Results 2,201-2,220 of 27,945 for speaker:Michael McGrath

Written Answers — Department of Finance: Banking Sector (3 Oct 2023)

Michael McGrath: As the Deputy is aware, the Retail Banking Review, published by my Department in November 2022, concluded that cash, despite a decline in its usage, remains an important element of the payments system and the broader economy and it is essential that cash remains readily available to customers through ATMs and other means across the country. It also concluded that there was still reasonable...

Written Answers — Department of Finance: Budget 2024 (3 Oct 2023)

Michael McGrath: The Universal Social Charge (USC) was designed and incorporated into the Irish taxation system in 2011 to replace two other charges, namely 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 has played a vital role in meeting the many expenditure demands placed on the...

Written Answers — Department of Finance: Tax Code (3 Oct 2023)

Michael McGrath: Regarding taxation, recent policy has been focused on strengthening the environmental rationale behind company car taxation. From 1 January 2023, the amount taxable as BIK continues to be determined by the car’s Original Market Value (OMV) and the annual business kilometres driven, while new CO2 emissions-based bands determine whether a standard, discounted, or surcharged rate is...

Written Answers — Department of Finance: Tax Code (3 Oct 2023)

Michael McGrath: As the Deputy will recall from my previous response, on 11 September 2023, the Value Added Tax (Refund of Tax) (Touring Coaches) Order of 2012 provides for a refund of VAT on the cost of acquiring “qualifying vehicles” used for the carriage of tourists under contracts for group transport. This order places no restriction on the fuel source of a qualifying vehicle and therefore...

Written Answers — Department of Finance: Tax Code (3 Oct 2023)

Michael McGrath: The current stamp duty rate for non-residential property, which includes agricultural land, is 7.5%. Farming is first and foremost a business, and section 655 of the Taxes Consolidation Act 1997 states "For the purposes of the Tax Acts, farming shall be treated as the carrying on of a trade or, as the case may be, of part of a trade, and the profits or gains of farming shall be charged to tax...

Written Answers — Department of Finance: Departmental Policies (3 Oct 2023)

Michael McGrath: I can confirm to the Deputy that Cybersecurity Guidance from the National Cyber Security Centre (NCSC) in relation to Generative AI issued to Government departments, including my department, during the year. A National AI Strategy, “AI – Here for Good”, prepared by the Department of Enterprise, Trade and Employment was also published in 2021. The NCSC guidance...

Written Answers — Department of Finance: Departmental Reviews (3 Oct 2023)

Michael McGrath: The Deputy will be aware that, as signalled in Budget 2023, the Government is committed to a review of the personal tax system, having regard to the medium term. The Department of Finance was tasked with carrying out this review. On the 8th March, I launched a public consultation in respect of the review of the personal tax system, with the consultation period closing on 5 April. The terms...

Written Answers — Department of Finance: Departmental Records (3 Oct 2023)

Michael McGrath: The Department of Finance does not record such data and does not have a role in such matters as the type of vehicles involved in road traffic accidents which are the subject of a civil trial involving an insurance company. As the Deputy will be aware, the Courts Service may be able to advise what data is recorded during the case of a civil trial. As the Court Services come under the remit...

Joint Oireachtas Committee on Health: Spinal Surgery Issues at Children's University Hospital Temple Street: Children's Health Ireland (28 Sep 2023)

Michael McGrath: My question was: where did the impetus for the initial internal review come from? Dr. Goldman said that the team met and the team decided. Was it the consultants who were carrying out the procedures, was it other consultants from the multidisciplinary team or was it Dr. Goldman himself? Where did the impetus come from for the internal review?

Joint Oireachtas Committee on Health: Spinal Surgery Issues at Children's University Hospital Temple Street: Children's Health Ireland (28 Sep 2023)

Michael McGrath: I am happy to give Dr. Goldman a few minutes but only if the Chair will give me a few extra minutes.

Written Answers — Department of Finance: Tax Reliefs (28 Sep 2023)

Michael McGrath: The operation of the Local Authority Affordable Purchase Scheme(LAAP) and the First Home Scheme (FHS) are, in the first instance, primarily a matter for Minister for Housing, Local Government and Heritage. In relation to their interaction with the Help To Buy (HTB) scheme, I can confirm that there have been no changes to the HTB scheme specifically addressing any related issues. HTB, as...

Written Answers — Department of Finance: Tax Reliefs (28 Sep 2023)

Michael McGrath: Help to Buy (HTB) is a scheme to assist first-time purchasers with the deposit they need to buy or build a new house or apartment. The incentive offers a refund on Income Tax and Deposit Interest Retention Tax (DIRT) paid in the State over the previous four years, subject to limits outlined in Section 477C of the Taxes Consolidation Act 1997. An increase in the supply of new housing...

Written Answers — Department of Finance: Tax Reliefs (28 Sep 2023)

Michael McGrath: The below table sets out current tax relief or incentives which can be claimed for the first time relating to the purchase, rental or renovation of property for residential use, the date of introduction, if a review was carried out, and details of the most recent such reviews. Name of Relief Start Date Cost Benefit Analysis/Review Y/N Cost Benefit...

Committee on Budgetary Oversight: Pre-Budget Engagement (Resumed): Ministers for Finance and Public Expenditure, NDP Delivery and Reform (27 Sep 2023)

Michael McGrath: I thank the Cathaoirleach and wish my colleagues a good evening. I thank them for the opportunity to attend the committee today to discuss budget 2024, which the Minister for Public Expenditure and Reform, National Development Plan Delivery and Reform, Deputy Donohoe, and I will present to the Oireachtas on Tuesday, 10 October. I will begin by outlining the economic and fiscal context for...

Committee on Budgetary Oversight: Pre-Budget Engagement (Resumed): Ministers for Finance and Public Expenditure, NDP Delivery and Reform (27 Sep 2023)

Michael McGrath: I thank the Deputy for his question. Overall, across the year so far, corporation tax receipts are on profile. We anticipated when we published the stability programme update, SPU, in April that corporate tax receipts would grow by approximately 7% over 2022 levels. In the year to the end of August, we are pretty much on profile, with 7% growth, notwithstanding the reduction relative to...

Committee on Budgetary Oversight: Pre-Budget Engagement (Resumed): Ministers for Finance and Public Expenditure, NDP Delivery and Reform (27 Sep 2023)

Michael McGrath: As the Deputy knows, we have invested a lot as a Government in the OECD process, which the Minister, Deputy Donohoe, was very much involved in negotiating and helped to shape. That was a very significant moment for Ireland because the 12.5% rate has been a bedrock of our industrial policy for a significant number of years, but we made the decision to be part of a global deal to provide...

Committee on Budgetary Oversight: Pre-Budget Engagement (Resumed): Ministers for Finance and Public Expenditure, NDP Delivery and Reform (27 Sep 2023)

Michael McGrath: It is a net spending rule so it is open to the Government to raise additional taxation through policy decisions and that then creates additional room if we want to stay within the 6.1%, which is the summer economic statement policy decision. That enables us to do more on taxation or expenditure. That is the way in which the net spending rule works.

Committee on Budgetary Oversight: Pre-Budget Engagement (Resumed): Ministers for Finance and Public Expenditure, NDP Delivery and Reform (27 Sep 2023)

Michael McGrath: No. If we are to make any decisions to raise additional debt relief notices, DRNs, with which the Deputy will be familiar, that increases the scope we have in the budget, either on taxation in terms of reductions or on the spending side, so it is a net spending rule. We are applying the 6.1% on the spending side because on the taxation side, if we were to do nothing it would automatically...