Results 27,081-27,100 of 27,945 for speaker:Michael McGrath

Written Answers — Department of Finance: Financial Services (8 Feb 2024)

Michael McGrath: On receipt by the Financial Services and Pensions Ombudsman (FSPO), all new complaints are reviewed and registered within two business days. Where the initial review identifies the complaint as “complete” with all relevant information on hand, and compliance steps verified, the file is prepared for referral to the Dispute Resolution Service. Where the initial review identifies...

Written Answers — Department of Finance: Housing Schemes (13 Feb 2024)

Michael McGrath: The General Escape Clause (GEC) of the Stability and Growth Pact was activated in March 2020. The clause allows for a temporary departure from the normal operation of the fiscal rules in a situation where there is a severe economic downturn in the EU. By activating this clause, the European Commission allowed EU Member States to temporarily deviate from their budgetary requirements in order...

Written Answers — Department of Finance: Tax Rebates (13 Feb 2024)

Michael McGrath: I propose to take Questions Nos. 223 and 235 together. The Tax Debt Warehousing scheme was introduced in May 2020 to provide a vital liquidity support to businesses from the outset of the COVID-19 pandemic. As a further measure of support in light of the challenging economic situation that businesses continue to face, a significant extension to the scheme in October 2022 means that businesses...

Written Answers — Department of Finance: Housing Schemes (13 Feb 2024)

Michael McGrath: I propose to take Questions Nos. 224 and 225 together. 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...

Written Answers — Department of Finance: Departmental Data (13 Feb 2024)

Michael McGrath: The application of the 10% rate of stamp duty to certain acquisitions of residential property is provided for in section 31E of the Stamp Duties Consolidation Act 1999, as introduced by the Finance (Covid-19 and Miscellaneous Provisions) Act 2021. I am advised by Revenue that the available information in respect of tax collected under this provision is the number of properties and associated...

Written Answers — Department of Finance: Motor Fuels (13 Feb 2024)

Michael McGrath: As the Deputy will be aware, in 2022 in light of the acute impact rising prices were having on households and business, Government provided for excise rate reductions in the order of 21, 16 and 5.4 cent per litre on petrol, diesel and Marked Gas Oil (MGO) respectively. These temporary reductions were due to end initially on 31 August 2022 but following review and monitoring of fuel prices...

Written Answers — Department of Finance: Electric Vehicles (13 Feb 2024)

Michael McGrath: 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, unless they fall within categories of goods and services specified in Annex III of the VAT Directive, in respect of which Member States may apply a lower rate of...

Written Answers — Department of Finance: Tax and Social Welfare Codes (13 Feb 2024)

Michael McGrath: 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, unless they fall within the categories of goods and services specified in Annex III of the VAT Directive, in respect of which Member States may apply a lower rate...

Written Answers — Department of Finance: Departmental Policies (13 Feb 2024)

Michael McGrath: As Minister for Finance, I have no direct role or responsibility in respect of taking measures such as those to which the Deputy refers. However, I have asked government colleagues for information to help address some of the matters raised. I am informed by my colleague, the Tánaiste and Minister for Foreign Affairs, that Ireland and the EU distinguish between the territory of the...

Written Answers — Department of Finance: Tax and Social Welfare Codes (13 Feb 2024)

Michael McGrath: As part of Budget 2024 I announced the intention to increase the section 481 per project cap from €70 million to €125 million, subject to receipt of the necessary European Commission approval. I believe the proposed increase to €125 million will strike an appropriate balance between providing a sufficient increase to attract big budget films, while also being mindful of...

Written Answers — Department of Finance: Motor Industry (13 Feb 2024)

Michael McGrath: I am advised by Revenue that a temporary £1,000 vehicle registration tax scrappage repayment scheme was introduced in the Finance Act, 1995. Under the scheme, a person who, between 1 July 1995 and 31 December 1996 (extended until 31 December 1997), scrapped a car which was ten years old or more, and at the same time bought and registered a new car, was eligible to claim a repayment of...

Written Answers — Department of Finance: Mortgage Interest Rates (13 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. In response, 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...

Written Answers — Department of Finance: Tax Reliefs (13 Feb 2024)

Michael McGrath: The legislation governing the deductibility of expenses incurred in employment is contained in section 114 of the Taxes Consolidation Act 1997. To qualify for tax relief under this section, any travelling expenses must be necessarily incurred in the performance of the duties of the relevant employment. For all other expenses, they must be wholly, exclusively and necessarily incurred in the...

Written Answers — Department of Finance: Pension Provisions (13 Feb 2024)

Michael McGrath: I propose to take Questions Nos. 236 and 237 together. It is a general principle of taxation that, in the absence of a specific exemption, income from all sources is subject to tax. A charge to tax under schedule E is imposed in respect of certain Social Welfare payments by virtue of section 126 of the Taxes Consolidation Act 1997. That section specifically applies tax to the widows...

Written Answers — Department of Finance: National Asset Management Agency (13 Feb 2024)

Michael McGrath: As the Deputy may be aware, NAMA does not typically own or control properties; rather NAMA owns loans for which properties act as security. The properties securing NAMA’s loans are owned and controlled by their registered owners, or appointed receivers in the case of enforcement, and these parties are responsible for the sale of secured properties. I am advised that NAMA retains a...

Written Answers — Department of Finance: Tax Collection (13 Feb 2024)

Michael McGrath: I propose to take Questions Nos. 239 and 242 together. As the Deputy will be aware the 9% VAT rate applied on a temporary basis to the hospitality and tourism sectors until 31 August 2023 when it reverted to the 13.5% rate. The 9% rate was introduced on 1 November 2020 in recognition of the fact that the tourism and hospitality sectors were among those most impacted by the public health...

Written Answers — Department of Finance: State Assets (13 Feb 2024)

Michael McGrath: I have been informed by the National Treasury Management Agency (NTMA) that the Exchequer does not currently hold any US Treasury Bonds. The NTMA also informs me that the Ireland Strategic Investment Fund (ISIF) does hold US Treasury Bonds as Sovereign Bonds are a key part of any large globally diversified portfolio. The most recently published details of ISIF’s holdings are...

Written Answers — Department of Finance: Departmental Priorities (13 Feb 2024)

Michael McGrath: Finance Act 1999 provides for the application of excise duty in the form of Mineral Oil Tax (MOT) to liquid fuels used for motor or heating purposes. MOT comprises a carbon and a non-carbon component. The carbon component, or carbon charge, is more commonly referred to as carbon tax. The non-carbon component of MOT is often referred to as “excise”, “fuel excise”,...

Ceisteanna ar Pholasaí nó ar Reachtaíocht - Questions on Policy or Legislation (15 Feb 2024)

Michael McGrath: I acknowledge that the Deputy raised this matter in the House last week when we were bringing through legislation. It is important that all consumers have equal access to the FSPO. We are engaging with the ombudsman on its interpretation of the legislation and also with legal advisers to identify a way forward so that the gap that has been identified is fixed. As the Deputy will be aware,...

Written Answers — Department of Finance: Tax Code (14 Feb 2024)

Michael McGrath: Section 81AA of the Stamp Duties Consolidation Act 1999 provides for a relief from stamp duty in respect of transfers of agricultural land to young trained farmers, where certain conditions are met. The main conditions for the relief are that the individual acquiring the land (the “transferee”): is under 35 years of age on the date of execution of the deed of transfer of the...