Results 2,481-2,500 of 27,945 for speaker:Michael McGrath

Written Answers — Department of Finance: Banking Sector (29 Jun 2023)

Michael McGrath: The sale of the benefits and rights a bank or other creditor may have under a credit agreement is a commercial matter for the particular creditor and, as Minister for Finance, I do not have a role to play in such commercial decisions by banks or other creditors. However, it should be note that any such sale or assignment of a creditor's rights does not change the terms and conditions of...

Written Answers — Department of Finance: Departmental Policies (29 Jun 2023)

Michael McGrath: Since the formation of the Government on 27 June 2020 the Department of Finance has delivered a number of policy achievements which include; - Budget 2021, 22 and 23. The unforeseen challenges of Ukraine, the ongoing recovery from the pandemic and the continuing fallout from Brexit were addressed from a position of strength with record levels of employment and a record budget surplus in 2022....

Written Answers — Department of Finance: Business Regulation (29 Jun 2023)

Michael McGrath: As the Deputy is aware, following the Communication Regulation (Amendment) Act 2007, the regulations regarding the registration of an Irish web domain address are determined by the Commission for Communications Regulation or ComReg. ComReg is the statutory body responsible for the regulation of the electronic communications sector (telecommunications, radio communications, broadcasting...

Written Answers — Department of Finance: Departmental Funding (29 Jun 2023)

Michael McGrath: It was not possible for my Department and a number of the bodies under the aegis of my Department to provide the information sought in the time available. These bodies are the Central Bank of Ireland, Financial Services & Pensions Ombudsman and the National Treasury Management Agency. I will, therefore, make arrangements to provide the information to the Deputy in due course. The...

Written Answers — Department of Finance: Assisted Decision-Making (28 Jun 2023)

Michael McGrath: I thank the Deputy for his question. In October 2021 Safeguarding Ireland wrote to the Department of Finance highlighting a possible mis-alignment between the Credit Union Act and the then Assisted Decision Making Capacity Bill. Officials in the Department engaged extensively with, Safeguarding Ireland, all the credit unions representative bodies, and with the Department's internal legal unit...

Written Answers — Department of Finance: Tax Reliefs (28 Jun 2023)

Michael McGrath: I am informed by Revenue that section 469 of the Taxes Consolidation Act 1997 (“TCA”) provides for tax relief in respect of health expenses incurred for the provision of health care. Section 469 TCA defines health care as the prevention, diagnosis, alleviation or treatment of an ailment, an injury, an infirmity, a defect or a disability. For the purposes of tax relief health...

Written Answers — Department of Finance: Insurance Coverage (28 Jun 2023)

Michael McGrath: At the outset, it is important to note that neither I, nor the Central Bank of Ireland, can intervene in the provision or pricing of insurance products, nor can we compel any insurer operating in the Irish market to provide cover to specific individuals or businesses. This position is reinforced by the EU framework for insurance companies (the Solvency II Directive). Notwithstanding this,...

Written Answers — Department of Finance: Tax Code (28 Jun 2023)

Michael McGrath: Officials from the Department of Finance continue to monitor developments in the vehicle taxation area. New proposals are considered and current vehicle tax policies are kept under review as part of the Tax Strategy Group and Budgetary cycle. Going forward, it is possible that vehicle taxes may shift to weight-based in order to protect the vehicle tax base. Future options or proposals for...

Written Answers — Department of Finance: Capital Expenditure Programme (27 Jun 2023)

Michael McGrath: As the Deputy is aware my Department published a paper on 10 May 2023 outlining a range of illustrative options to help insulate the public finances from the risks associated with an overreliance on potentially transitory windfall corporation tax receipts while also putting money aside to contribute to future ageing and other structural costs. I note the Deputy's point regarding a possible...

Written Answers — Department of Finance: Ethics in Public Office (27 Jun 2023)

Michael McGrath: The Taoiseach transferred responsibility for the policy to which the Deputy’s question relates to my Department with effect from 1 March 2023 on foot of Minister Donohue’s recusal from certain functions at that time. This was done by way of the Standards in Public Office (Transfer of Departmental Administration and Ministerial Functions) Order 2023 (S.I. No.89 of 2023). Pending...

Written Answers — Department of Finance: Public Sector Pay (27 Jun 2023)

Michael McGrath: I refer to the parliamentary question raised regarding increases due to a member of Revenue staff under the Building Momentum Agreement. The NSSO has advised Revenue that they faced a number of significant challenges in delivering these increases in such a short time frame. In response to this challenge, the NSSO created a dedicated project team, incorporating experts from both HR and Payroll...

Written Answers — Department of Finance: Tax Code (27 Jun 2023)

Michael McGrath: I propose to take Questions Nos. 190 to 192, inclusive, together. The Finance Act 2021 introduced Part, 22A Residential Zoned Land Tax (RZLT), into the Taxes Consolidation Act 1997. The RZLT is designed to prompt residential development by landowners of land that is zoned for residential or mixed-use (including residential) purposes and that is serviced. RZLT is an annual tax,...

Written Answers — Department of Finance: Tax Code (27 Jun 2023)

Michael McGrath: Professional Services Withholding Tax (PSWT) is a deduction at the standard rate of income tax, currently 20%, from relevant payments made by accountable persons to specified persons in respect of certain professional services. The tax deducted is a payment on account against the specified person’s final Income Tax or Corporation Tax liability for the year, with the amount of PSWT...

Written Answers — Department of Finance: Mortgage Interest Rates (27 Jun 2023)

Michael McGrath: The formulation and implementation of monetary policy is an independent matter for the European Central Bank (ECB) and, as the Deputy is aware, the ECB has increased official interest rates over recent months as it attempts to combat inflation. The level of official interest rates influences the overall level of interest rates throughout the economy. However, the setting of retail lending...

Written Answers — Department of Finance: Tax Yield (27 Jun 2023)

Michael McGrath: I propose to take Questions Nos. 195 and 196 together. I am informed by Revenue that a breakdown of net tax receipts, including VAT, by economic sector is available on the Revenue website at: revenue.ie/en/corporate/information-about-revenue/statistics /receipts/receipts-sector.aspx VAT registered persons are associated with a particular economic sector using the NACE classification. However...

Written Answers — Department of Finance: Electronic Commerce (27 Jun 2023)

Michael McGrath: Ireland is supportive of the examination of the possibility of a digital euro by the EU institutions. A properly-designed digital euro has the potential to unlock major benefits for citizens, businesses, Member States and the overall functioning of our economic and monetary union. It would also contribute towards digitalization efforts within our economies. At the same time, it could have...

Written Answers — Department of Finance: Economic Policy (27 Jun 2023)

Michael McGrath: In recent years, the banking landscape has changed significantly in Ireland. The number of banks serving the sector reduced from 12 to 3 as banks were amalgamated or closed down and foreign owned entrants exited the Irish retail market. There has also been a considerable acceleration in technological developments and the pace of uptake has been accelerated by the COVID-19 pandemic. With that...

Written Answers — Department of Finance: Tax Reliefs (27 Jun 2023)

Michael McGrath: The Disabled Drivers and Disabled Passengers (Tax Concessions) Scheme (DDS) provides relief from Vehicle Registration Tax and VAT on the use of an adapted car, as well as an exemption from motor tax and an annual fuel grant. The Scheme is open to severely and permanently disabled persons as a driver or as a passenger and also to certain charitable organisations. In order to qualify for...

Written Answers — Department of Finance: National Asset Management Agency (27 Jun 2023)

Michael McGrath: I propose to take Questions Nos. 200 and 201 together. I am advised by NAMA that it has acted at all times in accordance with its legal obligations to the Revenue Commissioners on the payment of relevant taxes and information required thereon. The individual referred to is in ongoing litigation with NAMA. As it is before the Courts, it would not be appropriate for me, as Minister for Finance,...

Written Answers — Department of Finance: Insurance Industry (27 Jun 2023)

Michael McGrath: I am aware that home insurance costs may be rising for some consumers. However, with regard to the Deputy's question, I note that according to the latest CSO Consumer Price Index data for May 2023, the price of ‘insurance connected with the dwelling was 18.9 per cent higher year-on-year, although it did reduce by 2 per cent in the month from April 2023. Over the period related to the...