Results 2,501-2,520 of 27,945 for speaker:Michael McGrath

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

Michael McGrath: The National Disability Inclusion Strategy Transport Working Group (TWG), comprising members from a range of Departments, agencies and Disabled Persons Organisations, was tasked under Action 104 to review all Government-funded transport and mobility supports for those with a disability, including the Disabled Drivers and Disabled Passengers Scheme (DDS). The NDIS TWG final report was...

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

Michael McGrath: I am advised by Revenue that the anticipated revenues to be raised in first-year (2024) and in a full-year from the legislated increases in the carbon tax in May 2024 and October 2024 are estimated as follows. Estimate Carbon €m VAT €m Total €m First Year 43.0 3.8 46.8 Full...

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

Michael McGrath: 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, calculated at a rate of 3% of the market value of the land within its scope. The...

Written Answers — Department of Finance: Pension Levy (27 Jun 2023)

Michael McGrath: I assume the Deputy is referring to the pension levy which was charged on pension schemes from 2011 to 2015 in accordance with section 125B of the Stamp Duties Consolidation Act 1999. The levy was introduced in the wake of the financial crises, at a time when the economy was in very serious difficulties. It was charged on the market value of assets in pension schemes held on 30 June in...

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

Michael McGrath: Micro-generation of electricity is the small-scale production of electricity by consumers who generate electricity at their own homes for their own consumption and sell the excess electricity produced. Section 216D in the Taxes Consolidation Act 1997 provides for an exemption of up to €200 from income tax, USC and PRSI for certain profits arising to a qualifying individual who...

Written Answers — Department of Finance: Credit Availability (27 Jun 2023)

Michael McGrath: As the Deputy will be aware, the Government response on the defective concrete block issue is primarily led by my colleague the Minister for Housing, Local Government and Heritage. Nevertheless, I recently met with the banking and insurance defective block redress group to discuss their real concerns on this issue, including in relation to mortgages and financing issues. I understand the...

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

Michael McGrath: Ireland’s corporate tax regime has been built on certainty and predictability, and the 12.5% corporation tax rate on trading income has been a cornerstone of that regime for over 20 years. This stability has enabled companies to plan long-term investments in Ireland, generating employment and increasing economic activity. The Deputy will be aware that Ireland signed up to the OECD...

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

Michael McGrath: The trading profits of companies in Ireland are generally taxed at the standard corporation tax rate of 12.5%. Some of the main features of the current corporation tax regime are its simplicity and that it applies to a broad base. Changing this rate (or imposing additional levies on corporate profits) would involve increased complexity and could change the attractiveness of Ireland's...

Written Answers — Department of Finance: Trade Data (27 Jun 2023)

Michael McGrath: I am advised by Revenue that the latest available information from tax returns in relation to corporate trading profits is for the year 2021 and is published on the Revenue website at: www.revenue.ie/en/corporate/information-about-revenue/statis tics/income-distributions/ct-calculation.aspx Additionally, further analysis of these returns and information in relation to Corporation Tax...

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

Michael McGrath: I am taking this question to refer to the model of Financial Transactions Tax proposed by the European Commission, initially in 2011 and then revised under the EU’s enhanced cooperation procedure in February 2013. The proposed rate on exchanges of shares was 0.1% and the proposed rate for derivative transactions was 0.01%. Based on the data currently held by the Revenue...

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

Michael McGrath: I am advised by Revenue that information in respect of losses forward by sector for the most recent years available is published in Revenue’s annual report on Corporation Tax, available on the Revenue website at www.revenue.ie/en/corporate/documents/research/ct-analysis-2 023.pdf Data in respect of banks and insurance companies only is not available. However, Figure 5 in the...

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

Michael McGrath: As the Deputy will be aware, the trading profits of companies in Ireland are generally taxed at the standard corporation tax rate of 12.5%. Some of the main features of the current regime are its simplicity and that it applies to a broad base. Imposing additional taxes on certain sectors would involve increased complexity and could change the attractiveness of Ireland's corporate tax...

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

Michael McGrath: Under section 825C to the Taxes Consolidation Act 1997, the Special Assignee Relief Programme (SARP) provides Income Tax relief for certain individuals assigned to work in the State during any of the tax years 2012 to 2025. The aim of the relief is to reduce the cost to employers of assigning skilled individuals from foreign-based operations to take up positions in the Irish-based operations...

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

Michael McGrath: I am advised by Revenue that the estimated first and full year yield to the Exchequer of introducing the additional income tax rates and bands as outlined by the Deputy would be of the order of €2,350 million and €3,015 million respectively. The estimated yields are calculated on a taxpayer unit basis.

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

Michael McGrath: I propose to take Questions Nos. 217 and 218 together. Regarding Question No. 217, I am advised by Revenue that the distribution of residential property owners, as indicated in respect of Local Property Tax records for the valuation period 2022-2025, is set out in the table below. This breakdown of property owners excludes Local Authorities and Approved Housing Bodies and exempt properties....

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

Michael McGrath: I propose to take Questions Nos. 219 and 220 together. Ireland’s excise duty treatment of fuel used for air navigation is governed by European Union (EU) law as set out in Directive 2003/96/EC on the taxation of energy products and electricity, commonly known as the Energy Tax Directive (ETD). The provisions of the current ETD relating to aviation fuels are transposed into national...

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

Michael McGrath: I am advised by Revenue that the gross additional yield from imposing a 5% levy on the taxable profits of all airlines and aircraft leasing companies is tentatively estimated to be in the region of €44 million, for a full year. These estimates are based on the 2021 Corporation tax returns of these companies, the latest year for which fully analysed data are available. These...

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

Michael McGrath: RZLT is an annual tax, calculated at a rate of 3% of the market value of the land within its scope. The tax will be due and payable from 2024 onwards in respect of land which fell within the scope of the tax on or before 1 January 2022. Where land is zoned or serviced after 1 January 2022, the tax will be first due in the third year after the year in which it comes within scope. The aim...

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

Michael McGrath: According to the preliminary Census figures released in June 2022, 166,752 vacant dwellings were recorded in Census 2022. The preliminary information also provided a breakdown by reason, this is available at: www.cso.ie/en/releasesandpublications/ep/p-cpr/censusofpopul ation2022-preliminaryresults/housing/ It should be noted that the Census measure of vacancy is a point in time...

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

Michael McGrath: The Help to Buy (HTB) incentive is a scheme to assist first-time purchasers with a deposit they need to buy or build a new house or apartment. The incentive gives a refund on 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 and...