Results 2,081-2,100 of 27,945 for speaker:Michael McGrath

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

Michael McGrath: Any changes to the small gift exemption must be considered in the context of competing demands. Increasing the small gift exemption threshold would incur a cost to the Exchequer, which may potentially inhibit the Government’s ability to introduce further cost-of-living supports for households and businesses. The relief, in its current guise, is fair, and providing an increase to the...

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

Michael McGrath: As always when it comes to individual areas of taxation, they are considered in the lead-up to a budget. We are in a scenario where we have limited resources overall. We have a net tax package of €1.15 billion, as set out in the summer economic statement, and there are lots of different things we would like to do with that envelope. Principal in that would be an income tax package...

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

Michael McGrath: As the Deputy said, I met the mortgage industry on 31 August 2023. Attendees included the Banking and Payments Federation Ireland, BPFI, CEOs and senior representatives of all the main mortgage lenders and servicers, including: AIB; Bank of Ireland; Permanent TSB; Pepper; Mars Capital; Avant Money; Dilosk; and other mortgage entities. The Central Bank of Ireland also attended. The...

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

Michael McGrath: As the Deputy knows, in total we have more than 110,000 principal dwelling home mortgages that are in the non-bank sector, and the agreement on the eligibility criteria for switching is a significant step forward. It is the first time we have such agreement in place and we have the agreement of all of the different lenders that they will operate and support those mortgage switching and...

Ceisteanna ar Sonraíodh Uain Dóibh - Priority Questions: European Union (5 Oct 2023)

Michael McGrath: Of course, the context is that the EU budget is under real pressure, which I acknowledge. Ireland has always sought to be a very constructive member state when it comes to supporting the policies and initiatives of the Union, and the budget is under pressure. I have pointed to our broad support for some of the other measures that were set out within that package but I have confirmed in the...

Ceisteanna ar Sonraíodh Uain Dóibh - Priority Questions: European Union (5 Oct 2023)

Michael McGrath: Ireland would be the fourth largest gross contributor to the corporate profits own resource after Germany, France and Italy, although we are a small member state in relative terms. At a political level, I set out my views at the July ECOFIN meeting and also put them directly to the EU budget Commissioner in May, when we met on the margins of the informal ECOFIN in Stockholm. In addition, my...

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

Michael McGrath: As the Deputy will be aware, the small gift exemption is an annual CAT relief available to all recipients of gifts. This means a person can receive a gift to the value of €3,000 free of CAT. For example, a parent may give a gift up to the value of €3,000 to a child or anyone else each calendar year without any CAT arising. Two parents can make gifts of €3,000 each to a...

Ceisteanna ar Sonraíodh Uain Dóibh - Priority Questions: Housing Provision (5 Oct 2023)

Michael McGrath: I have in recent weeks asked my officials to engage with Revenue. I wanted to be satisfied about the preparatory work and engagement Revenue is having with people it believes are within scope of the tax. It is important to point out there is a range of exemptions, for example, for homes that underwent structural works, homes being actively marketed, where the owner has passed away, where it...

Ceisteanna ar Sonraíodh Uain Dóibh - Priority Questions: Housing Provision (5 Oct 2023)

Michael McGrath: In June this year, Revenue launched a series of information sessions and webinars with key relevant stakeholders, including Citizens Information, the Approved Housing Bodies Regulatory Authority, the Irish Council for Social Housing, the Irish property valuers association and all local authorities. Revenue has undertaken significant work to understand the number of properties that have...

Ceisteanna ar Sonraíodh Uain Dóibh - Priority Questions: Housing Provision (5 Oct 2023)

Michael McGrath: I outlined earlier some of the numbers within that 166,000 that are not within scope of the vacant homes tax and the reasons. It is a policy decision for any Government whether, where someone has just deceased or where a property is up for sale or on a short-term let but on census night was vacant, that should be in scope. These are all policy decisions.

Ceisteanna ar Sonraíodh Uain Dóibh - Priority Questions: European Union (5 Oct 2023)

Michael McGrath: As the Deputy will be aware, an updated package of possible new own resources proposed by the European Commission on 20 June included a new proposal for a corporate statistical own resource based on company profits. He will also be aware that a number of officials from my Department met yesterday with Oireachtas Joint Committee on Finance, Public Expenditure and Reform, and Taoiseach - I...

Ceisteanna ar Sonraíodh Uain Dóibh - Priority Questions: Fuel Prices (5 Oct 2023)

Michael McGrath: As the Deputy is aware, it is a long-standing practice of the Minister for Finance not to specifically comment on individual measures that may be part of the budget. With regard to kerosene used for home heating purposes, mineral oil tax and VAT at a rate of 13.5% are applied. Kerosene is also subject to the National Oil Reserves Agency, NORA, levy at a rate of 2 cent per litre. Mineral...

Ceisteanna ar Sonraíodh Uain Dóibh - Priority Questions: Fuel Prices (5 Oct 2023)

Michael McGrath: I am aware of the volatility in the cost of filling or half filling a tank of oil. It is down to a number of factors. As the Deputy said, we have seen the price of oil increase very significantly in recent weeks. In the past 48 hours it has gone down by 5% or 6%, but who knows what will happen today or in the weeks ahead? Of course, the cost of refining is also a factor. The relative...

Ceisteanna ar Sonraíodh Uain Dóibh - Priority Questions: Fuel Prices (5 Oct 2023)

Michael McGrath: I am all too aware of the real-life impact of the increase in the cost of oil. When I was young, we grew up in a home where heating was provided by oil. I well remember my parents trying to put together money to fill or half-fill the tank of oil. I am very aware of the reality and of the burden this imposes on many families. As the Deputy says, it is subject to a lot of fluctuation....

Ceisteanna ar Sonraíodh Uain Dóibh - Priority Questions: Housing Provision (5 Oct 2023)

Michael McGrath: The vacant homes tax is a new measure announced in last year's budget, which aims to increase the supply of homes for rent or purchase to meet demand. The first chargeable period commenced on 1 November 2022. The first self-assessed returns are due on 7 November this year and the tax will be payable from 1 January 2024. The number of properties in scope and tax payable will depend on the...

Ceisteanna ar Sonraíodh Uain Dóibh - Priority Questions: Mortgage Interest Rates (5 Oct 2023)

Michael McGrath: Again, as the Deputy knows well, when my party was in opposition, we used the influence we had at the time to secure an extension to mortgage interest relief, but that ended a number of years ago. It is undoubtedly the case that the ten successive ECB rate increases are placing a real burden on households throughout the country. I am not into rhetoric or political declarations; I am into...

Ceisteanna ar Sonraíodh Uain Dóibh - Priority Questions: Tax Code (5 Oct 2023)

Michael McGrath: I thank Deputy Nash for raising this issue. The domicile levy was introduced in the Finance Act 2010, as he said, to ensure Irish-domiciled individuals who met certain criteria would make a contribution to the Exchequer, irrespective of where they were resident for tax purposes. The purpose of the levy is to ensure individuals with substantial income and assets located in the State will...

Ceisteanna ar Sonraíodh Uain Dóibh - Priority Questions: Tax Code (5 Oct 2023)

Michael McGrath: To clarify, what declarations or information is the Deputy looking for?

Ceisteanna ar Sonraíodh Uain Dóibh - Priority Questions: Tax Code (5 Oct 2023)

Michael McGrath: Okay. Of course, the levy applies to individuals who are resident and non-resident for Irish tax purposes, but I will respond formally to the Deputy on the specific point he raised. This is a self-assessed tax, so people are required to make the relevant return. The Revenue Commissioners are very active in the area of compliance in respect of the domicile levy and taxpayers are aware of...

Ceisteanna ar Sonraíodh Uain Dóibh - Priority Questions: Tax Code (5 Oct 2023)

Michael McGrath: Given the Deputy referred to the commission, it is important to point to its work. I earlier referred to the remittance basis of tax, which concerns how non-domiciled Irish residents are taxed on their worldwide income. The current rules permit long-term non-domiciled residents to avail of the remittance basis of tax, even though these individuals may have significant ties to the State....