Results 181-200 of 6,241 for at speaker:Michael McGrath

Written Answers — Department of Finance: Tax Exemptions (23 Apr 2024)

Michael McGrath: The annual cost and number of claimants of the ‘Rent-a-Room Relief’’ is available in the Cost of Tax Expenditures Publication, which is available on the Revenue website at www.revenue.ie/en/corporate/information-about-revenue/statis tics/tax-expenditures/costs-expenditures.aspx. The following table sets out data on the number of taxpayer units availing of the...

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

Michael McGrath: Ireland’s taxation of fuel is governed by European Union law as set out in Directive 2003/96/EC, commonly known as the Energy Tax Directive (ETD). The ETD prescribes minimum tax rates for fuel with which all Member States must comply. ETD provisions on mineral oils are transposed into national law in Finance Act 1999 (as amended). Finance Act 1999 provides for the application of...

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

Michael McGrath: To January 2024, the State has recovered €6.24bn of our investment in AIB by way of the IPO of AIB in 2017, the ongoing AIB trading plan, the four share sales during 2022 and 2023 and the two share buybacks which together, have reduced our shareholding from 99% to below 39% today. DATE SHARE SALE NO. SHARES SOLD AVERAGE PRICE GROSS PROCEEDS...

Written Answers — Department of Finance: Insurance Coverage (23 Apr 2024)

Michael McGrath: I propose to take Questions Nos. 201 to 203, inclusive, together. As the Minister for Finance overseeing the legal framework governing financial services regulation, including the insurance sector, I fully understand the concerns of those who find it difficult to obtain flood cover when taking out a home insurance policy. Current Government policy in relation to flood insurance...

Written Answers — Department of Finance: Financial Services (23 Apr 2024)

Michael McGrath: I note the Deputy's query in relation to the introduction of a scheme in Ireland similar to the UK ISA scheme. The introduction of a new financial services product on the lines of the UK ISA would need to be considered in the wider policy context. The introduction of a similar type scheme would need to comply with EU financial services legislative and regulatory requirements and the tax...

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

Michael McGrath: The legislation governing the deductibility of expenses incurred in employment is contained in section 114 of the Taxes Consolidation Act 1997 (TCA). 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...

Written Answers — Department of Finance: Tax Exemptions (23 Apr 2024)

Michael McGrath: Finance Act 2021 introduced Part 22A Residential Zoned Land Tax (RZLT) into the Taxes Consolidation Act 1997. The 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. RZLT is an annual tax, calculated at a rate of 3% of the market value of the land within its scope. The tax...

Written Answers — Department of Finance: State Claims Agency (23 Apr 2024)

Michael McGrath: In responding to the Deputy's question the NTMA have informed me that the information contained within the table at the link below was extracted from the National Incident Management System (NIMS). The NTMA notes that claims numbers may differ slightly from previous reports due to claim reclassifications in the intervening period and that coverage does not include Property Damage Recovery...

Written Answers — Department of Finance: State Bodies (23 Apr 2024)

Michael McGrath: The NTMA have informed me that ISIF publishes a detailed list of individual investments in its portfolio each year in the NTMA annual report. The 2022 annual report is the most recent list of individual investments that has been published, detailing the position at end 2022. Please see the relevant link: www.ntma.ie/annualreport2022/documents/NTMA-Annual-Report-20 22-English.pdf The...

Written Answers — Department of Finance: State Bodies (23 Apr 2024)

Michael McGrath: I am informed by the Central Bank of Ireland, that they held approximately €17bn of Investment Assets at the end of 2023, mostly invested in government bonds and other high-quality fixed income (bond) instruments issued by multilateral development banks, supranational organisations and government-linked agencies. The Central Bank also holds equity investments, on a ‘passive...

Written Answers — Department of Finance: Tax Code (18 Apr 2024)

Michael McGrath: I am advised by Revenue that the standard rates of stamp duty applying on the purchase of residential property are 1% on values up to €1 million and 2% on values exceeding €1 million. Section 31E of the Stamp Duties Consolidation Act (SDCA) 1999 provides for a higher 10% rate of stamp duty to be charged on the acquisition of residential properties situated in the State,...

Written Answers — Department of Finance: Illicit Trade (18 Apr 2024)

Michael McGrath: I propose to take Questions Nos. 153 to 155, inclusive, together. I am advised that Revenue is committed to targeting the illegal importation and exportation of prohibited and restricted goods and implements a range of measures to identify and target illegal smuggling, including duty free tobacco and alcohol in excess of duty-free allowances, and where possible, prosecuting those involved....

Written Answers — Department of Finance: Probate Applications (18 Apr 2024)

Michael McGrath: I thank the Deputy for his question. By way of background, "nomination" is a legally binding agreement under which a credit union member can nominate a third party to be the recipient of the member’s money after their death, up to a limit of €27,000. The effects of nomination are that any amounts up to €27,000 will pass outside the terms of any will. Nomination is a...

Written Answers — Department of Finance: Tax Reliefs (18 Apr 2024)

Michael McGrath: I understand the Deputy’s office have confirmed that this Parliamentary Question relates the Cycle to Work Scheme and a proposal to expand the scheme to include a Bike-to-School provision. Section 118(5G) of the Taxes Consolidation Act 1997 (TCA) provides for the Cycle to Work Scheme. This scheme offers an exemption from benefit-in-kind (BIK) where an employer purchases a bicycle...

Written Answers — Department of Finance: Fuel Oil Specifications (17 Apr 2024)

Michael McGrath: As the Deputy will be aware, while taxation contributes to the final retail cost of fuels, there are a number of factors affecting the final retail price including international energy market dynamics, exchange rate fluctuations, wholesale contracts, transport costs and individual retail pricing policy. Excise law provides that the excise duty rate which applies to a fuel depends on the...

Written Answers — Department of Finance: Tax Collection (17 Apr 2024)

Michael McGrath: I am advised that Revenue is precluded under Section 851A of the Taxes Consolidation Act 1997 from commenting on the tax affairs of an individual, person, organisation or other legal entity. Revenue is, therefore, unable to provide information on the tax affairs of the organisation the Deputy’s question refers to or provide information on any tax settlements that might have been...

Written Answers — Department of Finance: Tax Reliefs (16 Apr 2024)

Michael McGrath: I propose to take Questions Nos. 216 and 217 together. The rent-a-room relief is provided for in section 216A Taxes Consolidation Act 1997 (TCA). It provides that, where an individual rents a room or rooms in his or her home as residential accommodation, he or she is treated, for income tax purposes, as not having any income from the letting where the gross rent received (including sums for...

Written Answers — Department of Finance: Housing Schemes (16 Apr 2024)

Michael McGrath: I am advised by Revenue that the situation has not changed in regards to the Help to Buy application in question no. 183 of 7 December 2023. In relation to the Deputy's query about the of lowering the LTV ratio for the Help to Buy Scheme, the position also remains as set out in my answer to Parliamentary Question no. 183 of 7 December 2023 and I have no plans to change the LTV ratio as...

Written Answers — Department of Finance: Departmental Communications (16 Apr 2024)

Michael McGrath: Ireland enjoys a deep and wide-ranging bilateral relationship with Australia, owing from our historic cultural and people-to-people ties, our economic and trade relationship, and our cooperation on global affairs across an array of fora and channels, including as members of a number of International Financial Institutions and international organisations. While there is engagement between...

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

Michael McGrath: I am advised by Revenue that income received for providing accommodation is usually taxable. However, where rental payments meet the conditions for rent-a-room relief, which is provided for in section 216A TCA, a tax liability may not arise. The relief applies to sums arising to an individual in respect of the letting of a room or rooms in his or her home for residential purposes and the...