Results 2,681-2,700 of 27,945 for speaker:Michael McGrath

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

Michael McGrath: Banks and investment funds both have a positive role to play in providing financial services within the economy and wider society and can complement each other in this regard. Ireland, like our partners in the EU, will require significant funding into the future to address strategic priorities. In this regard the EU Capital Markets Union initiative - which aims to get investment and...

Written Answers — Department of Finance: Revenue Commissioners (21 Jun 2023)

Michael McGrath: I understand that the Deputy confirmed that the question refers to dog detector teams. I am advised by Revenue that it currently operates 23 detector dog teams, including one team working on behalf of the Department of Agriculture, Food and the Marine. The year one cost of each detector dog team is approximately €100,000. This includes the cost of a trained detector dog, salary of...

Written Answers — Department of Finance: Universal Social Charge (21 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. Its primary purpose was to widen the tax base and to provide a steady income to the Exchequer to provide funding for public services. It is a more sustainable charge than those it replaced and is applied at a low rate on a...

Written Answers — Department of Finance: Tax Code (21 Jun 2023)

Michael McGrath: The Temporary Wage Subsidy Scheme (TWSS) was introduced on 26 March 2020. It was legislated for in Section 28 of the Emergency Measure in the Public Interest (Covid-19) Act 2020 and was an emergency measure to deal with the impact of the Covid-19 pandemic on the economy. As the Deputy will be aware in order to maximise the financial support provided to recipients, tax on TWSS payments was not...

Written Answers — Department of Finance: Vehicle Registration Tax (21 Jun 2023)

Michael McGrath: The Deputy should note that my office has replied to the named individual in relation to this matter on Monday June 19 June 2023, by email. Vehicle Registration Tax (VRT) is a tax payable on registration of a vehicle in the State. The tax is administered by the Revenue Commissioners in accordance with law. I have been advised by Revenue that its approach to enforcement of the law...

Written Answers — Department of Finance: Interest Rates (21 Jun 2023)

Michael McGrath: As Minister for Finance, monetary policy is not part of my remit and it is not my place to comment or speculate on the setting of Eurozone interest rates, which is the responsibility of the ECB. However, I note the rapid tightening of monetary policy that has occurred over the past year. Whilst this has been a necessary step to prevent inflationary expectations from becoming de-anchored, the...

Written Answers — Department of Finance: Departmental Schemes (20 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 Credits (20 Jun 2023)

Michael McGrath: Based on Revenue’s latest Ready Reckoner (Post-Budget 2023), the estimated costs on a first and full year basis of an increase in the value of the tax credit as mentioned by the Deputy are set out in the table below: Measure Adjustment First Year Cost Full Year Cost Incapacitated Child Tax Credit An increase of €200 from...

Written Answers — Department of Finance: Overseas Development Aid (20 Jun 2023)

Michael McGrath: I propose to take Questions Nos. 237 to 239, inclusive, together. The IMF promotes international monetary co-operation and provides policy advice, technical assistance and loans to help countries build and maintain strong economies. It also helps countries design policy programmes, where necessary. Ireland is one of 190 member countries and we work proactively with other members and...

Written Answers — Department of Finance: Departmental Communications (20 Jun 2023)

Michael McGrath: Ireland enjoys a deep and wide-ranging bilateral relationship with Australia, owing from our historic cultural and people-to-people ties, our economic and trade relationship, and our cooperation on global affairs across an array of fora and channels. Ireland has a strong diplomatic presence in Australia, complemented by representative offices for State Agencies including Enterprise Ireland,...

Written Answers — Department of Finance: Motor Industry (20 Jun 2023)

Michael McGrath: I am advised by Revenue that an estimate of the number of Category A vehicles sold with an open market selling price (OMSP) above €70,000 and above €100,000, for the years 2021, 2022 and to the end of April 2023 is provided in the table below. Year OMSP between €70,000 and €100,000 OMSP > €100,000 2021 ...

Written Answers — Department of Finance: Tax Code (20 Jun 2023)

Michael McGrath: The Residential Zoned Land Tax (RZLT) was introduced in Finance Act 2021. RZLT represents the output from Action 15.2 of the Housing for All Strategy published by the Department of Housing, Local Government and Heritage (D/HLGH) in September 2021 which announced the introduction of “a new tax to activate vacant land for residential purposes (to replace the current Vacant Site...

Written Answers — Department of Finance: Tax Code (20 Jun 2023)

Michael McGrath: The VAT rating 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 Member States may apply reduced rates or, in limited circumstances, zero rates of VAT. In...

Written Answers — Department of Finance: Tax Data (20 Jun 2023)

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

Written Answers — Department of Finance: Tax Code (20 Jun 2023)

Michael McGrath: I propose to take Questions Nos. 245 and 247 together. The VAT rating of goods and services is subject to the requirements of EU VAT law, with which Irish VAT law must comply. In general, the EU VAT Directive provides that all goods and services are liable to VAT at the standard rate, unless they fall within categories of goods and services specified in Annex III of the VAT Directive, in...

Written Answers — Department of Finance: Tax Code (20 Jun 2023)

Michael McGrath: I propose to take Questions Nos. 246 and 248 together. The VAT rating of goods and services is subject to the requirements of EU VAT law, with which Irish VAT law must comply. In general, the EU VAT Directive provides that all goods and services are liable to VAT at the standard rate, unless they fall within categories of goods and services specified in Annex III of the VAT...

Written Answers — Department of Finance: Tax Code (20 Jun 2023)

Michael McGrath: The VAT rating 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 Member States may apply reduced rates of VAT. Under VAT law, there is no scope for a...

Written Answers — Department of Finance: State Bodies (20 Jun 2023)

Michael McGrath: The Code of Practice for the Governance of State Bodies 2016 (the Code) provides a framework for the application of best practice in corporate governance by commercial and non-commercial State bodies. Circular 25/2016 sets out the protocol and standards for the provision of information by State Bodies to Members of the Oireachtas, and forms part of the requirements of the Code. It should be...

Written Answers — Department of Finance: Tax Code (20 Jun 2023)

Michael McGrath: The rate of stamp duty that applies to the acquisition of non-residential property, a category that includes farmland, has, since 9 October 2019, been set at 7.5%. All land (as opposed to buildings and their sites/curtilages), including agricultural land, is classified as non-residential property for stamp duty purposes. Any re-categorisation of agricultural land as residential...