements for the tax debt warehousing scheme very shortly. The Deputy is correct that businesses want to plan. They need to manage their cash flow and understand the position for dealing with the warehoused debt over the coming years. What has been put in place so...

Ceisteanna Eile - Other Questions: Tax Code (1 Feb 2024)

Michael McGrath: At the time of budget 2024, corporation tax was projected to reach €24.5 billion for this year and €25.8 billion for 2025. The assumption in the budget fiscal projections is that the impact of the OECD BEPS agreement on revenues will not materialise until 2026. The Government’s fiscal strategy is based on the assumption that a large proportion of the rise in...

Ceisteanna Eile - Other Questions: Tax Code (1 Feb 2024)

Michael McGrath: In Ireland our corporation tax system is statute based. The reliefs, exemptions and credits the Deputy refers to are clearly defined in law and consistently applied. We have transposed the EU minimum tax directive and we will apply the minimum effective rate in line with the requirements of that directive and in line with the legislation that we have passed which is now consistent with that...

Ceisteanna Eile - Other Questions: Tax Code (1 Feb 2024)

Michael McGrath: The Deputy's central thesis seems to be that multinationals are not paying enough tax in Ireland but if one looks at the data and the pattern over the past number of years, the amount of tax that we are actually collecting in Ireland on corporation tax has increased dramatically. It increased multifold in recent years, and the Deputy knows that.

Ceisteanna Eile - Other Questions: Tax Code (1 Feb 2024)

Michael McGrath: Profits have as well and the amount of tax paid is, of course, a direct function of profitability. The allowances and the credits that we have are clear. They are transparent, they are laid out in law and they are consistently applied. They are now fully consistent with pillar 2 of the global agreement. To conclude the answer to the first point, which addresses the Deputy's question...

Ceisteanna Eile - Other Questions: Departmental Schemes (1 Feb 2024)

Michael McGrath: I propose to take Questions Nos. 87 and 156 together. At the outset, the Deputy should note that the final report of the national disability inclusion strategy transport working group’s review of mobility and transport supports, including the disabled drivers and disabled passengers scheme, endorsed proposals for a modern, fit-for-purpose vehicle adaptation scheme in line...

Ceisteanna Eile - Other Questions: Departmental Schemes (1 Feb 2024)

Michael McGrath: I do not have a specific date for the next meeting but I expect it will take place shortly. My own view, and I have put this on record on a number of occasions, is that there is a need for a new scheme. That was the central conclusion of the report. I do not believe the existing criteria for the primary medical certificate, which is the gateway or access point to the disabled driver and...

Ceisteanna Eile - Other Questions: Departmental Schemes (1 Feb 2024)

Michael McGrath: We need to bring this to a conclusion and finalise the development of a replacement scheme. My role, as Minister for Finance, is to continue to operate the existing scheme and to use the information, experience and knowledge that we have gained in the Revenue Commissions and in my Department in the operation of the existing scheme to feed into the design of a new one, and that is what we are...

Ceisteanna Eile - Other Questions: Fiscal Data (1 Feb 2024)

Michael McGrath: I thank Deputy Carthy. The Ireland Strategic Investment Fund, ISIF, portfolio is constructed within the legislative framework set for it by the Oireachtas. ISIF endeavours to be a responsible investor, actively integrating environmental, social and governance, ESG, factors into its decision-making processes with a view to enhancing the overall outcomes for the fund and ultimately its...

Ceisteanna Eile - Other Questions: Fiscal Data (1 Feb 2024)

Michael McGrath: The position of the Government is clear in respect of the awful events we are witnessing in the Middle East. There should be an immediate and full ceasefire. Hamas should release all the hostages and humanitarian aid should be allowed in to the people of Gaza immediately. That is the position of the Government and it is what we will continue to advocate for at all the international forums...

Ceisteanna Eile - Other Questions: Fiscal Data (1 Feb 2024)

Michael McGrath: It is important any Government response be carefully considered and comprehensive. The Deputy will acknowledge that since his party's legislation was brought forward, the UN has updated its list. I have been engaging directly with my officials and the Ireland Strategic Investment Fund, and we recognise the role we have to play on this issue. It is important we ensure that Government policy...

Ceisteanna Eile - Other Questions: Banking Sector (1 Feb 2024)

Michael McGrath: Interest rate setting and transaction charges are ultimately matters for banks themselves as commercial entities. The banks in turn are influenced by the general interest rate environment, their own risk appetite and competitive pressures in the market. In the initial months of the ECB's tightening cycle, Irish banks lagged behind euro area banks when passing on interest rate rises on both...

Ceisteanna Eile - Other Questions: Banking Sector (1 Feb 2024)

Michael McGrath: I thank the Deputy. We should acknowledge that collectively we have a role to play because when I dug into this matter a little deeper and looked at the numbers it was clear the overwhelming majority of savings people have are in instant access accounts or current accounts, not in deposit accounts or term notice accounts where the interest rate is much higher. We can help ourselves, in...

Ceisteanna Eile - Other Questions: Banking Sector (1 Feb 2024)

Michael McGrath: When it comes to the level of fees, the Central Bank of Ireland has the key role in terms of legislation and regulation of those fees. The Deputy's points will be taken note of. It is important that individual consumers and businesses have as much choice as possible when it comes to methods of payment. The Deputy will be aware that I brought forward the heads of Bill on the issue of access...