Results 27,741-27,760 of 27,945 for speaker:Michael McGrath

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

Michael McGrath: Finance Act 2021 introduced Part 22A Residential Zoned Land Tax (RZLT) into the Taxes Consolidation Act 1997. RZLT is designed to prompt residential development by owners of land that is zoned for residential or mixed-use (including residential) purposes and that is serviced, and is not otherwise precluded from development, due to issues such as contamination, etc. RZLT is an annual tax,...

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

Michael McGrath: Finance Act 2023 introduced amendments to section 599 of the Taxes Consolidation Act 1997 which grants relief from Capital Gains Tax on the disposal by individuals aged 55 and over of qualifying business or farm trade assets to that individual’s child. This relief is known as Retirement Relief. Currently the relief is unrestricted in respect of disposals of qualifying assets by...

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

Michael McGrath: The VAT treatment of goods and services is subject to EU VAT law, with which Irish VAT law must comply. In general, the Directive provides that all goods and services are liable to VAT which is paid by the final consumer. The Directive allows for certain historic VAT treatments to be maintained under certain conditions, and Ireland has retained the application of a relieving provision, the...

Written Answers — Department of Finance: Housing Schemes (28 May 2024)

Michael McGrath: The Help to Buy incentive is a scheme to assist first-time purchasers with the deposit they need to buy or build a new house or apartment. The incentive gives a refund on Income Tax and Deposit Interest Retention Tax paid in the State over the previous four years, subject to limits outlined in the legislation. Section 477C of the Taxes Consolidation Act 1997 outlines the definitions and...

Written Answers — Department of Finance: Mortgage Interest Rates (28 May 2024)

Michael McGrath: From a consumer protection and macro prudential perspective, there are a number of regulatory measures which apply to the provision of new residential mortgage credit to consumers. These include the European Union (Consumer Mortgage Credit Agreements) Regulations 2016, the Central Bank Consumer Protection Code and the Central Bank macroprudential mortgage lending rules. These measures...

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

Michael McGrath: I can confirm that I have received a submission in relation to VAT on counsellors and psychotherapists. As the Deputy will be aware, 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...

Written Answers — Department of Finance: Insurance Coverage (28 May 2024)

Michael McGrath: At the outset, I wish to reassure the Deputy that I recognise the concerns felt by many sport and recreation clubs regarding insurance cover. Officials from my Department have raised the situation with representative groups in the sector and have found that there does not appear to be a widespread market capacity issue. Of particular relevance to the Deputy’s question, last summer,...

Written Answers — Department of Finance: State Bodies (28 May 2024)

Michael McGrath: I propose to take Questions Nos. 172 and 173 together. As the Deputy may be aware, NAMA does not typically own or control properties; rather NAMA owns loans for which the 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. I wish to advise the deputy that by virtue of...

Written Answers — Department of Finance: Tax Data (29 May 2024)

Michael McGrath: The Vacant Homes Tax (VHT) as announced in Budget 2023, aims to increase the supply of homes for rent or purchase to meet demand. Legislative provision for the tax was made in the Finance Act 2022 and states that a residential property will be within the scope of VHT, if it has been occupied as a dwelling for less than 30 days in a chargeable period. VHT operates on a self-assessment...

Written Answers — Department of Finance: Tax Data (29 May 2024)

Michael McGrath: The Residential Zoned Land Tax (RZLT) is a new tax introduced in Finance Act 2021 which seeks to increase housing supply by encouraging the activation of development on lands which are suitably zoned and appropriately serviced. It aims to bring those lands which have benefitted from investment in services and are capable of being developed forward for housing, rather than to raise revenue. ...

Written Answers — Department of Finance: Departmental Data (29 May 2024)

Michael McGrath: This answer details the list of general government expenditure items which are not funded by the central fund, these are: Expenditure of the Social Insurance Fund Own-resource expenditure of Extra-Budgetary Funds (EBFs) Own-resource expenditure of Non-commercial Agencies Own-resource expenditure of Local Government (Local Authorities, Approved Housing Bodies, etc) Own-resource...

Written Answers — Department of Finance: Tax Data (30 May 2024)

Michael McGrath: I am advised by Revenue that the receipts collected in respect of Fuel Taxes in each of the past ten years up to 2022 are published on the Revenue website at: www.revenue.ie/en/corporate/information-about-revenue/statis tics/excise/receipts-volume-and-price/excise-receipts-commod ity.aspx. The receipts for 2023 and the provisional receipts for the year to April 2024 are shown in the...

Written Answers — Department of Finance: Fiscal Policy (30 May 2024)

Michael McGrath: I propose to take Questions Nos. 159 and 160 together. In October 2021, Ireland, along with more than 135 other countries, signed up to the two-pillar solution to address the tax challenges arising from digitalisation. Discussions remain on-going at the OECD on a number of key elements of Pillar One which, once agreed, would involve a portion of taxable profits from Irish-based...

Written Answers — Department of Finance: Primary Medical Certificates (30 May 2024)

Michael McGrath: The Deputy should note that I have no role in relation to the granting or refusal of Primary Medical Certificates or Board Medical Certificates. The HSE and the Disabled Drivers Medical Board of Appeal (DDMBA) are independent in their clinical determinations. At an appeal hearing the Board reviews the decision by a HSE Primary/Principal Medical Officer and determines if an appellant does,...

Seanad: Future Ireland Fund and Infrastructure, Climate and Nature Fund Bill 2024: Report and Final Stages (12 Jun 2024)

Michael McGrath: I thank the Senators across the House for their engagement on this Bill and for the broad support of the Bill. I know the motivation behind the various amendments is from the perspective of the individual Senators to improve the Bill further. I recognise the genuine motivation in that regard. I thank Senator Higgins for tabling these amendments, which were discussed on Committee Stage,...

Seanad: Future Ireland Fund and Infrastructure, Climate and Nature Fund Bill 2024: Report and Final Stages (12 Jun 2024)

Michael McGrath: Yes, I would like to respond. I thank Senator Higgins. I will undertake to follow up with regard to the ammunition production support Act and look further into that. As she said, it is not through the agency, so it is not directly relevant. However, I understand the concern she has raised. I understand it is through the EU budget, but I will go over the transcript of the exchange at the...

Seanad: Future Ireland Fund and Infrastructure, Climate and Nature Fund Bill 2024: Report and Final Stages (12 Jun 2024)

Michael McGrath: I thank Senator Higgins for tabling this amendment relating to the investment policy of the infrastructure, climate and nature fund. As was discussed on Committee Stage, it is important that there is a clear investment objective for the fund. This view is based on the experience of the Ireland Strategic Investment Fund , ISIF, and taking account of the approaches taken by other funds in...

Seanad: Future Ireland Fund and Infrastructure, Climate and Nature Fund Bill 2024: Report and Final Stages (12 Jun 2024)

Michael McGrath: In regard to the value of the spend from the infrastructure, climate and nature fund on climate measures, we have earmarked €3.15 billion. The balance is to underpin the public capital programme and the investment under the national development plan, NDP, which has a whole range of environmental and green tests, as would be expected. It is not the case that the remainder of the fund...

Seanad: Future Ireland Fund and Infrastructure, Climate and Nature Fund Bill 2024: Report and Final Stages (12 Jun 2024)

Michael McGrath: I thank Senator Higgins for these amendments and the work that clearly has gone into them. Several of them were discussed on Committee Stage. In response to amendments Nos. 4 to 6, I would like to make a number of points. The main point to consider is that a finite amount of resources are being deployed from the fund. Adding further objectives would dilute its impact in the existing...

Seanad: Future Ireland Fund and Infrastructure, Climate and Nature Fund Bill 2024: Report and Final Stages (12 Jun 2024)

Michael McGrath: I acknowledge the Senator’s comments. When looking at section 20 objectively, titled “Designated environmental projects”, there are a range of areas where a project that contributes directly or indirectly, or is likely to so contribute, can be designated as a project that can be funded under this fund. For example, the reduction of greenhouse gas emissions in the State...