Results 27,721-27,740 of 27,945 for speaker:Michael McGrath

Written Answers — Department of Finance: Tax Reliefs (22 May 2024)

Michael McGrath: From 1 January 2023, new rates of benefit-in-kind (BIK) were applied to the provision of an employer provided car, which take into account the CO2 emissions of the car. As a consequence, lower rates of tax will generally apply to cars that are more environmentally friendly. Employer provided car The amount taxable as a BIK remains determined by the cars original market value (OMV) and...

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

Michael McGrath: Under the Finance Act 1992, Vehicle Registration Tax (VRT) is assessed on a vehicle at the time of its registration, and the way the tax is computed depends on the category of vehicle involved. VRT on Category A vehicles (generally passenger vehicles) is assessed based on the value of the vehicle and its emissions levels for carbon dioxide (CO2 ) and nitrogen oxide (NOx). The VRT on...

Written Answers — Department of Finance: Tax Code (22 May 2024)

Michael McGrath: Capital Acquisitions Tax (CAT) is a tax on gifts and inheritances that is payable by the person receiving the gift or inheritance (the beneficiary) and is calculated by reference to the value of the property received. Where a person receives gifts or inheritances that are in excess of the relevant CAT tax-free threshold (Group threshold), CAT at a rate of 33% applies on the excess. The...

Written Answers — Department of Finance: Tax Code (22 May 2024)

Michael McGrath: I note the Deputy's query in relation to the taxation of investments and specifically about non-Irish residents investing in funds that are domiciled here. The normal tax treatment afforded to Irish collective investment fund is that funds invested are allowed to grow on a tax-free basis within the fund. The income is taxed at the level of the investor rather than the fund, as is...

Written Answers — Department of Finance: Tax Exemptions (22 May 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. Under our legislation the provision of medical care services by recognised medical professionals are exempt from VAT. This includes health professionals registered under the Medical Practitioners Act 2007, the Nurses and Midwives Act 2011, and those engaged in a regulated...

Written Answers — Department of Finance: Tax Yield (22 May 2024)

Michael McGrath: I propose to take Questions Nos. 56 to 58, inclusive, together. I am advised by Revenue that the amount generated by the local property tax and the number of properties, per Local Authority area, in 2023, are available in Table 2 of the Property Tax Statistics publication for January 2024, which is available on the Revenue website at:...

Written Answers — Department of Finance: Tax Code (22 May 2024)

Michael McGrath: 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 litre on petrol, auto-diesel and marked gas...

Written Answers — Department of Finance: Housing Schemes (23 May 2024)

Michael McGrath: The Help to Buy (HTB) scheme assists first-time purchasers with the deposit they need to buy or build a new house or apartment. The scheme provides for a refund of Income Tax and Deposit Interest Retention Tax (DIRT) paid in the State over the previous four years, subject to certain conditions being met. Section 477C Taxes Consolidation Act 1997 outlines the definitions and conditions...

Written Answers — Department of Finance: Departmental Expenditure (23 May 2024)

Michael McGrath: I propose to take Questions Nos. 148 to 15, inclusive, together. As the Deputy may be aware, non-voted expenditure is paid out of the Central Fund under specific legislation, rather than being voted annually. It consists of expenditure on items such as the service of the National Debt and contributions to the European Union (EU) Budget or services that have already been provided for in...

Written Answers — Department of Finance: Tax Data (23 May 2024)

Michael McGrath: The Tax Debt Warehousing Scheme was introduced in May 2020 to provide a vital liquidity support to businesses impacted by Covid-19 trading restrictions. The scheme allowed businesses to temporarily ‘park’ eligible taxes, on an interest-free basis, until 1 May 2024. At its peak in January 2022, there was €3.2 billion debt in the warehouse, the vast majority of which...

Written Answers — Department of Finance: Tax Data (23 May 2024)

Michael McGrath: My Department’s projections for taxation revenue are driven by the relevant macroeconomic indicators: for example, forecasts of income tax are related to labour market variables such as wage growth. The projections also account for other factors that can impact on receipts, such as once-off factors, specialist judgement, and policy measures. My Department periodically reviews its...

Written Answers — Department of Finance: Tax Code (23 May 2024)

Michael McGrath: Section 121 of the Taxes Consolidation Act (TCA) 1997 provides that where a car is made available for the private use of an employee then the employee is chargeable to benefit-in-kind tax (BIK). Where such a benefit is provided for an employee by his or her employer, the employer is required to include that notional payment as part of the employee’s emoluments and to deduct tax via...

Written Answers — Department of Finance: Departmental Advertising (23 May 2024)

Michael McGrath: The information requested by the Deputy in relation to the amount spent by my Department on advertising from 2019 to date in 2024 is set out in tabular form below. The Department is not in a position to demarcate online spend from other forms of expenditure, as some advertising will inevitably involve both. Year Amount 2019 Advertising...

Written Answers — Department of Finance: Tax Credits (23 May 2024)

Michael McGrath: There are no specific provisions for indigenous SMEs in the R&D tax credit, and nor are there any restrictions for indigenous SMEs wishing to avail of the scheme. It is available to all firms, within the charge to Irish tax, that undertake qualifying R&D activities. However, I am aware that Revenue issued updated guidance in 2017 with the specific aim to reduce the administrative...

Written Answers — Department of Finance: Banking Sector (23 May 2024)

Michael McGrath: As the Deputy will be aware, drafting of the Access to Cash Bill 2024 is proceeding on a priority basis. The purpose of the General Scheme of the Bill, which I published with Government approval on the 23rd of January, is to establish a framework to provide that any future evolution of the cash infrastructure will be managed in a fair, orderly, transparent, and equitable manner. The Bill...

Written Answers — Department of Finance: Tax Data (23 May 2024)

Michael McGrath: In July 2023 my Department published a paper examining the Potential Fiscal Impacts of the Transition to a Lower Carbon Economy in Ireland. The paper examined the potential fiscal impacts of current domestic climate action policies including commitments in the Climate Action Plan 2023 and the Programme for Government and is available online :...

Written Answers — Department of Finance: Tax Reliefs (23 May 2024)

Michael McGrath: By way of background, prior to 31 December 2022, where the combined contributions by an employer and an employee to a PRSA did not exceed the employee’s annual percentage limit (between 15% and 40% of “net relevant earnings”, varying depending on age, up to a maximum relieved salary of €115,000), the contributions were relieved from tax. However, where the combined...

Written Answers — Department of Finance: Insurance Industry (23 May 2024)

Michael McGrath: At the outset it is important to note that neither I, nor the Central Bank of Ireland, can direct the pricing or provision of insurance products, as this is a commercial matter which individual companies assess on a case-by-case basis. This position is reinforced by the EU Single Market framework for insurance (the Solvency II Directive). Insurance reform is a key priority for this...

Written Answers — Department of Finance: Tax Exemptions (28 May 2024)

Michael McGrath: The Vacant Homes Tax (VHT) was announced in Budget 2023 and legislated for in Finance Act 2022. The objective of the vacant homes tax is to increase the supply of homes for rent or purchase by encouraging the owners of vacant, habitable, residential properties to bring those properties back into use. The tax applies to residential properties that are within the scope of local property tax...

Written Answers — Department of Finance: Middle East (28 May 2024)

Michael McGrath: Restrictive measures, or sanctions as they are generally referred, are a tool of the EU's Common Foreign Policy. Ireland does not impose sanctions regimes unilaterally. Ireland implements EU sanctions and it also implements UN sanctions via EU sanctions. EU sanctions have direct effect in all Member States of the EU, and they are legally binding on all natural and legal persons in...