Results 27,001-27,020 of 27,945 for speaker:Michael McGrath

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

Michael McGrath: Section 31E of the Stamp Duties Consolidation Act (SDCA) 1999 provides for a higher 10% rate of stamp duty to be charged on the acquisition of certain residential property. This higher rate applies to the acquisition of individual residential property situated in the State (excluding apartments), where a person acquires at least 10 such properties during any 12-month period. I am advised...

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

Michael McGrath: I am advised by Revenue that traders are not required to identify the VAT yield generated from the supply of specific goods and services on their VAT returns. Therefore, it is not possible to provide the VAT yield on specific products and services using taxpayer information alone. However, using a number of third-party data sources, a tentative estimate of the additional VAT revenue in...

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

Michael McGrath: Revenue have indicated that the estimated cost of reducing the VAT rate from 13.5% to 9% for the tourism and hospitality sectors will be in the region of €653m from March to December 2024 and €764m in full-year terms from January to December 2024.

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

Michael McGrath: Revenue have indicated that the estimated cost of reducing the VAT rate from 13.5% to 9% for the tourism and hospitality sectors excluding hotel and other accommodation will be in the region of €514m for the period March to December 2024 and €604m in full-year terms from January to December 2024.

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.”, as well as Oxfam Ireland’s related press release from the same day. The Government continues to address wealth inequality through our progressive tax and social transfers system. At present, Ireland’s top...

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

Michael McGrath: I understand the Deputy is asking how rental income is treated in the hands of local authorities, approved housing bodies and the Land Development Agency. I am advised by Revenue that there is no difference in the treatment of income from “social tenancies” and “rental tenancies” – income from both sources is regarded as rental income and taxable under...

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

Michael McGrath: I am advised by Revenue that traders are not required to identify the VAT yield generated from the supply of specific goods and services on their VAT returns. Therefore, it is not possible to provide the VAT yield on specific products and / or services using taxpayer information alone. Consequently , a number of third-party data sources are used to compile tentative estimate of the cost of...

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

Michael McGrath: The total recapitalisation of the domestic banks amounted to €64.1bn, of which €34.7bn was invested in Anglo Irish Bank and INBS or Irish Bank Resolution Corporation (IBRC) and €29.4bn in AIB, Bank of Ireland and PTSB. To date, €23.1bn of the investment in the three remaining banks has been recovered in cash by way of disposals, investment income and liability...

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

Michael McGrath: I am advised by Revenue that the numbers of Help to Buy (HTB) claims that reached the claim stage on or after 1 July 2020, broken down by county, are set out in the table below. Property County Number of Claims* Carlow 288 Cavan 268 Clare 464 Cork 3,643 ...

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. I am advised by Revenue that the Rent Tax Credit statistics currently available refer only to claims by PAYE taxpayers. Data on claims by self-assessed...

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

Michael McGrath: As the Deputy may be aware, the Remittance Basis of Taxation (RBT) concerns how non-domiciled Irish residents are taxed on their worldwide income. The Commission on Taxation and Welfare (COTW) considered the remittance basis of taxation in its report entitled ‘Foundations for the Future’ which was published on 14 September 2022. As a matter of taxpayer equity, the...

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

Michael McGrath: Improving the competitiveness of the domestic insurance market is a key priority for Government and was included in the Programme for Government. Accordingly, the Office to Promote Competition in the Insurance Market (OPCIM) was established in December 2020, and is currently chaired by Minister of State Carroll MacNeill. The OPCIM has had success in engaging with new entrants to the...

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

Michael McGrath: Small and medium-sized enterprises (SMEs) are hugely important to the Irish economy and accounted for 99.8% of the total enterprise population for 2021. They also accounted for 60.1% of total persons employed. Their key role in Ireland's economy is why my Department conducts the SME Credit Demand Survey and has been doing so biannually since 2011. The SME Credit Demand survey is an...

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

Michael McGrath: Ireland alongside all other Eurozone countries has experienced multi-decade high rates of inflation. Whilst inflation in Ireland peaked over the summer of 2022 at 9.6 per cent, inflation in the Euro Area peaked later and at a higher rate (10.6 per cent in October 2022). Whilst the initial driver of the inflationary pressure was a surge in global energy prices it subsequently became...

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

Michael McGrath: My Department continues to monitor all aspects of the property market – including the rate of house price inflation - on an ongoing basis, although policy issues in this area rest with the Minister for Housing, Local Government and Heritage. According to the most recent figures released by the Central Statistics Office, annual property price inflation was at 2.9 per cent in November,...

Written Answers — Department of Finance: Brexit Issues (1 Feb 2024)

Michael McGrath: While it has now been close to eight years since the UK voted to leave the European Union, the implications of Brexit continue to play out. Following the end of the Brexit transition period on 31 December 2020, the EU applied import controls on goods moving from the UK to the EU, including Ireland. The UK authorities did not apply their controls at the same time. After a number of years...

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

Michael McGrath: While the Minister for Finance has overall responsibility for policy matters in relation to the investment funds sector, the Central Bank of Ireland is the responsible statutory body for the authorisation and supervision of investment funds established in Ireland. Further details on the legislation, authorisation process, supervision process, regulatory requirements, guidance and other...

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

Michael McGrath: The Irish economy has proven to be remarkably resilient, despite the large and unprecedented shocks faced in recent years. This resilience is most evident in the strength of the labour market, with the level of employment reaching an all-time high in the third quarter of last year. Modified domestic demand (MDD) – my preferred measure of the domestic economy - recorded modest growth of...

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

Michael McGrath: My Department publishes the Annual Taxation Report to provide a detailed analysis of the Irish tax system, with the objective of monitoring developing trends in tax revenue to minimise fiscal vulnerabilities. The latest Report, published last year, highlights the high concentration in the corporation tax base, with ten firms paying nearly 60 per cent of corporation tax receipts in 2022....

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

Michael McGrath: I propose to take Questions Nos. 236 and 237 together. As the Deputy will be aware, the North-South Ministerial Council, as one of the formal structures provided for in the Good Friday Agreement, has not met in recent years. That has been very unfortunate as that forum has served as an important means of engagement through which to support co-operation on a whole range of areas. That said,...