Results 27,141-27,160 of 27,945 for speaker:Michael McGrath

Written Answers — Department of Finance: Tax Avoidance (21 Feb 2024)

Michael McGrath: I am not aware of any correspondence to me or my Department from Revenue or any other body on the specific topic identified by the Deputy since the passage of Finance Act. There was of course the normal engagement with Revenue in relation to the preparation of material regarding this section for use during the passage of Finance Act 2022 through the Houses of the Oireachtas. In addition...

Written Answers — Department of Finance: Tax Code (21 Feb 2024)

Michael McGrath: Relevant Contracts Tax (RCT) is a withholding tax that is applied to certain payments made by principals to subcontractors in the construction, forestry and meat processing sectors. The tax deducted is a payment on account against the subcontractors final Income Tax or Corporation Tax liability for the year, with the amount of RCT deducted credited against the tax liability for that year.The...

Written Answers — Department of Finance: Vehicle Registration Tax (22 Feb 2024)

Michael McGrath: I am advised that when a car is imported from outside the EU e.g. Australia, then Customs formalities must be completed and depending on the circumstances Customs Duty, VAT and VRT may be payable. All goods being imported from Australia, including cars, require a Customs import declaration. This is usually completed by a Customs agent on behalf of the importer.However, an individual can...

Written Answers — Department of Finance: Tax Rebates (22 Feb 2024)

Michael McGrath: I am advised by Revenue that, while the majority of PAYE taxpayers who file returns now do so themselves, a taxpayer may engage an agent to act on their behalf. This is a commercial and professional engagement between the taxpayer and the agent. It does not remove the responsibility on the taxpayer to ensure that any claim made on their behalf is correct. Revenue’s website contains...

Written Answers — Department of Finance: Tax Exemptions (22 Feb 2024)

Michael McGrath: 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 this affects how VAT incurred on their inputs (such as the purchase of farm equipment) is treated. Eligibility for grant funding under the Targeted...

Written Answers — Department of Finance: Tax Exemptions (22 Feb 2024)

Michael McGrath: Savings with an Irish bank, or other deposit taker such as a credit union or An Post, are generally subject to Deposit Interest Retention Tax (DIRT) at a rate of 33% (USC does not apply and PRSI may apply). DIRT will be deducted by the deposit taker unless the account is specifically exempt. Whether or not an account held by a person in receipt of an invalidity pension is exempt from DIRT...

Written Answers — Department of Finance: Pension Levy (22 Feb 2024)

Michael McGrath: As the Deputy is aware the pension fund levy was introduced in the wake of the financial crises, at a time when the economy was in very serious difficulties. It was charged on the market value of assets in pension schemes held on 30 June in each year at a rate of 0.6% (2011 to 2013), 0.75% (2014) and 0.15% (2015). It is important to note that this levy was discontinued from 2016. ...

Ceisteanna ó Cheannairí - Leaders' Questions (29 Feb 2024)

Michael McGrath: It is a great slogan.

Written Answers — Department of Finance: Tax Code (27 Feb 2024)

Michael McGrath: I am advised by Revenue that neither the Land Development Agency (LDA) nor approved housing bodies (AHBs) are specifically exempted from corporation tax on rental income. However, as outlined in my reply to the Deputy’s PQ 4840/24 on 1 February, if an AHB has the charitable tax exemption, section 207 Taxes Consolidation Act 1997 (TCA) exempts from tax rental income “vested in...

Written Answers — Department of Finance: Insurance Coverage (27 Feb 2024)

Michael McGrath: The Department of Transport has responsibility for the legislative requirement regarding compulsory motor third party insurance in Ireland. It is also important to note that neither I as Minister for Finance, nor the Central Bank of Ireland, can intervene in the provision or pricing of insurance products. This position is reinforced by the EU framework for insurance (the Solvency II...

Written Answers — Department of Finance: Student Accommodation (27 Feb 2024)

Michael McGrath: The NTMA has informed me that the Ireland Strategic Investment Fund (ISIF) is a commercial investor in a range of businesses, platforms and projects which support the delivery of new homes in Ireland. These investments are in private market commercial operations, typically featuring a significant quantum of third-party investment that deliver a range of housing tenures including...

Written Answers — Department of Finance: Tax Reliefs (27 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). The ETD provisions relating to electricity taxation are transposed into national law in Chapter 1 of Part 2 of the Finance Act 2008 (as amended). This legislation provides for the application of an excise duty, in the form of...

Written Answers — Department of Finance: Tax Reliefs (27 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: Climate Action Plan (27 Feb 2024)

Michael McGrath: As part of the whole-of-Government approach to climate action, the Department of Finance is working with other government Departments and agencies in a co-ordinated manner in order to support the delivery of targeted reductions in overall greenhouse gas emissions by 2030, and to reach net-zero emissions by no later than 2050. In relation to the Climate Action and Biodiversity (Mandates of...

Written Answers — Department of Finance: Business Supports (27 Feb 2024)

Michael McGrath: As the Deputy is aware, the Strategic Banking Corporation of Ireland plays an important role in supporting Irish businesses to access long-term, lower cost finance. A number of successful schemes are now closed to new applications, but Government Departments continue to work closely with the SBCI to develop and implement new schemes. I am pleased to advise the Deputy that the Growth and...

Written Answers — Department of Finance: Tax Rebates (27 Feb 2024)

Michael McGrath: 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 this affects how VAT incurred on their inputs (such as the purchase of farm equipment) is treated. Eligibility for grant funding under the Targeted...

Written Answers — Department of Finance: Primary Medical Certificates (27 Feb 2024)

Michael McGrath: I have now formally appointed all five members to the new Disabled Drivers Medical Board of Appeal (DDMBA) and appeal hearings recommenced in the first half of December 2023. I appreciate that it has taken far longer than anticipated to get to this point. In this regard four Expression of Interest campaigns have had to be run over 18 months to source the legislatively required five...

Written Answers — Department of Finance: Tax Collection (27 Feb 2024)

Michael McGrath: I propose to take Questions Nos. 144 and 145 together. I am advised by Revenue that it is precluded under Section 851A of the Taxes Consolidation Act 1997 from commenting on the tax affairs of an individual, business or entity. Revenue is, therefore, not in a position to provide comment on the specific case or details referred to in the Deputy's questions. Under the self-assessment...

Written Answers — Department of Finance: State Bodies (27 Feb 2024)

Michael McGrath: The Financial Services and Pensions Ombudsman (FSPO) is an independent, impartial, fair and free service that helps resolve complaints against financial service and pension providers from consumers and small businesses. Following approval of the FSPO’s Workforce Plan 2024-2026 in December 2023, the sanctioned staff complement in the FSPO was increased from 90.2 to 128. I have...

Written Answers — Department of Finance: Departmental Meetings (27 Feb 2024)

Michael McGrath: Since becoming Minister for Finance, I have engaged with the UK Chancellor of the Exchequer, Jeremy Hunt on a number of occasions; the first being a visit to London just a few weeks following my appointment. These engagements provide an excellent opportunity to discuss matters of mutual interest, including the economic and fiscal outlook at national, regional and global levels; as well as...