Results 2,141-2,160 of 27,945 for speaker:Michael McGrath

Written Answers — Department of Finance: Cost of Living Issues (5 Oct 2023)

Michael McGrath: I propose to take Questions Nos. 143 and 202 together. Government has responded swiftly and decisively to the cost of living challenges facing people in both rural and urban settings. Some €12 billion in fiscal supports have been made available aimed at supporting businesses and households most adversely impacted by inflation. The targeted and temporary nature of many of the cost of...

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 Ireland already applies an exemption without deductibility to the transport of passengers which in effect results in a zero VAT rate for consumers.

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

Michael McGrath: On 31 August last, I convened a meeting of banks, non banks and other stakeholders on the importance of supporting mortgage holders at this time. I am very conscious of the impact that rising interest rates are having on mortgage borrowers. At the meeting, I heard from MABS and the Insolvency Service of Ireland about the increased demand for their services. Against this backdrop and...

Written Answers — Department of Finance: Official Engagements (5 Oct 2023)

Michael McGrath: As the Deputy will be aware, the eighth National Economic Dialogue took place on June 12th. The overarching theme of the Dialogue was “The economy in 2030: enabling a sustainable future for all”. The Dialogue provides a forum for participants to engage in an open and inclusive exchange on the competing economic and social goals of the Government, with this year’s Dialogue...

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

Michael McGrath: Housing for All is the Government’s plan to increase the supply of housing to an average of 33,000 per year over the next decade. This includes the delivery of 90,000 social homes, 36,000 affordable homes and 18,000 cost rental homes. Housing for All is supported by an investment package of over €4 billion per annum, through an overall combination of €12 billion in direct...

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

Michael McGrath: The latest data published on 29 September 2023 by the Banking & Payments Federation Ireland (BPFI) for August 2023 shows that a total of 4,534 mortgages were approved in August 2023. First-time buyers (FTBs) were approved for 2,829 mortgages (62.4% of total volume) while mover purchasers accounted for 1,029 (22.7%). The BPFI noted that first-time buyer (FTB) mortgage approvals...

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

Michael McGrath: The domicile levy is a levy to be paid annually by individuals who:are domiciled in Ireland in the tax year;whose world-wide income in the tax year exceeds €1m;whose liability to Irish income tax in the tax year is less than €200,000; andwho owns Irish property on 31 December in the tax year where the market value of that property is greater in value than €5m.The amount...

Written Answers — Department of Finance: Credit Unions (5 Oct 2023)

Michael McGrath: I thank the Deputy for his question. As this is a matter of Regulation, officials in my Department have liaised with the Central Bank who have provided the following information: The relevant legislation is the Governing Council of the ECB - Guideline ECB/2014/60, as amended. In order to be an eligible counterparty for Eurosystem monetary policy operations (including access to the...

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

Michael McGrath: 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 Health have been agreed. On this basis the National...

Written Answers — Department of Finance: Legislative Programme (5 Oct 2023)

Michael McGrath: I thank the Deputy for his question. The enactment of the Credit Union (Amendment) Bill 2020 is a key priority of Government and as the first substantive credit union legislation since 2012, it will deliver on the Programme for Government commitment to support the growth of the credit union sector. Both Minister Carroll MacNeill and I, are working hard to progress this legislation as quickly...

Written Answers — Department of Finance: Fiscal Policy (5 Oct 2023)

Michael McGrath: The Government, in October 2021, took the decision to join with almost 140 other jurisdictions in a two-pillared agreement to create a new international tax framework and we intend to follow through on that commitment. Pillar One seeks to reallocate taxing rights to market jurisdictions through Amount A as well as simplifying transfer pricing rules in certain cases through Amount B. ...

Written Answers — Department of Finance: Defective Building Materials (5 Oct 2023)

Michael McGrath: As the Deputy is aware, the Government response on the MICA issue is led by my colleague, the Minister for Housing, Local Government and Heritage. I understand from his Department that there has been a number of engagements between his Department and the Banking and Payments Federation (BPFI) on specific issues raised by Defective Concrete Block homeowners. My Department maintains...

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

Michael McGrath: I am aware of the Deputy's interest in wealth taxes and the periodic reports published by Oxfam which discuss that concept. The most recent report by Oxfam International regarding global wealth inequality was produced in January this year. That report, entitled “Survival of the Richest”, proposes new wealth taxes in Ireland and in other jurisdictions. While I understand the...

Written Answers — Department of Finance: Fiscal Policy (5 Oct 2023)

Michael McGrath: I take it that the Deputy is referring to funds including those deposited by the public in banks, investment funds and also those lent to the state as part of State Savings. Through State Savings the citizen is already supporting the State to the tune of c.€20 billion. State Savings Fixed Term products and Prize Bonds are placed in the Central Fund of the Exchequer and used to...

Written Answers — Department of Finance: Economic Policy (5 Oct 2023)

Michael McGrath: The outlook for the international economy remains subdued, with downside risks to the fore. The OECD, for instance, is projecting global GDP growth of just 3 per cent this year in its most recent forecasts – well below the historical average, and prospects in our key trading partners also remain weak. Moreover, there remains considerable uncertainty surrounding international economic...

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

Michael McGrath: As the Deputy has indicated, the Commission on Taxation and Welfare has recommended that the overall level of revenues raised from tax and PRSI must increase materially as a share of national income to meet the medium- to long-term threats to fiscal sustainability. However, as the Commission’s recommendations are significant and wide ranging, it is important to allow sufficient time...

Written Answers — Department of Finance: Primary Medical Certificates (5 Oct 2023)

Michael McGrath: I propose to take Questions Nos. 203 and 204 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: Tax Code (5 Oct 2023)

Michael McGrath: As the deputy is aware, agricultural relief allows the value of agricultural assets gifted or inherited (including farmland, buildings, stock) to be reduced by 90% of their value for the calculation of a Capital Acquisition Tax (CAT) liability. To be eligible for the relief, at least 80% of the gross market value of the property to which a person is beneficially entitled must comprise...

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

Michael McGrath: I propose to take Questions Nos. 207 and 208 together. As the Deputy may be aware, it is possible to change the VAT rate for hospitality or accommodation without reference to the other. The respective costs of extending the 9% VAT for different sectors are set out in the below table but for the year 2024 the estimated cost would be €159.5 for accommodation, €569.3m for...

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

Michael McGrath: I propose to take Questions Nos. 209 and 210 together. As the Deputy will recall, I extended the 9% VAT rate for the tourism and hospitality sectors to 31 August 2023 from the previous end date of 28 February 2023. It reverted to the 13.5% VAT rate on 1 September 2023. The estimated cost of the final extension of the measure is €300m. This extension struck a balance between the cost...