Results 26,941-26,960 of 27,945 for speaker:Michael McGrath

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

Michael McGrath: As the Deputy knows, the 9% VAT rate was due to expire in February 2023 and the Government took a decision, on an exceptional basis, to extend it for a further six months to the end of August 2023. It reverted to the normal rate at that point in time. That was the agreed position of the Government and remains the agreed position of the Government. To be clear in terms of where Ireland...

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

Michael McGrath: The Government does not have any plans to change the rate of VAT. It is important to put on the record that no political party in this House that I am aware of has called for such a reduction either. The key issue raised by businesses with me consistently is costs, not a lack of demand. It is the accumulation of various costs imposed on them, many by direct Government decisions. That is...

Ceisteanna ar Pholasaí nó ar Reachtaíocht - Questions on Policy or Legislation (1 Feb 2024)

Michael McGrath: I will answer that. I thank Deputy Doherty for raising the issue. He has tabled a number of parliamentary questions on this issue, and we have discussed it previously. I reassure him that there is work on the way. My Department is working very closely with the Central Bank of Ireland and Department of Justice. There is legislation emerging at EU level as well, namely, Payment Services...

Written Answers — Department of Finance: Tax Credits (1 Feb 2024)

Michael McGrath: The Rent Tax Credit, as provided for in section 473B of the Taxes Consolidation Act 1997 (TCA 1997), was introduced by the 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 the case of a jointly assessed couple, and €500 in all...

Written Answers — Department of Finance: Tax Code (1 Feb 2024)

Michael McGrath: Ireland has one of the most progressive systems of taxes and social transfers of any EU or OECD country. These systems contribute to the redistribution of income and to the reduction of income inequality in Ireland. Focusing on the tax system, Ireland’s progressive tax system ensures that the burden of taxation falls most heavily on those with a higher ability to pay. This...

Written Answers — Department of Finance: Tax Yield (1 Feb 2024)

Michael McGrath: The total amount of income tax receipts collected for the Exchequer in 2023 was just under €33.0 billion. PAYE and self-assessed income tax, including USC, account for the vast majority of this. A full breakdown of the subcomponents of income tax in 2023 is still being finalised and will be published in Revenue’s Annual Report in April 2024. I am further advised by Revenue that...

Written Answers — Department of Finance: Tax Yield (1 Feb 2024)

Michael McGrath: Ireland’s taxation of fuel and electricity is governed by European Union law as set out in Directive 2003/96/EC, commonly known as the Energy Tax Directive (ETD). 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 duty, in the form of Mineral Oil Tax (MOT) to liquid fuels that are...

Written Answers — Department of Finance: Tax Code (1 Feb 2024)

Michael McGrath: I propose to take Questions Nos. 94, 102, 122, 143 and 147 together. 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, and each farmer’s decision on this matter affects how VAT incurred on their...

Written Answers — Department of Finance: Climate Change Policy (1 Feb 2024)

Michael McGrath: The Programme for Government lays out a commitment to achieve emissions reduction of 51% by 2030 relative to 2018, with the enactment of the updated Climate Action and Low Carbon Development (Amendment) Act on 23 July 2021 giving statutory force to this reduction, as well as placing on a statutory basis a net zero target for 2050, and establishing a process for adopting a series of five-year...

Written Answers — Department of Finance: Economic Policy (1 Feb 2024)

Michael McGrath: Cash has an important role in both society and the economy, and involves both access to, and acceptance of, cash. I am working to protect that role in two ways. The General Scheme of the Access to Cash Bill 2024 was published on 23 January, and will preserve cash infrastructure initially at approximately December 2022 levels, accounting for the exit of KBC and Ulster Bank. The Bill...

Written Answers — Department of Finance: Tax Code (1 Feb 2024)

Michael McGrath: I propose to take Questions Nos. 97 and 106 together. At the outset, the Deputy should note that 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 (23% in Ireland), unless they fall within categories of goods and...

Written Answers — Department of Finance: Tax Code (1 Feb 2024)

Michael McGrath: As has been stated on numerous occasions, this Government is committed to the reform of the TV licence. A long-term funding is model is needed, to deliver effective reform and ensure that a secure, sustainable funding model is put in place for our public service media. The Future of Media Commission was established to, amongst other things, consider sustainable public funding model and...

Written Answers — Department of Finance: Fiscal Policy (1 Feb 2024)

Michael McGrath: Sustainable finance has been part of our Ireland for Finance Strategy and its Action Plans since 2019, and Ireland is well placed to become a leading sustainable finance hub. For the past number of years, we have prioritised developing the sustainable finance sector, as part of our international financial services strategy, Ireland for Finance, and in our engagement at EU level. In this...

Written Answers — Department of Finance: Insurance Industry (1 Feb 2024)

Michael McGrath: At the outset, it is important to note that neither I, as Minister for Finance, nor the Central Bank of Ireland, can direct the pricing or provision of insurance products. This position is reinforced by the EU framework for insurance (the Solvency II Directive). Notwithstanding this, the Government has implemented a comprehensive strategy to reform our insurance sector. With respect to...

Written Answers — Department of Finance: Fiscal Policy (1 Feb 2024)

Michael McGrath: On 23 January, I published the General Scheme of the Access to Cash Bill 2024. The Access to Cash Bill stems from a recommendation made by the Department of Finance's Retail Banking Review, published in November 2022. The aim of the Bill is to ensure continued reasonable access to cash in the State based, initially, on December 2022 levels, adjusted for the subsequent exits of Ulster Bank and...

Written Answers — Department of Finance: Defective Building Materials (1 Feb 2024)

Michael McGrath: As the Deputy is aware, 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. This scheme provides for grants of up to...

Written Answers — Department of Finance: State Bodies (1 Feb 2024)

Michael McGrath: I propose to take Questions Nos. 104 and 130 together. Officials in my Department have been liaising with the Irish Fiscal Advisory Council (the Council) and the Department of Public Expenditure, NDP Delivery & Reform over the last number of months in relation to the issue of remuneration for the Chair of the Council. The Code of Practice for the Governance of State Bodies 2016...

Written Answers — Department of Finance: Tax Code (1 Feb 2024)

Michael McGrath: The position is that at present Ireland’s top marginal rate of tax is 52 per cent for employees and 55 per cent for self-employed. Therefore, to impose an additional 3 per cent tax on incomes above €140,000 per annum would have the effect of further increasing the top marginal tax rates to 55 per cent for employees and 58 per cent for the self-employed. It is important to...

Written Answers — Department of Finance: Banking Sector (1 Feb 2024)

Michael McGrath: I and my Department are undertaking a number of key actions to ensure that future changes in the retail banking industry are managed in a fair, transparent and equitable manner for all stakeholders, including consumers. On Tuesday 23 January, I published the General scheme of the Access to Cash Bill. The purpose of this legislation is to initially preserve the level of access to cash at...

Written Answers — Department of Finance: Tax Yield (1 Feb 2024)

Michael McGrath: As the Deputy will be aware, the Vacant Homes Tax (VHT) aims to increase the supply of homes for rent or purchase to meet demand. Legislative provision for the tax was made in Finance Act 2022. A residential property will be within the scope of VHT if it has been occupied as a dwelling for less than 30 days in a chargeable period. VHT operates on a self-assessment basis, where the number...