Results 2,041-2,060 of 27,945 for speaker:Michael McGrath

Written Answers — Department of Finance: Tax Reliefs (10 Oct 2023)

Michael McGrath: I am advised by Revenue that a qualifying company for the purposes of section 481 of the Taxes Consolidation Act 1997, often referred to as the Designated Activity Company or DAC, is required to exist “solely for the purposes of the production of only one qualifying film”. As a result, it will usually receive the power to use whatever rights are necessary for the production of...

Written Answers — Department of Finance: Revenue Commissioners (10 Oct 2023)

Michael McGrath: I am advised by Revenue that, while they previously provided a traditional over-the-counter service in a number of their offices, the changing demands of taxpayers and the need to provide an efficient and cost-effective service has resulted in the overall mix and nature of service channels evolving. Revenue provides a full range of online services for taxpayers to manage their tax affairs,...

Written Answers — Department of Finance: Tax Code (10 Oct 2023)

Michael McGrath: As the Deputy will be aware, it is a longstanding practice that the Minister for Finance does not comment, in advance of the Budget, on any tax matters that might be the subject of Budget decisions. However, the VAT rating of goods and services is subject to the requirements of EU VAT law, with which Irish VAT law must comply. In general, the EU VAT Directive provides that all goods and...

Written Answers — Department of Finance: State Properties (10 Oct 2023)

Michael McGrath: I am advised that the Revenue Commissioners own no buildings that are vacant or derelict.

Written Answers — Department of Finance: State Properties (10 Oct 2023)

Michael McGrath: I am advised by the Central Bank of Ireland that it does not hold any properties or sites that are vacant or derelict as per the Derelict Sites Act 1990, and that consequently the Central bank does not have any premises or sites recorded on Dublin City Council’s Derelict Sites register.

Written Answers — Department of Finance: Tax Data (10 Oct 2023)

Michael McGrath: My Department regularly monitors all fiscal developments and publishes updates on taxation receipts on a monthly basis in the Fiscal Monitor and biannually in the Stability Programme Update and Budget documentation. Receipts are also analysed from a structural perspective in the Annual Taxation Report. The most recent Annual Taxation Report set out total taxation receipts as a share of...

Written Answers — Department of Finance: Tax Data (10 Oct 2023)

Michael McGrath: I am advised by Revenue that, further to Parliamentary Question No. 166, the equivalent figures for the available years 2012 to 2020 are set out in the table below, which outlines the number of taxpayer units who had a source of Schedule E PAYE income, but who did not have a liability to either Income tax or USC. Data for the years 2007 to 2011 is not currently readily available. ...

Written Answers — Department of Finance: Tax Reliefs (10 Oct 2023)

Michael McGrath: I propose to take Questions Nos. 105, 106, 107, 108 and 118 together. Progress has been made on efforts to convene a new Disabled Drivers Medical Board of Appeals (DDMBA), to secure new hosting arrangements for the DDMBA and to recommence the appeals process. I have now formally appointed all five members to the new DDMBA. Funding arrangements between the Department of Finance and the...

Written Answers — Department of Finance: Tax Reliefs (10 Oct 2023)

Michael McGrath: I propose to take Questions Nos. 109, 110, 121 and 139 together. The Disabled Drivers and Disabled Passengers (Tax Concessions) Scheme provides relief from Vehicle Registration Tax and VAT on the use of an adapted car, as well as an exemption from motor tax and an annual fuel grant. The Scheme is open to severely and permanently disabled persons as a driver or as a passenger and also to...

Written Answers — Department of Finance: Business Supports (10 Oct 2023)

Michael McGrath: The Temporary Business Energy Support Scheme (TBESS) was introduced to support qualifying businesses with increases in their electricity or natural gas costs arising from the Russian invasion of Ukraine. Finance Act 2022 (as amended) made provision for the TBESS. The scheme provided support to qualifying businesses in respect of increases in their electricity or natural gas costs. The...

Written Answers — Department of Finance: Tax Code (10 Oct 2023)

Michael McGrath: I have been advised that there is no legislative basis for local authorities to introduce a tourist tax.

Written Answers — Department of Finance: Tax Collection (10 Oct 2023)

Michael McGrath: Vacant Homes Tax (VHT) is administered by Revenue in accordance with Part 22B of the Taxes Consolidation Act 1997 (TCA 1997). The first chargeable period for VHT is 1 November 2022 to 31 October 2023. 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. The first self-assessed returns are due on 7 November...

Written Answers — Department of Finance: Tax Code (10 Oct 2023)

Michael McGrath: I propose to take Questions Nos. 114, 120, 124, 125, 135 and 138 together. My Department and Revenue have, for some time, been aware of issues involving contractual arrangements which, in certain circumstances, has led to uncertainty within the General Practitioner (GP) community in relation to the tax treatment of General Medical Services (GMS) scheme income. Revenue issued guidance...

Written Answers — Department of Finance: Tax Credits (10 Oct 2023)

Michael McGrath: Section 481 provides relief in the form of a corporation tax credit related to the cost of production of certain films. The scheme is intended to act as a stimulus to the creation of an indigenous film industry in the State, creating quality employment opportunities and supporting the expression of the Irish culture. I am aware of the contents of the Committee on Budgetary...

Written Answers — Department of Finance: Insurance Industry (10 Oct 2023)

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: Tax Reliefs (10 Oct 2023)

Michael McGrath: I understand that Deputy Creed is referring to the chargeable excess tax and Standard Fund Threshold (SFT) regime. I am advised by Revenue that the SFT was introduced in Finance Act 2005, with the purpose of addressing excessive pension accrual, and it applies to all private and public sector pension arrangements. It is provided for in Chapter 2C of Part 30 of the Taxes Consolidation Act...

Written Answers — Department of Finance: Customs and Excise (10 Oct 2023)

Michael McGrath: The Minimum Excise Duty (MED) supports public health objectives by ensuring that the cheapest cigarettes on the market are priced at a particular minimum level, which reflects their underlying health risks. The MED was increased in Budget 2019, Budget 2020 and Budget 2021, alongside VAT inclusive 50 cent increases on 20 pack cigarettes in the most popular price category (MPPC). The MED is...

Written Answers — Department of Finance: Tax Code (10 Oct 2023)

Michael McGrath: I propose to take Questions Nos. 122 and 123 together. As the Deputies are aware Life Assurance Exit Tax (LAET) is payable on the gain made on a life assurance policy. The Finance Act 2000 introduced the gross roll up taxation regime for life assurance policies. The general rule for an investment subject to a gross roll up scheme is that no annual tax is applied to the income or capital...

Written Answers — Department of Finance: Tax Reliefs (10 Oct 2023)

Michael McGrath: The Rent a Room scheme was introduced in Finance Act 2001 as an incentive to encourage individuals to let rooms in their principal private residence as residential accommodation in order to bring about an increase in the availability of rental accommodation. In accordance with section 216A of the Taxes Consolidation Act 1997, an individual who lets a room or rooms in her or his sole or...

Written Answers — Department of Finance: Tax Collection (10 Oct 2023)

Michael McGrath: I propose to take Questions Nos. 127 and 129 together. As the Deputy is aware, Vacant Homes Tax (VHT) is a new measure announced in Budget 2023 which aims to increase the supply of homes for rent or purchase to meet demand. As is the case for the Local Property Tax (LPT), VHT will not apply to derelict or uninhabitable properties. The definition of residential property for VHT is the same...