Results 27,621-27,640 of 27,945 for speaker:Michael McGrath

Written Answers — Department of Finance: Insurance Industry (15 May 2024)

Michael McGrath: As the Deputy will appreciate, neither I, nor the Central Bank of Ireland, can direct the pricing or provision of insurance products. This position is reinforced by the EU Single Market framework for insurance (the Solvency II Directive). Notwithstanding this, reforming the insurance sector is a key policy objective for the Government. Through the comprehensive Action Plan for Insurance...

Written Answers — Department of Finance: Gambling Sector (16 May 2024)

Michael McGrath: I propose to take Questions Nos. 148 to 157, inclusive, together. An operator of gaming machines must apply annually to the District Court for a certificate in respect of a gaming licence. This is required for each premises where it is intended to make gaming machines available for play. Where the District Court grants this certificate, the operator must then apply to Revenue for a Gaming...

Written Answers — Department of Finance: Universal Social Charge (16 May 2024)

Michael McGrath: I propose to take Questions Nos. 158 and 159 together. I am advised by Revenue of the estimated costs for the proposals outlined by the Deputy on a first and full year basis. They are shown in the below table. As a reduced rate of USC of 2% currently applies for those aged over 70 years with income of €60,000 or less and for those who hold a full medical card with income of...

Written Answers — Department of Finance: Tax Exemptions (16 May 2024)

Michael McGrath: As the Deputy will be aware, the age exemption applies for any year of assessment where an individual is aged 65 years or over and his or her total income does not exceed €18,000 per annum. Where an individual is a married person or civil partner and is jointly assessed to tax, the age exemption will apply where either individual is aged 65 or over and where the couple’s total...

Written Answers — Department of Finance: Insurance Industry (16 May 2024)

Michael McGrath: As Minister for Finance, I am responsible for the development of the legal framework governing financial regulation. As the Deputy will appreciate, I am unable to comment on individual cases and media reports relating to same. As the Deputy will be aware, the duties of insurers are outlined in Section 16 of the Consumer Insurance Contracts Act 2019, which requires that an insurer shall...

Seanad: Future Ireland Fund and Infrastructure, Climate and Nature Fund Bill 2024: Second Stage (21 May 2024)

Michael McGrath: I am pleased to be in the Seanad this afternoon to take Second Stage of the Future Ireland Fund and Infrastructure, Climate and Nature Fund Bill 2024. This debate follows an extensive engagement to date, including with the Joint Committee on Finance, Public Expenditure and Reform, and Taoiseach for prelegislative scrutiny, on Committee Stage in the Dáil and also with the budgetary...

Ceisteanna ar Sonraíodh Uain Dóibh - Priority Questions: Tax Credits (21 May 2024)

Michael McGrath: I thank the Deputy for the question. Mortgage interest tax relief, in the form of the mortgage interest tax credit, introduced in the most recent budget, is a one-year temporary relief available to homeowners with an outstanding mortgage balance on their principal private residence of between €80,000 and €500,000 on 31 December 2022. It is available at the standard rate of...

Ceisteanna ar Sonraíodh Uain Dóibh - Priority Questions: Tax Credits (21 May 2024)

Michael McGrath: I do not accept the Deputy's assertion in that regard. I point to the fact that almost 22,000 taxpayer units, some of whom may be couples given the way they are counted by the Revenue Commissioners, made a claim for this relief as part of their 2023 PAYE income tax return. I expect that many more will do so over the eligibility period. Although it was an estimate, the figure provided to me...

Ceisteanna ar Sonraíodh Uain Dóibh - Priority Questions: Tax Credits (21 May 2024)

Michael McGrath: I do not accept that at all. This is a non-refundable tax credit. There was engagement with the Revenue Commissioners for many months in the lead-up to the budget last October. They were very clear with me and my officials that it was not possible to put in place the necessary IT infrastructure to-----

Ceisteanna ar Sonraíodh Uain Dóibh - Priority Questions: Tax Credits (21 May 2024)

Michael McGrath: No, not at all.

Ceisteanna ar Sonraíodh Uain Dóibh - Priority Questions: Tax Credits (21 May 2024)

Michael McGrath: There was very early engagement with the Revenue Commissioners on that issue.

Ceisteanna ar Sonraíodh Uain Dóibh - Priority Questions: Tax Credits (21 May 2024)

Michael McGrath: The Deputy raised the cases of specific individuals. From what he has said, I assume they do not have an income tax liability and are therefore not able to avail of a non-refundable tax credit. I am following up on that issue with Revenue and the Department of Social Protection. There is a need for information sharing between the two but a commitment was given that people who do not have a...

Ceisteanna ar Sonraíodh Uain Dóibh - Priority Questions: Tax Code (21 May 2024)

Michael McGrath: The Government is acutely aware of the difficulties in the housing market and the challenges this continues to present for many people and families as they seek a new home, often their first. With regard to vacant properties, the need to address vacancy and to ensure all viable housing stock is being used is a priority for the Government. In Housing for All, the Government has set out a...

Ceisteanna ar Sonraíodh Uain Dóibh - Priority Questions: Tax Code (21 May 2024)

Michael McGrath: I thank the Deputy for his contribution. As he will know, I increased the vacant homes tax rate in the last budget. Just to give him the numbers, the Revenue has confirmed that as of 2 April this year, over 6,000 properties have been declared as vacant with exemptions being declared in respect of approximately 2,500 of these properties. Approximately 3,500 properties have a liability to...

Ceisteanna ar Sonraíodh Uain Dóibh - Priority Questions: Tax Code (21 May 2024)

Michael McGrath: The vacant homes tax, as the Deputy knows, is targeting habitable properties. The Deputy is raising a number of other issues which are important and relevant when it comes to properties which are vacant but which in many instances are also derelict. My colleague, the Minister, Deputy O'Brien, published the Vacant Homes Action Plan 2023-2026 and last month the progress report from April...

Ceisteanna ar Sonraíodh Uain Dóibh - Priority Questions: Customs and Excise (21 May 2024)

Michael McGrath: I thank Deputy Doherty for his question. The Government is conscious of the implications of fuel costs for all sectors of society. This is reflected in the fact that in 2022, in light of the acute impact rising prices were having on households and businesses, the Government provided for temporary cuts in excise rates which, inclusive of VAT, amounted to 21 cents, 16 cents and 5.4 cents per...

Ceisteanna ar Sonraíodh Uain Dóibh - Priority Questions: Customs and Excise (21 May 2024)

Michael McGrath: As I said earlier, and I am happy to repeat it, I will keep the situation under review in advance of the final restoration which is due on 1 August. There is considerable volatility when it comes to fuel prices, not least because of the movement in the cost of a barrel of oil which is only one input cost. It increased in recent weeks. It fell back again but it is moving in both...

Ceisteanna ar Sonraíodh Uain Dóibh - Priority Questions: Customs and Excise (21 May 2024)

Michael McGrath: The Deputy will be aware that we are having this debate because the Government cut excise duty back in 2022. That was the right decision at the time. The restoration that has taken place since has been on a phased basis and one final phase of that restoration was due. I have given a commitment to the House on a number of occasions that this will be kept under review. Luckily I did not...

Ceisteanna ar Sonraíodh Uain Dóibh - Priority Questions: Customs and Excise (21 May 2024)

Michael McGrath: As I said, it is just as well I did not take the Deputy's advice-----

Ceisteanna ar Sonraíodh Uain Dóibh - Priority Questions: Customs and Excise (21 May 2024)

Michael McGrath: -----or we would have seen an 8 cent per litre increase last month.