Results 2,441-2,460 of 27,945 for speaker:Michael McGrath

Written Answers — Department of Finance: Insurance Industry (6 Jul 2023)

Michael McGrath: At the outset, it is important to note that neither I, nor the Central Bank of Ireland, can direct the pricing or provision of insurance products, as this is a commercial matter which individual companies assess on a case-by-case basis. This position is reinforced by the EU Single Market framework for insurance (the Solvency IIDirective). In July 2022, the Central Bank introduced Regulations...

Written Answers — Department of Finance: Budget Process (6 Jul 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. All submissions are acknowledged by my Department on receipt. I can confirm the pre-Budget submission to which the Deputy refers was received Thursday 29 June and acknowledged on Friday 30 June. The contents will be considered in the context of the forthcoming...

Written Answers — Department of Finance: Departmental Websites (6 Jul 2023)

Michael McGrath: I can advise the deputy that most Departments, including my own Department, now host their websites within the gov.ie domain. Since gov.ie went live on the 17thof January 2019 and in preceding years there have been no occasions where the SSL certificates associated with my Department's website have expired without renewal. My Department acts immediately when alerted to an upcoming expiry date...

Written Answers — Department of Finance: Departmental Policies (6 Jul 2023)

Michael McGrath: As the Deputy will be aware, following a Government decision taken in November 2021 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 levy will apply at a rate of 5% and it will come into effect on 1 September 2023. The levy will only apply to pouring...

Written Answers — Department of Finance: Tax Data (6 Jul 2023)

Michael McGrath: I propose to take Questions Nos. 191 and 192 together. I am advised by Revenue that Revenue estimates are based on taxpayer units, where taxpayers in a marriage or civil partnership who elect to be jointly assessed are counted as one unit. These estimates encompass all taxpayer types, such as those in employment, self-employed, or in receipt of taxable income from other sources. Due to the...

Written Answers — Department of Finance: Tax Credits (6 Jul 2023)

Michael McGrath: I am advised by Revenue that an estimated 67,000 taxpayer units will benefit in 2023 from the Budget 2023 measure to increase to the Home Carer Tax Credit from €1,600 to €1,700.

Written Answers — Department of Finance: Tax Credits (6 Jul 2023)

Michael McGrath: I am informed by Revenue that the number of taxpayer units claiming the Earned Income Tax Credit and the Exchequer cost for the years 2016 – 2020, the latest year for which data are readily available, are as follows: Year 2020 2019 2018 2017 2016 No. of Taxpayer Units 208,100 241,700 227,900...

Written Answers — Department of Finance: Tax Credits (6 Jul 2023)

Michael McGrath: The age tax credit was last increased in Budget 2008 from €275 to €325 for single persons and from €550 to €650 for married couples or civil partnership. As part of the suite of measures to deliver fiscal consolidation in Budget 2011, the age tax credit was reduced from €325 to €245 for single persons and from €650 to €490 for married...

Written Answers — Department of Finance: Housing Schemes (5 Jul 2023)

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

Written Answers — Department of Finance: Departmental Correspondence (5 Jul 2023)

Michael McGrath: I can confirm the pre-Budget submission to which the Deputy refers was received Tuesday 27 June from a number of sources. All submissions are acknowledged by my department on receipt. The contents will be considered in the context of the forthcoming Budget and the Deputy will be aware that it is a longstanding practice of the Minister for Finance not to comment, in advance of the Budget,...

Written Answers — Department of Finance: Tax Code (5 Jul 2023)

Michael McGrath: As the Deputy will recall, I extended the 9% VAT rate for the tourism and hospitality sectors to 31 August 2023 from the previous end date of 28 February 2023. It will revert to the 13.5% VAT rate on 1 September 2023. The estimated cost of this measure is €300m. This extension strikes a balance between the cost to public finances and the provision of support for these sectors. It...

Written Answers — Department of Finance: Tax Code (5 Jul 2023)

Michael McGrath: Future tax changes are generally taken in the context of the Budget. The Deputy will be aware that my officials prepare a series of papers containing tax options for the Tax Strategy Group to be considered in the context of the budgetary process, alongside a wide range of submissions from various stakeholders and lobby groups. As the Deputy will also be aware, it is a longstanding...

Written Answers — Department of Finance: Departmental Correspondence (5 Jul 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. All submissions are acknowledged by my Department on receipt. I have not yet received a pre-Budget 2024 submission from the group to which the Deputy refers. The group invited me to a launch of the submission last week but I was unable to attend due to previous...

Written Answers — Department of Finance: Housing Policy (5 Jul 2023)

Michael McGrath: Policy on the public supports and measures to assist people, including older working people, with their housing needs, and also in relation to the provision of mortgages by local authorities, are in the first instance a matter for my colleague the Minister for Housing, Local Government and Heritage. Specifically in relation to the provision of mortgages by Central Bank regulated entities,...

Written Answers — Department of Finance: State Bodies (5 Jul 2023)

Michael McGrath: I can advise the Deputy as follows. The Credit Union Advisory Committee was set up to advise the Minister for Finance in relation to credit union matters. It meets on a monthly basis in my Department, with Department officials providing a secretariat function. It does not have a full time chair or any full time employees. The Credit Union Restructuring Board concluded its restructuring work...

Written Answers — Department of Finance: Departmental Equipment (5 Jul 2023)

Michael McGrath: This situation has not arisen in my Department, all software used is licenced.

Written Answers — Department of Finance: Insurance Industry (4 Jul 2023)

Michael McGrath: I propose to take Questions Nos. 220 and 229 together. I note that both questions relate to a sensitive issue regarding access to travel insurance for individuals, including children, with congenital heart defects. As the Deputies will appreciate, neither I, nor the Central Bank of Ireland, can intervene in the provision or pricing of insurance products, nor can we compel any insurer...

Written Answers — Department of Finance: Departmental Priorities (4 Jul 2023)

Michael McGrath: This response presumes the reference to financial fraud is fraud that occurs through Payment Service Providers (PSPs). Payment services in Ireland are regulated by the Payment Services Directive(PSD2), which was transposed in Ireland as the European Union (Payment Services) Regulations 2018 (S.I. No. 6 of 2018). The Payment Services Regulations provide for refunds in the case of an...

Written Answers — Department of Finance: Tax Reliefs (4 Jul 2023)

Michael McGrath: I am advised by Revenue that the total amount of Value-Added Tax (VAT) refunded on touring coaches through the VAT-71 scheme in 2021 and 2022 is provided in the table below. These figures included all VAT refunds made under this scheme. It should be noted that the majority of buses registered in the VRT system in each of these years are diesel powered, with a very small number powered by...

Written Answers — Department of Finance: Tax Reliefs (4 Jul 2023)

Michael McGrath: I propose to take Questions Nos. 223 and 224 together. I am advised by Revenue that the VAT treatment of goods and services is subject to EU VAT law, with which Irish VAT law must comply. In general, the Directive provides that all goods and services are liable to VAT at the standard rate unless they are exempt from VAT or fall within Annex III of the Directive, in respect of which...