Results 181-200 of 5,974 for speaker:Michael McGrath in 'Dáil debates'

Ceisteanna Eile - Other Questions: Banking Sector (23 Nov 2023)

Michael McGrath: First, it is a directive, so transposition is a requirement. We will transpose the directive by means of a ministerial order in the coming weeks and active work on that is ongoing. We already have a very well established body of law to protect the rights of consumers. We have the 2015 Act, amended by the 2018 Act. In many respects what the EU is doing here is catching up with what...

Ceisteanna Eile - Other Questions: Disability Services (23 Nov 2023)

Michael McGrath: I propose to take Questions Nos. 88, 106, 119 and 120 together. The national disability inclusion strategy transport working group, NDIS TWG, comprising members from a range of Departments, agencies and disabled persons' organisations, was tasked to review all Government-funded transport and mobility supports for those with a disability, including the disabled drivers and disabled...

Ceisteanna Eile - Other Questions: Tax Code (23 Nov 2023)

Michael McGrath: It is a complex area, and one that is rapidly evolving. My Department is paying close attention to developments in this area. It is important to say that Ireland is already recognised as a global leader in the exchange of information. Exchanging information on crypto-assets is important and reinforces our commitment to best international practice and tax transparency. Given the nature of...

Ceisteanna Eile - Other Questions: Tax Code (23 Nov 2023)

Michael McGrath: I assure the Deputy that the Revenue Commissioners are active in this space. It is important we take every opportunity to remind people of what the taxation obligations are, in particular in an emerging area such as digital assets. That is why, in April last year, the Revenue Commissioners updated their guidance on crypto-assets. They did not change their general guidance with regard to...

Ceisteanna Eile - Other Questions: Banking Sector (23 Nov 2023)

Michael McGrath: The credit servicers directive provides for a common EU framework for the transfer and management of bank originated, non-performing loans, including mortgages, which are transferred or sold after 29 December 2023. It sets out an EU-wide regulatory arrangement for both the purchasers and servicers of such credit agreements, and in particular provides for a new EU authorisation framework for...

Ceisteanna Eile - Other Questions: Universal Social Charge (23 Nov 2023)

Michael McGrath: As part of budget 2024, I introduced a personal income tax package to the value of €1.3 billion in 2024 and €1.5 billion in a full year. The tax package is built around three key pillars. These are changes to tax credits, the standard rate band and USC. The Government has sought to use each of these levers to spread the benefit of the available package as effectively as...

Ceisteanna Eile - Other Questions: Universal Social Charge (23 Nov 2023)

Michael McGrath: I thank Deputy Lawless. It is worth acknowledging that we are implementing the agreed position of the three parties in government. We negotiated a programme for government that provides for indexation of credits and bands as earnings have begun to grow following Covid. We have made significant progress on tax credits. Increasing credits results in a fair distribution of the benefit. We...

Ceisteanna Eile - Other Questions: Tax Code (23 Nov 2023)

Michael McGrath: I propose to take Questions Nos. 86 and 93 together. I thank Deputy Dillon for raising this issue. It has been the long-standing position of Government that the international tax system needs to keep pace with changes in how business is being conducted globally. In terms of the action occurring on tax issues in the crypto-asset sector, officials in the Department of Finance and Revenue...

Ceisteanna ar Sonraíodh Uain Dóibh - Priority Questions: Economic Data (23 Nov 2023)

Michael McGrath: I thank both Deputies for their contributions. I will start with Deputy Doherty's questions. We are in a period of lower growth and we are forecasting broadly 2% growth in the domestic economy for next year, which is in line with what the Commission has forecast. When we compare last year's outturn, both in modified domestic demand and GDP which was almost 10%, we will feel the effects of...

Ceisteanna ar Sonraíodh Uain Dóibh - Priority Questions: Economic Data (23 Nov 2023)

Michael McGrath: It is all local. I assure the Deputy that the Government will continue to maintain a high level of public capital investment. It will be more than €13 billion next year. I hope, with the support of the House, we will have the new infrastructure, climate and nature fund which will help to ensure that over the years ahead, come what may economically, we will be able to sustain a high...

Ceisteanna ar Sonraíodh Uain Dóibh - Priority Questions: Economic Data (23 Nov 2023)

Michael McGrath: My assessment is that the labour market will continue to be tight. We will experience some softening over the period ahead but we remain confident in the outlook overall. We stand by the projections we made on the fiscal side and the macroeconomic side in the budget just a few short weeks ago. The next opportunity to update those projections will be in the stability programme update which...

Ceisteanna ar Sonraíodh Uain Dóibh - Priority Questions: Housing Schemes (23 Nov 2023)

Michael McGrath: I felt in the lead-up to the budget that providing certainty that the help-to-buy scheme would continue beyond 2024 for a further year to the end of 2025 was important for prospective homebuyers and would help stimulate supply, as builders and developers would know for sure the scheme would be there to support prospective house purchasers for the period in question. I believe that was the...

Ceisteanna ar Sonraíodh Uain Dóibh - Priority Questions: Housing Schemes (23 Nov 2023)

Michael McGrath: In the format in which we are operating, it is only possible for any of us to quote certain extracts from the report. The report is published and speaks for itself. The Government has considered it. In relation to phasing out the scheme, the House has just legislated for the extension of the scheme to the end of 2025, so that is the Government’s policy. For much of our history,...

Ceisteanna ar Sonraíodh Uain Dóibh - Priority Questions: Economic Data (23 Nov 2023)

Michael McGrath: I propose to take Questions Nos. 83 and 121 together. In its autumn forecasts released earlier this month, the European Commission projected Irish GDP to decline by 0.9% this year and to grow by 3% next year. This represents a downward revision from forecasts published in May, amid developments in the multinational-dominated sectors and normalising domestic demand. This negative GDP...

Ceisteanna ar Sonraíodh Uain Dóibh - Priority Questions: Vehicle Registration Tax (23 Nov 2023)

Michael McGrath: I am sure there is. I am happy to work with the Deputy on his specific proposal.

Ceisteanna ar Sonraíodh Uain Dóibh - Priority Questions: Tax Code (23 Nov 2023)

Michael McGrath: Landlords are an essential feature of a functioning housing market. Rising rents are driven by a shortage of supply so stabilising and increasing the supply of rental properties should ease upward pressure on rental prices and make it easier for prospective tenants to find affordable homes. The new residential premises rental income relief is a tax relief at the standard rate of 20%...

Ceisteanna ar Sonraíodh Uain Dóibh - Priority Questions: Tax Code (23 Nov 2023)

Michael McGrath: I think we can agree that we are witnessing the departure of a significant number of small-scale landlords from the Irish market. We need to have a functioning private rental market providing homes for individuals and families on an ongoing basis. When I look at the data, I can see the number of notices of termination that have been served. Over 24,000 were served from the third quarter of...

Ceisteanna ar Sonraíodh Uain Dóibh - Priority Questions: Tax Code (23 Nov 2023)

Michael McGrath: We discussed that issue in detail on Committee Stage of the Finance Bill and I gave a commitment that the officials in my Department would examine it in the context of the TSG papers. On the issue of the supply of homes, we need to have a functioning private rental sector. We are providing approximately €5 billion of capital to build more homes, including public homes, cost-rental...

Ceisteanna ar Sonraíodh Uain Dóibh - Priority Questions: Housing Schemes (23 Nov 2023)

Michael McGrath: The scheme was introduced in 2017 with the purpose of assisting first-time buyers with the deposit required to purchase or self-build a new house or apartment to live in as their home. The relief is only available in respect of new builds, with a view to increasing the supply of new housing and stimulating demand. To date, the scheme has been a significant support for first-time buyers of...

Ceisteanna ar Sonraíodh Uain Dóibh - Priority Questions: National Treasury Management Agency (23 Nov 2023)

Michael McGrath: It is important we take a comprehensive approach to examining this issue. The UN acknowledged that the list it published was not complete or exhaustive. ISIF's policies in respect of environmental, social, and corporate governance, ESG, have demonstrated an ability to invest ethically. For example, under the Fossil Fuel Divestment Act 2018, at the end of last year, the fund had developed a...