Results 2,601-2,620 of 27,945 for speaker:Michael McGrath

Ceisteanna ar Sonraíodh Uain Dóibh - Priority Questions: Universal Social Charge (22 Jun 2023)

Michael McGrath: -----on workers and others who pay income tax in budget 2024. That will be done. I look forward to seeing the Deputy's pre-budget submission.

Ceisteanna ar Sonraíodh Uain Dóibh - Priority Questions: Universal Social Charge (22 Jun 2023)

Michael McGrath: I hope that he will support income tax reductions this year.

Ceisteanna ar Sonraíodh Uain Dóibh - Priority Questions: Crime Prevention (22 Jun 2023)

Michael McGrath: Although primary responsibility for combating all forms of crime and corruption lies with the Minister for Justice, my Department is eager to contribute to this task insofar as we can. An advisory council on economic crime and corruption was established in May 2022. Its establishment was one of the recommendations made in the review of structures and strategies to prevent, investigate and...

Ceisteanna ar Sonraíodh Uain Dóibh - Priority Questions: Interest Rates (22 Jun 2023)

Michael McGrath: I thank the Deputy for his question. The formulation and implementation of monetary policy is an independent matter for the European Central Bank, ECB. As the Deputy will be aware, the ECB has increased official interest rates over recent months as it attempts to combat inflation. The latest increase, which was announced last week, brings the main ECB lending rate to 4%. Any decision...

Ceisteanna ar Sonraíodh Uain Dóibh - Priority Questions: Interest Rates (22 Jun 2023)

Michael McGrath: I welcome the work of the Joint Committee on Finance, Public Expenditure and Reform, and Taoiseach on this issue. I have been very clear as to my expectations and what I want to see from the financial sector, and that is that customers who are making genuine efforts to repay their mortgages should not be allowed to fall into arrears by virtue of changes in interest rates brought about by...

Ceisteanna ar Sonraíodh Uain Dóibh - Priority Questions: Interest Rates (22 Jun 2023)

Michael McGrath: The commitment I can give as Minister is that we will help households in the budget, but those decisions fall to be made as part of the budgetary process. The Deputy gives stark examples, which are real examples, of people whose mortgage payments might have increased by €400, €600 or maybe €800 a month. His proposal is to give them €4 a day, maximum, to help them...

Written Answers — Department of Finance: Universal Social Charge (22 Jun 2023)

Michael McGrath: The Universal Social Charge (USC) was designed and incorporated into the Irish taxation system in 2011 to replace two other charges, namely the Health and Income Levies. The primary purpose of the USC was to widen the tax base and to provide a steady income to the Exchequer to provide funding for public services. The USC is an individualised tax, meaning that a person’s liability...

Written Answers — Department of Finance: Tax Code (22 Jun 2023)

Michael McGrath: As the largest annual source of revenue for the Exchequer, personal income taxes make a significant contribution to our public finances. It is desirable that the personal tax system should maintain the characteristics of stability and resilience in terms of its contribution to the total taxes collected by the State. The personal tax system also has an important role in supporting a...

Written Answers — Department of Finance: Inflation Rate (22 Jun 2023)

Michael McGrath: Government has responded swiftly and decisively to the cost of living challenge. A number of fiscal supports have been implemented over the past year aimed at supporting businesses and households most adversely impacted by inflation without inadvertently adding to inflationary pressures. For example, Government introduced the Temporary Business Energy Support Scheme (TBESS) to support...

Written Answers — Department of Finance: Insurance Industry (22 Jun 2023)

Michael McGrath: As the Deputy will appreciate, neither I, nor the Central Bank of Ireland, can direct the pricing or provision of insurance products. This position is reinforced by the EU Single Market framework for insurance (the Solvency II Directive). Nevertheless, this Government recognises that insurance costs remain a significant issue for certain SMEs, and has therefore continued to prioritise...

Written Answers — Department of Finance: Mortgage Interest Rates (22 Jun 2023)

Michael McGrath: Research has indicated that there is potential for existing mortgage holders to make mortgage savings by switching their mortgage. This is a particularly important consideration at a time of rising interest rates. In this regard I have met with the CEOs of the retail banks and a number of non-bank lenders where I emphasised that they should take a consumer focused approach to encourage...

Written Answers — Department of Finance: Tax Reliefs (22 Jun 2023)

Michael McGrath: I am aware of the recommendations made by the Oireachtas Committee on Budgetary Oversight as part of its recent examination of the section 481 film tax credit and of the recommendations made therein. In relation to the intellectual property rights, I would note that copyright law falls within the remit of the Department of the Enterprise, Trade and Employment (DETE). Notwithstanding this,...

Written Answers — Department of Finance: Tax Code (22 Jun 2023)

Michael McGrath: The primary purpose of taxation is to finance public expenditure. The size and composition of aggregate tax receipts have undergone significant change over the last two decades. Prior to the financial crisis, tax receipts were increasingly skewed towards transitory taxes, with a significant narrowing of the remaining tax base. On foot of the need for fiscal consolidation, a range of...

Written Answers — Department of Finance: Inflation Rate (22 Jun 2023)

Michael McGrath: This Government has acted on a significant scale to respond to the cost-of-living challenge, making available some €12 billion in direct support to help to ease the burden of inflation on households and businesses. As the Deputy has highlighted, it is essential that the fiscal response is carefully designed to avoid adding to inflationary pressures, particularly given that the...

Written Answers — Department of Finance: Tax Code (22 Jun 2023)

Michael McGrath: As a small open economy, connected to Europe, the US and the wider world, Ireland is committed to a competitive, transparent and stable corporation tax system. 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%, and we are committed under the Pillar Two agreement to increasing to an effective rate of 15%...

Written Answers — Department of Finance: Tax Reliefs (22 Jun 2023)

Michael McGrath: I propose to take Questions Nos. 102, 115, 128 and 137 together. 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...

Written Answers — Department of Finance: Mortgage Interest Rates (22 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...

Written Answers — Department of Finance: Economic Growth (22 Jun 2023)

Michael McGrath: I propose to take Questions Nos. 104 and 105 together. Despite facing substantial economic headwinds over the past year, the Irish economy has proven to be remarkably resilient. This has been reflected in strong domestic economic growth at the start of this year, with modified domestic demand (MDD) growing by 2.7 per cent in the first quarter. It is particularly encouraging to see the...

Written Answers — Department of Finance: Tax Yield (22 Jun 2023)

Michael McGrath: I propose to take Questions Nos. 106, 125 and 133 together. Overall, tax receipts to date have amounted to €33.1 billion. This has been driven by strong income tax, VAT and corporation tax. Total tax revenue was up by €3.1 billion or over 10 per cent on the same period last year. In relation to income tax, receipts of €13 billion to end-May were up by...

Written Answers — Department of Finance: Defective Building Materials (22 Jun 2023)

Michael McGrath: I propose to take Questions Nos. 107, 112 and 145 together. I met with the Banking and Insurance Defective Block Redress Focus Group yesterday to discuss their concerns, which included the issues raised by the Deputy. I understand the very difficult situation faced by homeowners whose houses are affected by defective concrete blocks, and the Government is determined to assist households...