Results 2,701-2,720 of 27,945 for speaker:Michael McGrath

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

Michael McGrath: I am advised by my colleague, the Minister for Transport, that the Renewable Transport Fuel Obligation (RTFO) places a statutory obligation on suppliers of road transport fuel to ensure that a proportion of the fuels that are placed on the market in Ireland are produced from renewable sources and that renewable transport fuels adhere to sustainability and greenhouse gas emissions criteria....

Written Answers — Department of Finance: Financial Services (20 Jun 2023)

Michael McGrath: I note that the question relates to an individual application for mortgage protection insurance. As the Deputy will appreciate, I am unable to comment on individual cases. Moreover, neither I, nor the Central Bank of Ireland, can intervene in the provision or pricing of insurance products. This position is reinforced by the EU framework for insurance companies (the Solvency II...

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

Michael McGrath: As the Deputy will be aware the planned ‘go-live’ date for the operation of the Deposit Return Scheme (DRS) is February 2024. The appropriate VAT treatment for the scheme has been considered and discussed with the European Commission. I intend to amend the VAT Consolidation Act 2010 in Finance Bill (no.2) 2023 to set out the operating principles of the scheme along with a...

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

Michael McGrath: In November 2022 the Court of Justice of the European Union ruled, in Joined Cases C-37/20 and C-601/20, that a provision of the EU anti-money-laundering directive, under which information on the beneficial ownership of corporate and other legal entities, held in central registers, must be provided to the general public, is invalid. The Court found that the provision interfered with the...

Written Answers — Department of Finance: Trade Missions (20 Jun 2023)

Michael McGrath: The Minister of State for Financial Services, Credit Unions and Insurance Dr Jennifer Carroll MacNeill 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,...

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

Michael McGrath: The new EU Anti Money Laundering Authority - AMLA - will be established on foot of an EU Regulation that was published in July 2021 and expected to be adopted later this year. AMLA will be a significant EU institution, tasked with supervision - either directly, or indirectly - of obliged entities in the financial services sector in the first instance and eventually, those in the non-financial...

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

Michael McGrath: Insurance reform is a key priority for this Government as evidenced through the implementation of the Action Plan on Insurance Reform as overseen by a specific Cabinet Committee Sub-Group chaired by the Tánaiste. The latest Implementation Report demonstrates that significant progress has been made, with 90 per cent of the actions contained in the Action Plan now being delivered or...

Written Answers — Department of Finance: Financial Services (20 Jun 2023)

Michael McGrath: Overall, the financial sector accounted for some €2.7 billion of corporation tax receipts in 2022. This was around 12 per cent of the corporation tax yield. According to the CSO, corporate taxes paid by the financial sector were split broadly equally between domestic (48 per cent) and foreign owned (52 per cent) financial corporates in 2021. A breakdown of the financial sectors...

Written Answers — Department of Finance: Credit Unions (20 Jun 2023)

Michael McGrath: I thank the Deputy for his question. As of March 2023 the total credit union mortgage book amounted to approximately €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...

Written Answers — Department of Finance: Credit Unions (20 Jun 2023)

Michael McGrath: I thank the Deputy for his question. This Government is encouraged by the growth in credit union SME 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: Insurance Industry (20 Jun 2023)

Michael McGrath: This Government recognises that insurance fraud is one of several factors that negatively impact the cost of insurance. Of course, it is important to remember that the vast majority of insurance claims are genuine and far outnumber the amount of fraudulent cases. As part of the wide-ranging Action Plan for Insurance Reform, the Government has included a number of targeted measures to help...

Written Answers — Department of Finance: Gender Balance (20 Jun 2023)

Michael McGrath: The Women in Finance Charter was developed over a number of years by the industry representative associations, Banking and Payments Federation Ireland, Financial Services Ireland, Insurance Ireland and Irish Funds, with support from government, as part of the Ireland for Finance strategy. It was launched in April 2022. Theme 3 of the Update to Ireland for Finance strategy is Diversity and...

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

Michael McGrath: I am advised by Revenue that the flat rate expense (FRE) regime it operates is done so on an administrative basis. It applies where both a specific commonality of expenditure exists across an employment category and the statutory requirement for the tax deduction as set out in section 114 Taxes Consolidation Act (TCA) 1997 is satisfied, namely, that the expenses are wholly, exclusively and...

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

Michael McGrath: At the outset, it is important to note that 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 is aware that certain groups are currently facing difficulty in terms of affordability and availability of...

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

Michael McGrath: SI 353 Disabled Drivers and Disabled Passengers (Tax Concessions) Regulations 1994 as amended sets out the requirements for accessing VAT and VRT relief in respect of qualifying vehicle adapted for the use or for the transport a Primary Medical Certificate holder, as a disabled driver or as a disabled passenger. Regulations 10 outlines the requirements which a passenger with a disability must...

Written Answers — Department of Finance: Legislative Measures (20 Jun 2023)

Michael McGrath: In exercise of powers conferred upon me by Section 92 ((as amended by section 36 of the Finance Act 2020 (No. 26 of 2020)) of the Finance Act 1989 (No. 10 of 1989), I am required to consult with the Minister for Health and with the Minister for Communications, Climate Action and Environment in respect of any changes to regulations concerning the Disabled Drivers and Disabled Passengers...

Written Answers — Department of Finance: Tax Reliefs (15 Jun 2023)

Michael McGrath: I am informed by Revenue that section 469 of the Taxes Consolidation Act 1997 provides for tax relief in respect of health expenses incurred for the provision of health care. Section 469 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 expenses are expenses in...

Written Answers — Department of Finance: Tax Code (15 Jun 2023)

Michael McGrath: As the Deputy will be aware, Government first set out its medium-term framework for the public finances in the Summer Economic Statementin July 2021. This framework, which anchors net spending growth to the trend growth rate of the economy, set ‘core’ expenditure growth at 5 per cent over the period to 2025. The spending rule is calibrated on the basis of ‘net’...

Written Answers — Department of Finance: Cannabis for Medicinal Use (14 Jun 2023)

Michael McGrath: Revenue has primary responsibility for the prevention, detection, interception and seizure of controlled drugs intended to be smuggled or illegally imported into, or exported from, the State. I am advised that cannabinoids are a diverse group of chemical compounds which can be extracted from the cannabis plant and formulated in to various products, including oils and edibles. Cannabinoids are...

Written Answers — Department of Finance: Departmental Data (14 Jun 2023)

Michael McGrath: I am advised by Revenue that the average emissions from category A vehicles registered (new and used) in 2020, 2021, 2022 and to the end of March 2023 and the VRT band associated with these averages are provided in the table below. These figures relate to internal combustion engine vehicles only. Hybrid, Plug-in Hybrid and Electric vehicles are excluded. Year Average...