Results 26,981-27,000 of 27,945 for speaker:Michael McGrath

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

Michael McGrath: Insurance reform is a key priority for this Government and is being delivered via the Action Plan for Insurance Reform. The vast bulk of the actions it contains are now either delivered or initiated. The importance that Government places on this policy area is evidenced by the fact that implementation is overseen by a Cabinet Sub-Group on insurance reform, chaired by the Tánaiste....

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

Michael McGrath: The Help to Buy (HTB) scheme is administered by Revenue to assist first-time buyers with buying or building a new house or apartment. The scheme gives a refund of Income Tax and Deposit Interest Retention Tax (DIRT) paid in the State over the previous four years, subject to qualifying criteria outlined in the legislation. I am advised by Revenue that to date 153 applications, relating to 286...

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

Michael McGrath: You will be aware that the Retail Banking Review, published in November of 2022, made two clear recommendations for my Department regarding payments: (1) to develop Access to Cash legislation and prepare a related Heads of a Bill in 2023; and (2) to lead on the development of a National Payments Strategy (NPS) in 2024. I published the terms of reference for the NPS in June 2023, and work on...

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

Michael McGrath: As the Deputy may be aware, on the 23rd of 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...

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

Michael McGrath: The Social Welfare Consolidation Act 2005 (SWCA) provides for the payment of the weekly state pension. The payment is made by the Department of Social Protection to an individual who fulfills the statutory criteria. The SWCA also provides for an increase in the amount of state pension where the beneficiary of the pension has a qualified adult dependent. The qualified adult portion is...

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

Michael McGrath: I am advised by Revenue that the VAT treatment of goods and services is subject to EU VAT law, with which Irish VAT law must comply. In general, the Directive provides that all goods and services are liable to VAT which is paid by the final consumer. The Directive allows for historic VAT treatment to be maintained under certain conditions, and Ireland has retained the application of a...

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

Michael McGrath: I propose to take Questions Nos. 140 and 141 together. 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 living crisis. It has assisted businesses with their cash-flow during difficult trading periods, preventing...

Written Answers — Department of Finance: Primary Medical Certificates (1 Feb 2024)

Michael McGrath: I propose to take Questions Nos. 142 and 158 together. At the outset the Deputy should note that the Disabled Drivers Medical Board of Appeal (DDMBA) has recommenced. The DDMBA members were formally appointed in September 2023. After the completion of preparatory work including developing working methods, determining clinical criteria for prioritising the waiting list and scheduling appeal...

Written Answers — Department of Finance: Inflation Rate (1 Feb 2024)

Michael McGrath: I propose to take Questions Nos. 144 and 233 together. Inflation reached multi-decade highs in 2022, averaging 8.1 per cent with a peak of 9.6 per cent in June 2022 (as measured by the HICP). Whilst the initial driver of this inflationary pressure was a surge in global energy prices it subsequently became increasingly broad based as price pressures spread throughout the economy. Since...

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

Michael McGrath: I am aware that Oxfam International recently (on January 15th 2024) produced a new report regarding global wealth inequality entitled “Inequality Inc.” which advocates for a tax on wealth. While I understand the background to calls for a specific wealth tax in Ireland, it is not the case that wealth in Ireland is untaxed, as taxes on wealth are already in place here. While...

Written Answers — Department of Finance: European Investment Bank (1 Feb 2024)

Michael McGrath: At the outset, the Deputy should note that as Minister for Finance, and a Governor of the European Investment Bank (EIB), I have no role in the negotiation of contracts between the EIB and any borrowers here in Ireland. In addition, in my role as a Governor of the EIB, I have no role in the allocation of financing in Ireland, nor do I have the authority to specify which sector funding should...

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

Michael McGrath: The VAT rating of goods and services is subject to EU VAT law, with which Irish VAT law must comply. In general, the Directive provides that all goods and services are liable to VAT at the standard rate unless they fall within Annex III of the Directive, in respect of which Member States may apply either one or two reduced rates of VAT and can also apply a zero rate to certain goods and...

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

Michael McGrath: You will be aware that the Retail Banking Review, published in November of 2022, made two clear recommendations for my Department regarding payments: (1) to develop Access to Cash legislation and prepare a related Heads of a Bill in 2023; and (2) to lead on the development of a National Payments Strategy (NPS) in 2024. I published the terms of reference for the NPS in June 2023, and work on...

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

Michael McGrath: At the outset, I wish to reassure the Deputy that I recognise the concerns felt by many local community groups across the country around the cost and availability of insurance cover. Insurance reform is a key priority for this Government and is being delivered via the Action Plan for Insurance Reform with the vast bulk of the actions now either delivered or initiated. Accordingly, I...

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

Michael McGrath: Section 31E of the Stamp Duties Consolidation Act (SDCA) 1999 was introduced by the Finance (Covid-19 and Miscellaneous Provisions) Act 2021. It provides for a higher 10% rate of stamp duty to be charged on the acquisition of residential properties situated in the State, excluding apartments, where a person acquires at least 10 such properties during any 12-month period. I am advised by...

Written Answers — Department of Finance: Departmental Funding (1 Feb 2024)

Michael McGrath: The Deputy should note at the outset that the Department of Finance does not have responsibility for disability policy. Therefore I cannot comment on the supports and services that may be available for the individual in question, other than outline the nature of the Disabled Drivers and Disabled Passengers Scheme which does come within the remit of my Department. The Disabled Drivers and...

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

Michael McGrath: The National Claims Information Database (NCID) is a repository that holds information on the cost of non-life insurance claims. The Central Bank of Ireland is responsible for collecting this and managing the NCID under the Central Bank (National Claims Information Database) Act 2018.To date, the Central Bank has published five annual NCID Private Motor Insurance Reports, and two annual...

Written Answers — Department of Finance: Legislative Programme (1 Feb 2024)

Michael McGrath: There are 5 Billsfrom Department of Finance included in the Priority sections of the Government Legislation Programme 2024. The following 3 Bills were prioritized for publication: 1.Future Ireland Fund and Infrastructure, Climate and Nature Fund Bill: · The intent of this proposed Bill is to provide for the establishment of the Future Ireland Fund and the Infrastructure,...

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

Michael McGrath: The Deputy should note at the outset that for VAT purposes hairdressers are considered a separate sector from hospitality. However similarly to hospitality under Annex III of the VAT directive a reduced VAT rate can be applied to this sector. Consequently when the decision was made to apply the 9% rate to the tourism and hospitality sectors because of how they were impacted by the...

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

Michael McGrath: I welcome the Code of Practice for Underwriting Mortgage Protection Insurance for Cancer Survivors announced last year by Insurance Ireland and its members. This important development will provide a ‘Right to be Forgotten’ for cancer survivors, meaning insurers will disregard a cancer diagnosis where treatment ended more than 7 years prior to application (or more than 5 years,...