Results 2,401-2,420 of 27,945 for speaker:Michael McGrath

Committee on Budgetary Oversight: Summer Economic Statement 2023: Discussion (12 Jul 2023)

Michael McGrath: I will respond first and I know the Minister, Deputy Donohoe, will want to add some points. Overall, we have a highly redistributive tax system. In particular, our income tax system is highly progressive. The top 25% of earners pay approximately 85% of all income taxes. On the wealth side, we have well-established capital taxes, both capital gains tax and capital acquisitions tax. We...

Committee on Budgetary Oversight: Summer Economic Statement 2023: Discussion (12 Jul 2023)

Michael McGrath: We can if the Deputy wants to. The population grew by 8% from 2016 to 2022. It has probably gone up by another 150,000 since then, principally, I acknowledge, due to Ukrainians and international protection, IP, applicants coming to the country but also due to net inward migration. There are people leaving the country for many different reasons. People will always leave because they want...

Committee on Budgetary Oversight: Summer Economic Statement 2023: Discussion (12 Jul 2023)

Michael McGrath: I believe so. The Deputy is right to point to the risks. They are real and the global economic outlook is very uncertain. We have seen a weakening of demand, including for some of our export base. We are not immune to those changes but in terms of our preparedness, the way in which the economy and public finances have been managed gives us the capacity to respond. In response to the...

Committee on Budgetary Oversight: Summer Economic Statement 2023: Discussion (12 Jul 2023)

Michael McGrath: The obvious risk we have all been highlighting is the windfall nature of perhaps half of the corporation tax receipts.

Committee on Budgetary Oversight: Summer Economic Statement 2023: Discussion (12 Jul 2023)

Michael McGrath: This is why the support of Deputy Conway-Walsh and her party would be very welcome, if it is forthcoming, on the overall proposal that we put resources away. We cannot spend money that we do not believe we will continue to have in the future. There will be a decision to be made by Sinn Féin as to whether it supports the overall plan. We will work through the detail.

Committee on Budgetary Oversight: Summer Economic Statement 2023: Discussion (12 Jul 2023)

Michael McGrath: It is important because buy-in across the political divide for such a plan is crucial to it continuing and lasting.

Committee on Budgetary Oversight: Summer Economic Statement 2023: Discussion (12 Jul 2023)

Michael McGrath: We already have the Ireland Strategic Investment Fund, which manages investments of between €14 billion and €15 billion. Some of this includes the remaining shares that we hold in the banks. Some of that money is invested globally but much of it is invested in Ireland. Essentially, the return from the global portfolio is recycled and invested in assets in Ireland, including...

Committee on Budgetary Oversight: Summer Economic Statement 2023: Discussion (12 Jul 2023)

Michael McGrath: We can also point to the national broadband plan, which the Minister, Deputy Donohoe, supported from the very beginning. With regard to regional connectivity we are helping to build the investment in our regional airports through the regional airports programme. All counties are experiencing population growth according to the census up to 2022. If we look at the plans of IDA Ireland and...

Committee on Budgetary Oversight: Summer Economic Statement 2023: Discussion (12 Jul 2023)

Michael McGrath: Our work is never done. Of course, there are many things that the Government needs to do and deliver. A great deal of progress has been made in the regions and in rural areas. I can point to all of these things, along with the roll-out of the national development plan, which is being expanded. It is getting a bigger budget.

Committee on Budgetary Oversight: Summer Economic Statement 2023: Discussion (12 Jul 2023)

Michael McGrath: I thank Deputy Ryan for the question. She has highlighted a really important issue about the age-related costs. We have estimated that by the end of this decade, the cost of providing existing levels of service to an ageing population will be €7 billion to €8 billion higher than at the beginning of the decade. The Social Insurance Fund has recovered very well from the...

Written Answers — Department of Finance: Tax Code (11 Jul 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 in the Budget 2023 speech. As part of the work undertaken on the impact that the levy could have on the construction sector the Department of Housing, Local...

Written Answers — Department of Finance: Tax Reliefs (11 Jul 2023)

Michael McGrath: Council Directive 92/83/EEC, also known as the “Alcohol Structures Directive”, lays down a harmonised approach for the application of excise duties on alcohol and alcoholic beverages in the EU. It sets out the categories of alcohol and alcoholic beverages that fall within scope of taxation and the basis on which excise duties on such products are to be established. This...

Written Answers — Department of Finance: Tax Code (11 Jul 2023)

Michael McGrath: Under the EU VAT Directive, with which Irish VAT legislation must comply, it is not possible to apply a VAT exemption to the construction of new buildings, including those at the Near Zero Energy Buildings (NZEB) Standard.

Written Answers — Department of Finance: Tax Code (11 Jul 2023)

Michael McGrath: I propose to take Questions Nos. 190 and 194 together. 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...

Written Answers — Department of Finance: Departmental Staff (11 Jul 2023)

Michael McGrath: I wish to advise the Deputy that the list of special advisers to the Minister and Minister of State are; Minister for Finance; Grant Sweetman and Kevin Barrett Minister of State; Stephen Foley Queries for Special Advisers may be addressed to pressoffice@finance.gov.ie and 01 6045875 A list of Special Advisers to the 33rdDáil, is published on the gov.ie website.

Written Answers — Department of Finance: Departmental Data (11 Jul 2023)

Michael McGrath: Ireland has no bilateral loans with the UK. By 26 March 2021, Ireland repaid, on schedule and in full, the bilateral loan with the UK which was linked to the EU/IMF programme of financial assistance. Ireland borrowed a total of £3.23 billion pounds from the UK under this bilateral loan agreement. The loan was disbursed in eight equal tranches of £403 million pounds over the period...

Written Answers — Department of Finance: Departmental Data (11 Jul 2023)

Michael McGrath: Ireland has no bilateral loans with other states in the EU or outside EU. In the past ten years, Ireland has repaid three bilateral loans. The Irish financial assistance programme, which ran from 2010 to 2013, included bilateral loans from Sweden of €0.6 billion, from Denmark €0.4 billion and, from the United Kingdom, €3.8 billion. On 20 December 2017, the NTMA...

Written Answers — Department of Finance: Tax Code (11 Jul 2023)

Michael McGrath: Under the EU VAT Directive, with which Irish VAT legislation must comply, it is not possible to provide a VAT rebate on tools, materials and electricity for all Mens Sheds.

Written Answers — Department of Finance: Financial Services (11 Jul 2023)

Michael McGrath: The Financial Services and Pensions Ombudsman (FSPO) is independent in the performance of their statutory functions. As Minster for Finance, I do not have a role in the day-to-day workings of the FSPO’s office and I am not involved in the investigation or decision-making processes of the FSPO. The Financial Services and Pensions Ombudsman (FSPO) is the statutory body established to...

Written Answers — Department of Finance: Departmental Policies (11 Jul 2023)

Michael McGrath: The Department of the Taoiseach has convened a Senior Officials Group to discuss progression of the proposals of the NDIS TWG final report. A first meeting was held on 3rd July 2023. My officials will engage and actively contribute to discussions. However, it will be a matter for the SOG and for Government to determine any timelines or next steps as may be decided. As background, the...