Results 2,321-2,340 of 27,945 for speaker:Michael McGrath

Written Answers — Department of Finance: Departmental Strategies (20 Sep 2023)

Michael McGrath: I wish to inform the Deputy that my Department has taken a series of measures to implement the specific action points referenced of the National LGBTI+ Inclusion Strategy 2019-2021. My Department is supportive of the Government Departments leading on the Strategy actions across wider society, and also implements actions within my Department as an employer to promote equality, diversity and...

Written Answers — Department of Finance: Budget 2024 (20 Sep 2023)

Michael McGrath: As Minister for Finance, I receive a large number of pre-budget submissions on a wide range of issues. All submissions are acknowledged by my Department on receipt. I can confirm that the pre-Budget submission to which the Deputy refers was received from numerous sources. Each receipt was acknowledged, with the first acknowledgement issuing on Wednesday, 6 September 2023. The contents will be...

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

Michael McGrath: As the Deputy will be aware, Capital Gains Tax (CGT) is chargeable on a gain arising on the disposal of an asset at the rate of 33%. I understand that the CGT credit referred to by the Deputy in his question is the annual exempt amount, which is provided for in section 601 of the Taxes Consolidation Act 1997. This gives an exemption to an individual in respect of the first €1,270...

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

Michael McGrath: I propose to take Questions Nos. 166, 177 and 182 together. I understand that Deputy Matthews, in line with Deputies Burke and McNamara, 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 applies to all private and...

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

Michael McGrath: The Residential Zoned Land Tax (RZLT) is a new tax introduced in Finance Act 2021 which seeks to increase housing supply by encouraging the activation of development on lands which are suitably zoned and appropriately serviced. It aims to bring those lands which have benefitted from investment in services and are capable of being developed forward for housing. The tax is an action contained...

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

Michael McGrath: I propose to take Questions Nos. 168 and 169 together. The Department publish an Annual Report on Tax Expenditures alongside the Budgetary papers each year. The publication of such a report is a statutory requirement under the EU Budgetary Framework Directive (2011/85/EU), which was transposed into Irish legislation under S.I. 508 of 2013. Under this Directive the Department is required to...

Written Answers — Department of Finance: Departmental Reports (20 Sep 2023)

Michael McGrath: Details of studies, research and reports commissioned by my Department are set out in the attached table. Year Studies, research and reports commissioned Organisation commissioned Total Cost (Ex VAT) Published Date reports yet to be released provided to Minister Modelling of the multinational sector Joint...

Written Answers — Department of Finance: European Investment Bank (20 Sep 2023)

Michael McGrath: The Deputy will be aware that Ireland has benefitted from loans from the European Investment Bank (EIB) to the value of approximately €1 billion per annum in recent years. EIB financing to Ireland has covered both public and private sectors, and a broad range of sectors, including broadband; energy generation and transmission; transport; health; water; education (schools and Third...

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

Michael McGrath: Tax Clearance is required for various purposes, such as renewal of a variety of licences and permits, public sector contracts, grants, subsidy payments and Government supports. The tax clearance procedures in relation to the payment of grants, subsidies and similar type payments by Government Departments and other public sector bodies are set out in Circular 44/2006. The following payments...

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

Michael McGrath: For a number of years following the economic crash, there was a restriction on the use of losses carried forward by NAMA-participating institutions (AIB, Bank of Ireland (BOI), Anglo Irish Bank, Irish Nationwide Building Society and the Educational Building Society (EBS)), such that losses could be used to shelter only 50% of taxable profits in any given year, with any restricted amounts...

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

Michael McGrath: Building on the original OECD Base Erosion and Profit Shifting (BEPS) project, in October 2021 Ireland, along with almost 140 other countries in the OECD/G20 Inclusive Framework on BEPS, agreed a two-pillar solution to address the tax challenges arising from digitalisation and globalisation. Recognising how large multi-national enterprises (MNEs) across the globe now operate commercially and...

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

Michael McGrath: I am aware that Oxfam International released a report in January 2023 regarding global wealth inequality entitled “Survival of the Richest”which proposes new wealth taxes in Ireland and in other jurisdictions. While I understand the background to calls for a specific wealth tax in Ireland, it is not the case that wealth in Ireland is untaxed, as taxes on wealth are already in...

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

Michael McGrath: Tax relief for trade union subscriptions was previously provided for under section 472C of the Taxes Consolidation Act 1997. The relief was introduced in 2001 and abolished from 2011 onward. A review of the appropriate treatment for tax purposes of trade union subscriptions and professional body fees was carried out by the Department of Finance in 2016 and included in the 2016 report on tax...

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

Michael McGrath: The Residential Zoned Land Tax (RZLT) is a new tax introduced in Finance Act 2021 which seeks to increase housing supply by encouraging the activation of development on lands which are suitably zoned and appropriately serviced. It aims to bring those lands which have benefitted from investment in services and are capable of being developed forward for housing. The tax is an action contained...

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

Michael McGrath: I propose to take Questions Nos. 179 and 180 together. The Disabled Drivers and Disabled Passengers (Tax Concessions) Scheme (DDS) is legislated for under Statutory Instrument No. 353 of 1994(SI.353/1994) and provides relief from Vehicle Registration Tax and VAT on the use of an adapted vehicle, as well as an exemption from motor tax and an annual fuel grant. I am advised by Revenue that...

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

Michael McGrath: As the Deputy is aware, the Vacant Homes Tax is a new measure announced in Budget 2023, which aims to increase the supply of homes for rent or purchase to meet demand. Legislative provision for the tax was made in the Finance Act 2022. The first chargeable period commenced on 1 November 2022. The first self-assessed returns are due on 7 November this year and the tax will be payable on 1...

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

Michael McGrath: The estimated cost of extending the reduced rate of VAT to electricity and gas to end-December 2023 is €57.4m (€40.6m for electricity and €16.9m for gas).

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

Michael McGrath: Decisions regarding tax incentives and reliefs, whether in respect of the introduction of new measures or the amendment of existing measures, are normally made in the context of the annual Budget and Finance Bill process. Such decisions must have regard to the sound management of the public finances and my Department's Tax Expenditure Guidelines. Tax reliefs, no matter how worthwhile in...

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

Michael McGrath: I am advised by Revenue that the number of taxpayer units who availed of tax relief on health expenses incurred is included in the ‘Cost of Tax Expenditures’ publication which is available on the Revenue website at www.revenue.ie/en/corporate/documents/statistics/tax-expendi tures/costs-tax-expenditures.pdf For the Deputy’s convenience, the below table breaks down the...

Written Answers — Department of Finance: Rental Sector (13 Jul 2023)

Michael McGrath: 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. I am advised by Revenue that the Rent Tax Credit statistics currently available refer only to claims by PAYE taxpayers for the 2022 tax year and the 2023 tax...