Results 2,161-2,180 of 27,945 for speaker:Michael McGrath

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 European VAT Directive, with which Irish VAT legislation must comply, would not permit VAT rates for a particular good or service to vary depending on...

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

Michael McGrath: I propose to take Questions Nos. 212 and 213 together. As the Deputies 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.

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

Michael McGrath: Despite facing substantial economic headwinds over the past year, the Irish economy has proven to be remarkably resilient. This has been reflected in strong domestic economic growth in the second quarter, with both modified domestic demand (MDD) and personal consumption growing by close to 1 per cent. Government supports have clearly played a key role in helping households to weather the...

Written Answers — Department of Finance: Job Creation (5 Oct 2023)

Michael McGrath: Ireland is widely acknowledged to promote a stable pro-enterprise economy, reflected in our continued ability to attract and retain foreign direct investment (FDI) and the jobs that this investment brings. I am conscious of the need to maintain our competitive position on an international stage, given the contribution of FDI to the domestic economy, and in light of an increase in...

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

Michael McGrath: I propose to take Questions Nos. 216 and 223 together. Economic growth prospects across the Eurozone, the European Union and more broadly remain subdued. In the second quarter of this year, GDP grew by just 0.1 per cent in the Eurozone and was flat in the EU. Irish GDP, by comparison, increased by ½ a per cent in the second quarter, while modified domestic demand – my preferred...

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

Michael McGrath: As the deputy will be aware, 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...

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

Michael McGrath: The setting of retail lending rates by individual entities is a commercial matter for each individual entity and neither the Central Bank nor I have any function or role in such decision making matters by financial institutions. There are no regulatory provisions requiring non-bank financial entities, such as retail credit and credit servicing firms, operating in the housing market to charge...

Written Answers — Department of Finance: Financial Services (5 Oct 2023)

Michael McGrath: The Government is aware of the pressure that the rising interest rate environment may have on borrowers. I convened a meeting with lenders active in the mortgage market on 31 August. The Central Bank of Ireland, the Insolvency Service of Ireland, the Citizens Information Board and Money Advice and Budgeting Service also attended. Following this meeting, on 6 September the Banking &...

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

Michael McGrath: Inflation in Ireland averaged just over 8 per cent in 2022, peaking at 9½ per cent last summer. This September, HICP inflation stood at 5 per cent, representing a decline of 4½ percentage points from last year peak. While these developments represent a significant reduction in inflationary pressures, inflation remains far above the ECB’s 2 per cent target and even further...

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

Michael McGrath: Despite facing multiple headwinds over recent years, the Irish economy has proven to be remarkably resilient. This resilience is most clearly evident in the labour market with the unemployment rate remaining around historically low levels (4.1 per cent in August). This is consistent with the robust growth in modified domestic demand and consumer spending recorded in the second quarter...

Written Answers — Department of Finance: Motor Fuels (4 Oct 2023)

Michael McGrath: The final retail prices of fuel is determined by a number of factors including energy market dynamics, wholesale pricing policy, transport costs, exchange rate impacts, taxation and individual retailer pricing policies. In the context of increases in consumer prices in 2022, the Government implemented a reduction in Mineral Oil Tax (excise duty) on petrol and diesel by 20 and 15 cent per...

Written Answers — Department of Finance: Tillage Sector (4 Oct 2023)

Michael McGrath: A number of tax reliefs are in place specifically to support the farming sector, for example, accelerated capital allowances for farm safety equipment and for construction of slurry storage facilities, various stock reliefs, tax exemption for certain income earned from leasing farm land, carbon tax relief on farm diesel, succession farm partnerships relief, and VAT rebates on farm buildings....

Written Answers — Department of Finance: Banking Sector (4 Oct 2023)

Michael McGrath: There are 17 banks authorised under Irish legislation, Section 9 of the Central Bank Act 1971, to carry on banking business in the State. These banks together with the start date for their licenses are listed below. Including the 17 banks referred to above, there are 433 institutions listed in the Central Bank’s register of credit institutions permitted to operate in Ireland. The...

Written Answers — Department of Finance: Tax Collection (4 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 Credits (4 Oct 2023)

Michael McGrath: I am aware of the Oireachtas Committee on Budgetary Oversight’s recent report on the section 481 film tax credit and the recommendations contained therein, including those specific to copyright law. I would note that copyright law falls within the remit of the Department of the Enterprise, Trade and Employment. However, to gain an understanding of the issue, my officials have...

Written Answers — Department of Finance: Tax Credits (4 Oct 2023)

Michael McGrath: I understand that the Department of Tourism, Culture, Arts, Gaeltacht, Sport and Media (DTCAGSM) are examining the options available regarding the recommendation in the Committee on Budgetary Oversight’s Report on Section 481 (Film Tax Relief) for the convening of a stakeholder forum. I am advised that a previous attempt to constitute a forum was undertaken by Screen Ireland in...

Written Answers — Department of Finance: Proposed Legislation (4 Oct 2023)

Michael McGrath: It has not been possible in the time available to compile an updated list of the information sought in the Deputy's PQ. My officials will revert in writing to the Deputy when this is prepared.

Written Answers — Department of Finance: Tax Code (4 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: Primary Medical Certificates (3 Oct 2023)

Michael McGrath: Progress has been made on efforts to convene a new Disabled Drivers Medical Board of Appeals (DDMBA), to secure 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 Rehabilitation...