Results 2,101-2,120 of 27,945 for speaker:Michael McGrath

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

Michael McGrath: I thank Deputy Doherty for his question. As I have stated previously in the House, the position is that the formulation and implementation of monetary policy in the eurozone and the setting of official interest rates is an independent matter for the European Central Bank. The Government has no role in setting official interest rates, nor in setting the retail interest rates that lenders may...

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

Michael McGrath: For factual accuracy, as the Deputy well knows, when we advocated in opposition for an extension of mortgage interest relief it was in the context of the confidence and supply agreement we had. The relief was about to be phased out and we negotiated an extension of mortgage interest relief and it remained in place for longer than it otherwise would have. That is the fact of the matter, as...

Written Answers — Department of Finance: Banking Sector (5 Oct 2023)

Michael McGrath: The Government approved the publication of the Retail Banking Review and the implementation of its recommendations on 29 November 2022. Each recommendation identifies the body or bodies responsible for delivery of that recommendation and in some cases contain timelines for delivery of the recommendation, where appropriate. It is for the relevant bodies to consider and implement the...

Written Answers — Department of Finance: Tax Yield (5 Oct 2023)

Michael McGrath: Excise duties, in the form of Mineral Oil Tax, Natural Gas Carbon Tax and Solid Fuel Carbon Tax, apply to liquid, gaseous and solid fuels in the State. Mineral Oil Tax comprises a carbon and a non-carbon component whereas Natural Gas Carbon Tax and Solid Fuel Carbon Tax do not have any non-carbon component. I am advised by Revenue that the receipts collected in respect of these excise duties...

Written Answers — Department of Finance: Tax Code (5 Oct 2023)

Michael McGrath: The Deputy will be aware that 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. However, I will draw the Deputy’s attention to a number of current taxation measures which support the scale-up and expansion of Irish businesses. The Foreign Earnings Deduction (FED) is...

Written Answers — Department of Finance: Tax Reliefs (5 Oct 2023)

Michael McGrath: I propose to take Questions Nos. 91 and 142 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 Department of...

Written Answers — Department of Finance: Business Supports (5 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 TBESS...

Written Answers — Department of Finance: Tax Code (5 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. 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 services...

Written Answers — Department of Finance: Housing Schemes (5 Oct 2023)

Michael McGrath: As the Deputy is aware, the Help to Buy (HTB) incentive is a scheme, administered by Revenue, 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 the State over the previous four years, subject to limits outlined in the legislation. I am advised by...

Written Answers — Department of Finance: Tax Code (5 Oct 2023)

Michael McGrath: As the Deputy is aware, the report of the Commission on Taxation and Welfare (COTW) examined Ireland’s capital taxes policy in detail. The Commission placed emphasis on the importance of broadening the tax base and in particular recommended that the share of taxes from capital and wealth should be increased. This is in the context of 2.5% of tax receipts currently coming from capital...

Written Answers — Department of Finance: Interest Rates (5 Oct 2023)

Michael McGrath: The determination of interest rates is a commercial decision for individual banks and is the sole responsibility of the board and management of each bank. Neither the Central Bank of Ireland nor I have a role in setting the interest rates offered by institutions operating in the Irish banking sector. Although the State is a shareholder in some of the banks operating in this jurisdiction,...

Written Answers — Department of Finance: Tax Credits (5 Oct 2023)

Michael McGrath: I propose to take Questions Nos. 98, 108, 117, 124, 129, 132 and 154 together. The Rent Tax Credit, as provided for in section 473B of the Taxes Consolidation Act 1997, was introduced by Finance Act 2022 and may be claimed in respect of qualifying rent paid in 2022 and subsequent years to end-2025. The maximum value of the credit is €1,000 per year in the case of a jointly assessed...

Written Answers — Department of Finance: Tax Code (5 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 Deputy should note that the VAT rating of goods and services is subject to EU VAT law, with which Irish VAT law must comply. In general, the VAT Directive provides that all goods...

Written Answers — Department of Finance: Housing Schemes (5 Oct 2023)

Michael McGrath: The Help to Buy 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. As the Deputy is aware, in Finance Act 2022 Help to Buy was extended for a further two years to the end of 2024. To date, the Help to Buy scheme has been a significant support for first time buyers...

Written Answers — Department of Finance: Tax Exemptions (5 Oct 2023)

Michael McGrath: Section 118(5G) of the Taxes Consolidation Act 1997 provides for the Cycle to Work scheme. This scheme offers an exemption from benefit-in-kind (BIK) where an employer purchases a bicycle and/or associated safety equipment for one of their employees (or directors) to use, in whole or in part, to travel to work. Associated safety equipment includes helmets, lights, bells, mirrors and locks but...

Written Answers — Department of Finance: National Treasury Management Agency (5 Oct 2023)

Michael McGrath: My Department has been working with the Ireland Strategic Investment Fund (ISIF) on the most appropriate way to address the issues raised by the Private Members Illegal Israeli Settlements Divestment Bill 2023. This process is still ongoing. ISIF constructs its portfolio within the legislative framework set for it by the Oireachtas and must align with any changes that are legislated for....

Written Answers — Department of Finance: Tax Code (5 Oct 2023)

Michael McGrath: The Universal Social Charge (USC) was designed and incorporated into the Irish taxation system in 2011 to replace the Health and Income Levies. Its primary purpose was to widen the tax base and to provide a steady income to the Exchequer to provide funding for public services. The USC is an individualised tax, meaning that a person’s liability to the tax is determined on the basis of...

Written Answers — Department of Finance: Tax Collection (5 Oct 2023)

Michael McGrath: I propose to take Questions Nos. 104 and 122 together. Vacant Homes Tax (VHT) is administered by Revenue in accordance with Part 22B of the Taxes Consolidation Act 1997 (TCA 1997). A residential property will be within the scope of the new tax if it has been occupied as a dwelling for less than 30 days in a chargeable period. Each chargeable period will commence on 1 November and end on 31...

Written Answers — Department of Finance: Banking Sector (5 Oct 2023)

Michael McGrath: I wish to advise the Deputy that the Department of Finance published a report in December 2019 by Indecon Consulting on an Evaluation of the Concept of Community Banking in Ireland. This report followed a previous paper on Local Public Banking published by my Department in 2018. The Indecon report concluded that there is no business case for the State to establish a community banking...

Written Answers — Department of Finance: Tax Yield (5 Oct 2023)

Michael McGrath: The Universal Social Charge (USC) was designed and incorporated into the Irish taxation system in 2011 to replace the Health and Income Levies. Its primary purpose was to widen the tax base and to provide a steady income to the Exchequer to provide funding for public services. The USC is an individualised tax, meaning that a person’s liability to the tax is determined on the basis of...