Results 2,061-2,080 of 27,945 for speaker:Michael McGrath

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

Michael McGrath: The Help to Buy (HTB) 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 of Income Tax and Deposit Interest Retention Tax (DIRT) paid in Ireland over the previous four years, subject to limits outlined in the legislation. Section 477C of Taxes Consolidation Act 1997 (TCA) outlines the...

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

Michael McGrath: I propose to take Questions Nos. 130 and 132 together. As the Deputy will be aware, it is a longstanding practice of the Minister for Finance not to comment, in advance of the Budget, on any tax matters that might be the subject of Budget decisions.

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

Michael McGrath: Section 664A Taxes Consolidation Act 1997 (TCA) provides additional relief for farmers in respect of an increase in the carbon tax on farm diesel. In addition to being able to claim a tax deduction for expenditure incurred on farm diesel (including any carbon tax charged in respect of the diesel), in computing their taxable farming profits, farmers may claim a further deduction for farm...

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

Michael McGrath: Finance Act 2022 includes a provision to increase the rate of repayment of Mineral Oil Tax (MOT) under an existing relief for certain heavy oils used for commercial horticultural production and mushroom cultivation. In addition, the Act also amends Finance Act 2010 to provide for a new relief from Natural Gas Carbon Tax (NGCT), mirroring the amended MOT relief. As both of these provisions...

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

Michael McGrath: Section 657 of the Taxes Consolidation Act 1997 provides for income averaging, which allows farmers to pay tax based on the average of five years’ farming profits and losses. If a farmer opts in to averaging, they must remain within the averaging scheme for a minimum of five years. If they revert to the normal basis of assessment, a review will be done. However, a farmer may also elect...

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

Michael McGrath: I am advised by Revenue that the estimated cost of increasing the home carer tax credit to €2,000, which represents an increase of €300 from its current value of €1,700 per annum, is approximately €22 million on a first year basis and €24 million on a full year basis.

Written Answers — Department of Finance: Financial Services (10 Oct 2023)

Michael McGrath: The Central Credit Register is established by the Central Bank under the Credit Reporting Act 2013 (the Act). It is a database of information on loans and loan applications. The Act provides that Credit Information Providers (lenders) must submit information on loans where the loan is for €500 or more. Lenders must enquire on the Central Credit Register when considering a loan...

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

Michael McGrath: Insurance reform is a key priority for this Government and is being delivered via the Action Plan for Insurance Reform. The latest Implementation Report demonstrates that significant progress has been made, with the vast bulk of the actions contained in the Action Plan now either delivered or initiated. The importance that Government places on the Action Plan is evidenced by the fact that...

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

Michael McGrath: My Department does not own buildings or land in County Clare. In relation to the bodies under the aegis of my Department, the National Asset Management Agency (NAMA) advises that it owns loans and does not own properties. NAMA has confirmed that the Agency no longer has security over any property in Co. Clare. NAMA also advises that National Asset Residential Property Services owns a total...

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...

Ceisteanna Eile - Other Questions: Tax Yield (5 Oct 2023)

Michael McGrath: I thank the Deputy. We will lay out next Tuesday what our forecasts are for corporation tax receipts and indeed receipts under every other tax head for the next number of years. That will be the considered view of my Department as to what we expect to receive over the coming years. Deputy Burke is right that these companies that contribute the vast bulk of our corporation tax receipts have...

Ceisteanna Eile - Other Questions: Economic Policy (5 Oct 2023)

Michael McGrath: I thank Deputy Lawless for raising this issue. On 6 April this year I published the terms of reference for a review of Ireland’s funds sector. The objective of the review is to ensure that Ireland’s funds sector framework is up to date and fit for purpose in the years ahead, that we can maintain our globally competitive position by supporting long-term growth and a sustainable...

Ceisteanna Eile - Other Questions: Economic Policy (5 Oct 2023)

Michael McGrath: I thank the Deputy. As I have indicated, the review is now well under way. The consultation period has closed. Submissions were received and are being examined. I have no doubt that the question of digitalisation and questions around crypto feature as part of those submissions. Once the budget is over I intend to sit down at an early date with the review team to engage to get a sense of...

Ceisteanna Eile - Other Questions: Tax Yield (5 Oct 2023)

Michael McGrath: I propose to take Questions Nos. 88, 92, 125, 126 and 134 together. The Exchequer returns to the end of September this year showed an overall surplus of €1.1 billion. This compares with a surplus of €7.9 billion at end of September 2022. The bulk of the deterioration was driven by the transfer of €4 billion to the National Reserve Fund earlier this year. ...

Ceisteanna Eile - Other Questions: Tax Yield (5 Oct 2023)

Michael McGrath: The year-to-date receipts of income tax are at €23.1 billion compared with a performance last year of €21.4 billion, meaning it is up by over 8% year on year. However, when compared with the profile or the estimate of what we thought we would collect to the end of quarter 3, it is only ahead of it by about €145 million, or 0.6%. As the Deputy said, VAT receipts are...

Ceisteanna Eile - Other Questions: Tax Yield (5 Oct 2023)

Michael McGrath: The Deputy is very quick to advise us how to spend the surpluses, but he pays very little heed to why we have surpluses. It is due to the enterprise model that Ireland has successfully developed over many decades, our commitment to European Union membership and the euro, political stability, and successive governments running pro-enterprise business policies and implementing such policies....

Ceisteanna Eile - Other Questions: Banking Sector (5 Oct 2023)

Michael McGrath: Before the eligibility criteria were agreed, we had very low levels of switching from the non-bank sector to the bank sector. This is in part because the eligibility criteria were not in place. The appetite to receive such customers was limited. That has been challenged. We now have agreed criteria and we have the Central Bank confirming that around one quarter of non-bank mortgage...

Ceisteanna Eile - Other Questions: Mortgage Interest Rates (5 Oct 2023)

Michael McGrath: The retail banking review last year highlighted the change in the Irish mortgage market, with the increased level of fixed-rate mortgages. A significant portion of new mortgages, some 85% in July of this year, are now fixed-rate mortgages. This will protect borrowers in the event of a rise in official and market interest rates, at least for the period that the interest rate is fixed. The...

Ceisteanna Eile - Other Questions: Mortgage Interest Rates (5 Oct 2023)

Michael McGrath: I would welcome the introduction of more long-term fixed rate mortgages in Ireland in terms of the offering by the lenders. It de-risks a mortgage for a borrower if they can know with certainty what their repayments are going to be for the next five, ten or 15 years. It offers them certainty and there is real value in that. It is also important to highlight the role the credit unions are...

Ceisteanna Eile - Other Questions: Mortgage Interest Rates (5 Oct 2023)

Michael McGrath: This is an area where I have been very active. I have met the banks and the non-banks and also MABS, the Insolvency Service of Ireland and the Central Bank at a round-table meeting at the end of August. One of the outcomes of that was that for the first time we now have an agreed set of eligibility criteria for people whose mortgage is in the non-bank sector to enable them to switch their...