Results 2,621-2,640 of 27,945 for speaker:Michael McGrath

Written Answers — Department of Finance: International Bodies (22 Jun 2023)

Michael McGrath: The International Monetary Fund (IMF) promotes international monetary cooperation and provides policy advice, technical assistance and loans to help countries build and maintain strong economies. It also provides loans and helps countries design policy programmes. Ireland is one of a near-global membership of 190 countries and we continue to work proactively with the IMF in order to support...

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

Michael McGrath: Details of the year to date VAT performance in Exchequer terms are set out in the Fiscal Monitor for May 2023. The link to that document is as follows: www.gov.ie/en/publication/e51b0-fiscal-monitor-may-2023/ As set out on page 11 of that document, the VAT receipts to the end of May 2023 total €10,018,576,000.

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

Michael McGrath: I am aware that the CEO of Oxfam Ireland recently addressed the Oireachtas Committee on Budgetary Oversight, as part a discussion on the taxation of assets and wealth. During that hearing, Oxfam International's report of earlier this year regarding global wealth inequality which proposes new wealth taxes in jurisdictions around the globe, and which is entitled “Survival of the...

Written Answers — Department of Finance: Departmental Reviews (22 Jun 2023)

Michael McGrath: Section 24 of the HBFI Act provides for a periodic review of HBFI to ensure that it is fulfilling its functions as set out in the Act and that its continuation remains necessary given prevailing market conditions. To inform the Review, the Department of Finance undertook stakeholder engagement and also sought the views of both the HBFI Board and the Department of Housing, Local Government...

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

Michael McGrath: Ireland’s corporate tax policy, and broader industrial strategy, has consistently focused on attracting real and substantive investment that brings jobs. Measured by any objective international criterion, Ireland cannot be defined as a tax haven. Our competitive but fair corporation tax rate is just one part of the Ireland's offering which is complemented by our highly educated...

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

Michael McGrath: As previously noted to the Deputy, under the EU VAT Directive it is not possible to reduce the VAT on heat pumps to zero. However, following changes agreed last year in Annex III of the aforementioned Directive, there is scope to reduce the VAT rate in highly efficient low emissions heating systems to a reduced VAT rate. In Ireland that would mean a rate of 9% or 13.5%. However, these...

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

Michael McGrath: There are a number of relevant criteria that apply to both the Help to Buy (HTB) Scheme and the Enhanced HTB Scheme. In the case of the HTB Scheme the amount of relief available is the lesser of:€20,000,5% of the purchase price or approved valuation, andthe amount of Income Tax (IT) and Deposit Interest Retention Tax (DIRT) paid for the 4 years prior to when the application is made.The...

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

Michael McGrath: I welcome the publication of the spring forecasts by the European Commission. While GDP growth for 2023 has been revised upwards for the euro area and European Union since the Commission’s winter forecasts, risks are once more tilted to the downside and these forecasts were made prior to the recent downward revision to GDP in the EU and euro area in the first quarter of 2023. In any...

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

Michael McGrath: I propose to take Questions Nos. 118 and 142 together. 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...

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

Michael McGrath: My Department estimates that in 2022, windfall corporation tax receipts were in the region of €11 billion. Going forward, an annual average of between €11-12 billion of corporation tax receipts was identified in the Stability Programme Update 2023 as being potentially at risk. The level shift in corporate tax receipts, occurring over a very short timeframe, raises legitimate...

Written Answers — Department of Finance: Banking Sector (22 Jun 2023)

Michael McGrath: The merchant service charge is the fee charged by an acquirer to a business for processing card transactions. All acquirers in Ireland are independent commercial entities and the amount of the merchant service charge varies, often depending on the volume of card transactions the retailer accepts. One aspect of the merchant service charge is the interchange fee, which is charged by card...

Written Answers — Department of Finance: Credit Unions (22 Jun 2023)

Michael McGrath: I thank the Deputy for his question. This Government is encouraged by the growth in Credit Union lending to date. In total, SME lending has grown 12.4 % year on year to the end of March 2023. Credit unions with over €50 million in assets and reserves greater than 5% can notify the Central Bank that they intend to use a 10% combined SME and mortgage lending limit. A number of...

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

Michael McGrath: I assume that this query relates firstly to the number of employees who reside in the State and who work for an employer which is located in Northern Ireland and secondly, to the number of employees who reside in Northern Ireland and who work for an employer which is located in the State. With respect to the first category, employees who are resident in the State and who have employment...

Written Answers — Department of Finance: Trade Missions (22 Jun 2023)

Michael McGrath: The Minister of State for Financial Services, Credit Unions and Insurance attended Money 2020 in Amsterdam on Wednesday 7 June as part of a trade mission. The itinerary was developed by Enterprise Ireland and IDA Ireland. Money 2020 is the largest global fintech event attended by over 7,000 from the fintech community, including multinational companies, banking, investors, and start-up...

Written Answers — Department of Finance: Real Estate Investment Trusts (22 Jun 2023)

Michael McGrath: Institutional investors have an important role to play in the Irish property market. While it is important to facilitate collective investment in the Irish property market through appropriate regimes, it is equally important to ensure that, where such investment brings a profit, a fair share of tax is paid. Taxation occurs primarily at the level of the investor rather than within the fund as...

Written Answers — Department of Finance: National Treasury Management Agency (22 Jun 2023)

Michael McGrath: The NTMA controls and manages the Ireland Strategic Investment Fund (ISIF) in accordance with the National Treasury Management Agency (Amendment) Act 2014 (the “Act”) and has a statutory mandate to invest on a commercial basis in a manner designed to support economic activity and employment in the State. Section 47 of that Act provides the basis for payments from ISIF to the...

Written Answers — Department of Finance: Credit Unions (22 Jun 2023)

Michael McGrath: I thank the Deputy for his question. As of March 2023 the total credit union mortgage book is €364 million. The average credit union mortgage is approximately €100,000. Mortgage lending in the sector is up 26.6% year on year to March 2023 and this growth demonstrates that there is demand for credit union mortgages. Credit union mortgage lending is fragmented with 20 mainly...

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

Michael McGrath: I propose to take Questions Nos. 129, 131 and 146 together. Last year, corporation tax receipts amounted to €22.6 billion, more than double their position at end-2019 immediately prior to the onset of the pandemic and surpassing VAT for the first time to become, at least temporarily, the Exchequer’s second-largest source of taxation revenue. This continued a trend of rapid...

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

Michael McGrath: The Department of Finance published updated macroeconomic forecasts as part of SPU 2023 on 18th April which set out projections for inflation. Having peaked at 9.6 per cent last summer, HICP inflation stood at 5.4 per cent in May – a decline of over 4 percentage points. This decline has been primarily driven by the significant easing in energy markets. Having peaked at around...

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

Michael McGrath: I propose to take Questions Nos. 132 and 155 together. The Finance Act 2022 introduced the Rent Tax Credit, which is provided for in s. 473B of the Taxes Consolidation Act 1997. This is an income tax credit of up to €500 per year (or up to €1,000 for jointly assessed couples) which may be claimed in respect of qualifying rent paid in 2022 and subsequent years to end-2025. ...