Results 26,961-26,980 of 27,945 for speaker:Michael McGrath

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

Michael McGrath: The Government is acutely aware of the changed interest rate environment and the impact this is having on some mortgage borrowers. 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 on 31 August 2023. At that meeting I emphasised that banks and all other mortgage entities...

Written Answers — Department of Finance: Housing Schemes (1 Feb 2024)

Michael McGrath: The Help to Buy Scheme was introduced in 2017 with the purpose of assisting first-time buyers with the deposit required to purchase or self-build a new house or apartment to live in as their home. The relief is only available in respect of new builds, with a view to increasing the supply of new housing and stimulating demand. To date, the Help to Buy scheme has been a significant support...

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

Michael McGrath: The Central Bank’s Cross Industry Guidance on Operational Resilience sets out the Central Bank’s expectations on how regulated firms should prepare for, respond to, recover and learn from an operational disruption that affects the delivery of critical or important business services. A key focus of this guidance is ensuring firms can recover its critical or important business...

Written Answers — Department of Finance: Financial Services (1 Feb 2024)

Michael McGrath: The Financial Services and Pensions Ombudsman was established in January 2018 by the Financial Services and Pensions Ombudsman Act 2017. The role of the FSPO is to resolve complaints from consumers, including small businesses and other organisations, against financial service providers and pension providers. In doing so, the FSPO provides an independent, fair, impartial, confidential and free...

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

Michael McGrath: SMEs are the foundation of the Irish economy, accounting for the majority of employment in the State. Their vital importance to our economy is reflected in our Programme for Government commitments. The tax system contains a number of incentives and reliefs designed to support SMEs and since taking office I have been proactive in both reviewing these measures and introducing targeted new...

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

Michael McGrath: I am advised by Revenue that section 469 of the Taxes Consolidation Act 1997 (TCA 1997) provides for tax relief where an individual proves that he or she has incurred costs in respect of qualifying health expenses. Only “health expenses” incurred in the provision of “health care”, which has been carried out or advised by a practitioner, will qualify for tax relief....

Written Answers — Department of Finance: Renewable Energy Generation (1 Feb 2024)

Michael McGrath: Micro-generation of electricity is the small-scale production of electricity by consumers who generate electricity at their own homes for their own consumption and sell the excess electricity produced. Under the EU Clean Energy Package, Ireland introduced an obligation on suppliers to offer the Clean Export Guarantee tariff to new and existing micro-generators so that they will receive...

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

Michael McGrath: I propose to take Questions Nos. 116 and 126 together. Under the “Small Benefit Exemption”, an employer may provide up to two small benefits which will be exempt from Income Tax, PRSI and USC, provided all of the conditions contained within section 112B of the Taxes Consolidation Act 1997 (TCA) are satisfied. The main conditions for the exemption are as follows -the benefit...

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

Michael McGrath: The position is that Finance Act 2023 introduced the temporary one-year Mortgage Interest Tax Relief that I announced on Budget day. The tax relief will be available to taxpayers in respect of their principal private residence in the State where the outstanding mortgage balance was between €80,000 and €500,000 as of 31 December 2022, and the taxpayer is compliant with Local...

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

Michael McGrath: It is a general principle of taxation that, as far as possible, income from all sources should be subject to taxation. Ireland has a progressive income tax system which is structured such that the more income a person has, the more tax that person pays. Therefore, a progressive tax system ensures that the burden of taxation falls most heavily on those with a higher ability to pay. As a...

Written Answers — Department of Finance: Data Centres (1 Feb 2024)

Michael McGrath: In July 2022, the Government Statement on the Role of Data Centres in Ireland’s Enterprise Strategy was published. The Statement sets out the strategic importance of data centres to Ireland through their central role in the twin, and complementary, transitions to the digitalisation and decarbonisation of our economy and society. While it acknowledges that not all existing demand for...

Written Answers — Department of Finance: Financial Services (1 Feb 2024)

Michael McGrath: Firstly, it is important to note that the Department of Finance does not hold any supervisory or investigative role in relation to fraud which is a criminal offence and, as such falls, under the remit of the Minister for Justice. However, my Department does have a key role in developing policy and legislation to ensure that Ireland’s framework for combating both money laundering and...

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

Michael McGrath: I propose to take Questions Nos. 121, 136, 148, 155 and 159 together. 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. I am advised by Revenue that the Rent Tax Credit statistics currently available refer...

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

Michael McGrath: Firstly, I would like to acknowledge the enormous damage caused by the recent flood events as a result of Storm Babet, and the impact it has had on families, communities and businesses, particularly in counties Cork and Waterford. In recognition of this, an allocation of immediate humanitarian assistance was made available by Government to help families, businesses, clubs and voluntary...

Written Answers — Department of Finance: EU Meetings (1 Feb 2024)

Michael McGrath: On Tuesday 16th January, I attended the first meeting this year of the Economic and Financial Affairs Council (ECOFIN) in Brussels. The meeting began with a formal working breakfast and the usual updates on the economic situation as well as a debrief from Eurogroup the previous day. The main agenda started with a presentation by my Belgian colleague on the work programme for the...

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

Michael McGrath: I am aware of the Workplace Relations Commission rulings to which the question refers, but the Deputy will understand that I cannot comment specifically on the tax affairs of any individual entity. By way of general comment, I would note that there is provision in section 481 of the Taxes Consolidation Act 1997 (TCA 1997) for the withdrawal of the film tax credit in certain circumstances,...

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

Michael McGrath: I propose to take Questions Nos. 127, 138, 150 and 157 together. The Department of Finance's Retail Banking Review, published in November 2022, highlighted the continuing importance of cash in ensuring that people do not experience financial exclusion, that consumers can budget efficiently, and that there is a safety net in the event of electronic banking or the payments infrastructure...

Written Answers — Department of Finance: Business Supports (1 Feb 2024)

Michael McGrath: There are already a number of measures in operation in the tax system that support businesses in Ireland, including those facing increased costs of doing business. The Tax Debt Warehousing Scheme has offered valuable and practical liquidity support to businesses during the COVID pandemic and continues to support businesses as they recover from the impacts of the pandemic and the cost of...

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

Michael McGrath: As I set out in my response to the Deputy in question number 3328 of 24 January 2024, the Government is acutely aware that the bulk purchase of homes deeply affects aspiring owner-occupiers and first time buyers, and has introduced numerous measures to address this. This has been addressed both through disincentivising bulk purchases, and through positive steps taken to increase the housing...

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

Michael McGrath: Economic growth across the Eurozone, the European Union and more broadly remains subdued, and Ireland is facing many of the same headwinds as our European peers. The European economy recorded weak growth in 2023, with GDP in both the euro area and the EU growing by ½ a per cent compared to 2022. Of note, the single market’s largest economy, Germany, registered a contraction of...