Results 2,261-2,280 of 27,945 for speaker:Michael McGrath

Reversal of Planned Fuel Price Increases: Motion [Private Members] (26 Sep 2023)

Michael McGrath: I thank Deputy Doherty and his colleagues for putting down this motion and for affording me an opportunity to further respond on behalf of the Government. I know the Minister of State, Deputy Chambers, spoke earlier. I will set out our position on this issue. I believe that budget day is the appropriate time for the Government to set out its overall response to the cost-of-living pressures...

Written Answers — Department of Finance: Tax Data (26 Sep 2023)

Michael McGrath: I am advised by Revenue that the available information in respect of the number of Local Property Tax exemptions and deferrals claimed for the year 2022 is published on the Revenue website at: www.revenue.ie/en/corporate/documents/statistics/lpt/lpt-sta ts-update-120723.pdf. For the year 2022, the estimated Local Property Tax foregone as a result of exemptions is approximately €5.4...

Written Answers — Department of Finance: Departmental Correspondence (26 Sep 2023)

Michael McGrath: Capital Acquisitions Tax (CAT) is a tax on gifts and inheritances that is payable by the person receiving the gift or inheritance (the beneficiary) on the taxable value of the property received. The relationship between the person giving a gift or inheritance (the disponer) and the beneficiary determines the maximum amount, known as the “Group threshold”, below which CAT does...

Written Answers — Department of Finance: Pension Provisions (26 Sep 2023)

Michael McGrath: I propose to take Questions Nos. 157, 173, 187, 188, 190 and 191 together. I understand that Deputy Lowry, in line with Deputies O'Dowd, Bruton, Troy and Smyth, is referring to the chargeable excess tax and Standard Fund Threshold (SFT) regime. I am advised by Revenue that the SFT was introduced in Finance Act 2005, with the purpose of addressing excessive pension accrual, and it...

Written Answers — Department of Finance: Tax Yield (26 Sep 2023)

Michael McGrath: I am informed by Revenue that the cost of not proceeding with the 31 October 2023 increase on petrol, diesel and MGO for a year is approximately €296m.

Written Answers — Department of Finance: Tax Code (26 Sep 2023)

Michael McGrath: In general, capital gains tax (CGT) is chargeable on a gain arising on the disposal of an asset at the rate of 33 per cent. The first €1,270 of chargeable gains of an individual in any year are exempt from CGT. The transfer of an asset by a person to his or her child constitutes a disposal of that asset for CGT purposes. Where an asset is transferred other than by way of a bargain at...

Written Answers — Department of Finance: Financial Services (26 Sep 2023)

Michael McGrath: The Financial Consumer Protection Roadmap, which was published by my Department on 13 September, addresses this issue in the context of the consumer protection framework available in Ireland. A revised Consumer Credit Directive is at an advanced stage in the European legislative process. It was agreed between EU co-legislators earlier this year. The legislation will cover certain credit...

Written Answers — Department of Finance: Financial Services (26 Sep 2023)

Michael McGrath: I propose to take Questions Nos. 161 and 185 together. The Financial Consumer Protection Roadmap, which was published by my Department on 13 September 2023, addressed this issue in the context of the consumer protections available in Ireland. Firstly, the Deputy should note that in June of this year Insurance Ireland and its members published a Code of Practice for Underwriting Mortgage...

Written Answers — Department of Finance: Tax Data (26 Sep 2023)

Michael McGrath: I am advised by Revenue that the costs to the Exchequer arising from the Diesel Rebate Scheme in each of the years since its introduction in July 2013 are published on the Revenue website at: www.revenue.ie/en/corporate/information-about-revenue/statis tics/tax-expenditures/costs-expenditures.aspx. The provisional year-to-date cost in 2023 is €23.5m.

Written Answers — Department of Finance: Tax Code (26 Sep 2023)

Michael McGrath: In relation to the VAT rate applying to hairdressers, as the Deputy will recall, I extended the 9% VAT rate which applied for the tourism, hospitality and hairdressing sectors to 31 August 2023 from the previous end date of 28 February 2023. The VAT rate reverted to the 13.5% VAT rate on 1 September 2023. It is not intended to reintroduce this 9% reduced VAT rate at this time. As you may...

Written Answers — Department of Finance: Tax Data (26 Sep 2023)

Michael McGrath: I propose to take Questions Nos. 164, 165 and 166 together. In relation to the question regarding the number of individuals who paid any amount of income tax, PRSI, USC, income levy or health levy in each year from 2007 to date, I am advised by Revenue that such data on individuals is not available as tax liabilities are assessed on a taxpayer unit basis. A taxpayer unit can consist of two...

Written Answers — Department of Finance: Financial Services (26 Sep 2023)

Michael McGrath: I propose to take Questions Nos. 167, 168 and 170 together. The merchant service charge is the fee charged by an acquirer to a business for processing card transactions. The acquirer referred to by the Deputy and its competitors are independent commercial entities operating in an a competitive market. The amount of the merchant service charge varies by acquirer, often depending on the...

Written Answers — Department of Finance: Housing Schemes (26 Sep 2023)

Michael McGrath: The Rent a Room scheme was introduced in Finance Act 2001 as an incentive to encourage individuals to let rooms in their principal private residence as residential accommodation in order to bring about an increase in the availability of rental accommodation. In accordance with section 216A of the Taxes Consolidation Act 1997, an individual who lets a room or rooms in her or his sole or main...

Written Answers — Department of Finance: National Risk Assessment (26 Sep 2023)

Michael McGrath: The challenges of the last several years have necessitated significant fiscal intervention by Government, both through taxation policy measures and temporary or non-core expenditure. As I have stated on many occasions, fiscal policy must strike a balance between providing Government with the scope to act as necessary today and ensuring the sustainability of our public finances over the medium...

Written Answers — Department of Finance: Dental Services (26 Sep 2023)

Michael McGrath: Section 469 of the Taxes Consolidation Act 1997 (TCA 1997) provides for tax relief where an individual proves that he or she has incurred costs in respect of qualifying health expenses. Only “health expenses” incurred in the provision of “health care”, which has been carried out or advised by (in certain circumstances) a “practitioner”, will qualify...

Written Answers — Department of Finance: Financial Services (26 Sep 2023)

Michael McGrath: Directive 2013/11/EU of the European Parliament and of the Council (“The ADR Directive”) concerns alternative dispute resolution (ADR) for consumer disputes and amends Regulation (EC) No 2006/2004 and Directive 2009/22/EC. Article 55 of the ADR Directive provides that: “In order to ensure that ADR entities function properly and effectively, they should be closely...

Written Answers — Department of Finance: Financial Services (26 Sep 2023)

Michael McGrath: The Financial Services and Pensions Ombudsman is accountable to the Public Accounts Committee and to other Oireachtas Committees under Sections 22 and 23 of the FSPO Act. In recent years, the FSPO has appeared regularly before the Committee on Public Petitions and the Ombudsmen.

Written Answers — Department of Finance: Financial Services (26 Sep 2023)

Michael McGrath: In 2017, the Government merged the offices of the Financial Services Ombudsman Bureau and the Office of the Pensions Ombudsman, to form the Financial Services and Pensions Ombudsman. The Financial Services and Pensions Ombudsman Act 2017 established the Office of the Financial Services and Pensions Ombudsman, and the FSPO became operational from 1 January 2018. The Financial Services and...

Written Answers — Department of Finance: Financial Services (26 Sep 2023)

Michael McGrath: When a complaint is received by the FSPO, the Registry and Assessment team of the Customer Operations and Information Management (COIM) directorate reviews and assesses it. This initial assessment provides an opportunity for the FSPO to determine if the complainant has provided all the necessary eligibility information to progress the complaint through our complaint resolution processes and...

Written Answers — Department of Finance: Financial Services (26 Sep 2023)

Michael McGrath: I have been informed by the FSPO that Section 50 of the FSPO Actsets out that the Ombudsman shall not investigate or make a decision on a complaint where the internal dispute resolution procedures required under Section 54 of the FSPO Act have not been complied with. Provision 10.9 (d) of the Central Bank of Ireland’s Consumer Protection Code 2012, provides that a regulated entity...