Results 2,301-2,320 of 27,945 for speaker:Michael McGrath

Written Answers — Department of Finance: Customs and Excise (20 Sep 2023)

Michael McGrath: I am advised by Revenue that suspected counterfeit drugs detected by Revenue are detained and transferred to the HPRA and as such Revenue does not hold statistics relating to counterfeit prescription drug seizures.

Written Answers — Department of Finance: Tax Code (20 Sep 2023)

Michael McGrath: In recognition of the impact of increased fuel prices in 2022, the Government provided for excise rate reductions effective from 10 March 2022 on petrol, diesel and Marked Gas Oil (MGO) in the order of 20, 15 and 2 cent per litre VAT inclusive. A further 1 cent reduction was applied to auto diesel and petrol from 1 April 2022 to offset the anticipated increase in retail price arising from...

Written Answers — Department of Finance: Tax Code (20 Sep 2023)

Michael McGrath: In advance of the Budget, as Minister for Finance I receive a large number of pre-budget submissions on a wide range of issues. 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.

Written Answers — Department of Finance: Tax Code (20 Sep 2023)

Michael McGrath: I understand, following clarification from the Deputy’s office, that this question relates to the measures introduced by the EU Energy Council last year in Regulation 2022/1854 of 6 October 2022 on an emergency intervention to address high energy prices. This Regulation was introduced to address windfall gains identified as arising in the energy sector due to the increase in energy...

Written Answers — Department of Finance: Real Estate Investment Trusts (20 Sep 2023)

Michael McGrath: A Real Estate Investment Trust (REIT) is a quoted company, used as a collective investment vehicle to hold rental property. The REIT regime was introduced in Finance Act 2013 and its function is to facilitate collective investment in rental property by removing a double layer of taxation which would otherwise apply on property investment via a corporate vehicle. A REIT (or a group REIT) is...

Written Answers — Department of Finance: Defective Building Materials (20 Sep 2023)

Michael McGrath: The Deputy should note that VAT is a tax on consumption and is applied to supplies made by a person and not to supplies received by them. This is a feature of the VAT system itself, and as the Deputy may be aware, it is not possible under EU VAT law, with which Irish VAT law must comply, to introduce VAT exemption based on services received, nor to introduce an exemption based on the...

Written Answers — Department of Finance: Tax Code (20 Sep 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.

Written Answers — Department of Finance: Housing Provision (20 Sep 2023)

Michael McGrath: HBFI’s total loan approvals from inception to the end of June 2023 were €1.437bn. This approved funding is across 117 projects, in 22 counties, and can support the delivery of 6,357 homes. Of the 117 projects with funding approved, 66 projects were either under construction or completed as at 30 June 2023. These projects will support the delivery of 4,258 new homes. The...

Written Answers — Department of Finance: Tax Data (20 Sep 2023)

Michael McGrath: I am advised by Revenue that the estimated cost of not proceeding with the legislated increase in carbon tax, scheduled to take effect in October 2023, for 2023 and 2024, is shown in the following table. Year Excise €m VAT €m Total €m 2023 11.8 1.2 13.0 2024 85.6 ...

Written Answers — Department of Finance: Tax Code (20 Sep 2023)

Michael McGrath: As the Deputy is aware, arising from a November 2021 Government decision that a levy be imposed on the construction sector to contribute towards the cost of the Mica Redress Scheme, the Defective Concrete Products Levy was announced as part of Budget 2023. The Defective Concrete Products Levy (“DCPL”) applies, at a rate of 5% of the market value of the concrete products within...

Written Answers — Department of Finance: EU Directives (20 Sep 2023)

Michael McGrath: Awaiting reply from Department.

Written Answers — Department of Finance: Housing Schemes (20 Sep 2023)

Michael McGrath: Awaiting reply from Department.

Written Answers — Department of Finance: Tax Appeals Commission (20 Sep 2023)

Michael McGrath: In response to the Deputy’s question, the following table provides an outline of the number of determinations issued by the Tax Appeals Commission for the years 2020 to 2022: Year No. of Determinations issued No. of Appeals Affected Quantum €m 2020 171 191 610 2021 130 ...

Written Answers — Department of Finance: Tax Data (20 Sep 2023)

Michael McGrath: I am advised by Revenue that the estimated cost to the Exchequer, on a first and full year basis, for the proposal outlined by the Deputy is €475 million and €545 million respectively. An estimated 2.16 million taxpayer units would benefit. If the 2nd rate of USC was reduced to 1%, all taxpayer units paying USC would benefit. The number of taxpayer units that would benefit...

Written Answers — Department of Finance: Tax Credits (20 Sep 2023)

Michael McGrath: I propose to take Questions Nos. 157 and 185 together. The Rent Tax Credit, as provided for in section 473B of the Taxes Consolidation Act 1997 (TCA 1997), was introduced by the Finance Act 2022 and may be claimed in respect of qualifying rent paid in 2022 and subsequent years to end-2025. Tax refunds can be requested within four years after the end of the tax year to which the claim relates,...

Written Answers — Department of Finance: Business Regulation (20 Sep 2023)

Michael McGrath: In relation to the acceptance of cash, the general position for businesses is where a business places no restrictions on the means of payment it is prepared to accept, it must accept cash as legal tender when offered by a customer to settle a debt that has arisen. If a business specifies that payment must be in a form other than cash, for example through a sign stating, “cash not...

Written Answers — Department of Finance: Legislative Measures (20 Sep 2023)

Michael McGrath: In November 2022, the Retail Banking Review was published by my Department. It concluded that, despite this decline, cash 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 access to cash at the time of...

Written Answers — Department of Finance: Tax Code (20 Sep 2023)

Michael McGrath: As I noted in my response to PQ No. 475 of 11 September 2023, I am aware that there is a difference in the tax treatment where an Approved Retirement Fund (ARF) is inherited by a child or a foster child. However, I would note that this issue is more complex than a single difference in one particular pension product. The definition of child which is the basis for the ARF provisions...

Written Answers — Department of Finance: Mortgage Interest Rates (20 Sep 2023)

Michael McGrath: The Government is acutely aware of the challenges rising interest rates, and the cost of living more generally, are having for some mortgage holders. In that context, I recently met with banks and other mortgage creditors and made it clear to them that they need to be aware of these difficulties for their customers. I also indicated that all credit providers should be open to considering...

Written Answers — Department of Finance: Tax Code (20 Sep 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.