Results 2,721-2,740 of 27,945 for speaker:Michael McGrath

Written Answers — Department of Finance: Tax Credits (14 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. In relation to the intellectual property rights of actors and performers, I would note that copyright law falls within the remit of the Department of the Enterprise, Trade and Employment. Notwithstanding this, my officials have...

Written Answers — Department of Finance: Tax Credits (14 Jun 2023)

Michael McGrath: The Rent Tax Credit, as provided for in section 473B of the Taxes Consolidation Act 1997, was introduced by Finance Act 2022 and may be claimed in respect of qualifying rent paid in 2022 and subsequent years to end-2025. The credit is, subject to a number of conditions, broadly available in the following three circumstances: 1. where the claimant makes a qualifying payment in respect of a...

Written Answers — Department of Finance: Vehicle Registration Tax (13 Jun 2023)

Michael McGrath: I propose to take Questions Nos. 331, 374, 375, 376 and 377 together. I am informed by Revenue that, as permitted by the legislation on Vehicle Registration Tax, certain services concerning vehicle registration are carried out on Revenue’s behalf by an external service provider. This work is undertaken by the service provider as part of its contract to provide a wide range of...

Written Answers — Department of Finance: Tax Code (13 Jun 2023)

Michael McGrath: I propose to take Questions Nos. 332, 334 and 382 together. As the Deputy will be aware, the Dáil passed a Financial Resolution on 18 April 2023 to allow this important measure in relation to solar panels to come into effect on 1 May 2023. As I have previously stated, the zero rate of VAT for solar panels can only operate from that date forward. I have no discretion to apply this measure...

Written Answers — Department of Finance: Departmental Policies (13 Jun 2023)

Michael McGrath: The Living City Initiative is a modest, targeted, measure which is aimed at very specific areas in urgent need of regeneration. Introduced in the Finance Act 2013, it is provided for under sections 372AAA to 372AAD of the Taxes Consolidation Act 1997. The initiative is quite restricted in the areas to which it can apply. A key element of the scheme is that it applies only to Special...

Written Answers — Department of Finance: Departmental Schemes (13 Jun 2023)

Michael McGrath: I propose to take Questions Nos. 335 to 338, inclusive, together. I am advised by Revenue that the total value of claims under the Help to Buy scheme, including both approved and pending claims, are €180.2m and €70.8m for 2022 and to-date in 2023 respectively, based on the claim-stage start date of the application. Help to Buy is a demand-led scheme which may be subject to a...

Written Answers — Department of Finance: Insurance Coverage (13 Jun 2023)

Michael McGrath: I am aware of the issue of under-insurance, which occurs when the sum insured on a property is less than the amount it would cost to rebuild or reinstate the property. According to the Central Bank of Ireland, this can leave a policyholder at risk of not being fully covered for losses were they to make a claim. Under-insurance is particularly pertinent in the current inflationary...

Written Answers — Department of Finance: Tax Code (13 Jun 2023)

Michael McGrath: The Programme for Government (PfG), “Our Shared Future”, contains a number of specific commitments relating to personal taxation. These include the commitment that, “In Budget 2021, there will be no change to income tax credits or bands. From Budget 2022 onwards, in the event that incomes are again rising as the economy recovers, credits and bands will be index linked to...

Written Answers — Department of Finance: Departmental Reviews (13 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: Primary Medical Certificates (13 Jun 2023)

Michael McGrath: The Disabled Drivers and Disabled Passengers Scheme provides relief from Vehicle Registration Tax and VAT on an adapted car, as well as an exemption from motor tax and an annual fuel grant. The Scheme is open to severely and permanently disabled persons as a driver or as a passenger and also to certain charitable organisations. In order to qualify for relief, the applicant must hold a...

Written Answers — Department of Finance: Pension Levy (13 Jun 2023)

Michael McGrath: I assume the Deputy is referring to the 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 crash, 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 each year...

Written Answers — Department of Finance: Tax Reliefs (13 Jun 2023)

Michael McGrath: The Budget Day costing of measures announced is published in the Tax Policy Changes document. As the Deputy will be aware, at Budget 2023the Special Assignee Relief Programme (SARP) was extended until end-2025. This was considered to be accounted for in the tax base and was cost-neutral in Budget package terms, although there will be a marginal revenue gain in 2024 and 2025 as a result of the...

Written Answers — Department of Finance: Tax Data (13 Jun 2023)

Michael McGrath: It is assumed that the Deputy is referring to increasing the rate of Capital Gains Tax on net chargeable gains in excess of €500,000, for individuals with incomes in excess of €500,000, and assuming the continuation of entrepreneur relief. I am advised by Revenue that the estimated full year gain from the increase in rate to 40 per cent for the proposed change is in the...

Written Answers — Department of Finance: Tax Data (13 Jun 2023)

Michael McGrath: I propose to take Questions Nos. 346, 347 to 349, inclusive, together. I am advised by Revenue that traders are not required to identify the VAT generated from the supply of specific goods and services on their VAT returns. Therefore, it is not possible, using information provided on tax returns, to identify the amount of VAT collected from the supply of particular goods such as those...

Written Answers — Department of Finance: Electricity Supply Board (13 Jun 2023)

Michael McGrath: I wish to advise the Deputy that the following amounts were received from the ESB from 2009 to date. Dividend receipts are received and booked as non-tax revenue and contribute to the Exchequer balance in the year of receipt. Expenditure policy is a matter for individual departments and the Department of Public Expenditure, NDP Delivery and Reform. Year € ...

Written Answers — Department of Finance: Public Procurement Contracts (13 Jun 2023)

Michael McGrath: The ‘National Public Procurement Policy Framework’ issued by the Office of Government Procurement (OGP) in November 2019, sets out the procurement procedures to be followed by government departments and state bodies in accordance with EU rules and national guidelines. In addition, my Department has its own internal policy and guidance documents to assist staff to comply with...

Written Answers — Department of Finance: Tax Yield (13 Jun 2023)

Michael McGrath: The Irish Real Estate Fund (IREF) tax regime was introduced in Finance Act 2016. An IREF is an investment undertaking, or a sub-fund, which derives 25% or more of its market value (either directly or indirectly) from real estate assets in the State. IREFs are not subject to dividend withholding tax, they are subject to an IREF Withholding Tax (WHT) of 20% on distributions to non-resident...

Written Answers — Department of Finance: Departmental Schemes (13 Jun 2023)

Michael McGrath: The Disabled Drivers & Disabled Passengers Scheme (DDS) provides relief from VRT and VAT on an adapted car, as well as an exemption from motor tax and an annual fuel grant. Under DDS provisions, the reliefs from VRT and VAT are generous in nature amounting to up to €10,000, €16,000 or €22,000, depending on the level of adaption required for the vehicle. There is...

Written Answers — Department of Finance: Tax Code (13 Jun 2023)

Michael McGrath: Section 114 of the Taxes Consolidation Act (TCA) 1997 provides for a tax deduction in respect of expenses incurred wholly, exclusively and necessarily by an individual in the performance of the duties of his or her employment. I am advised by Revenue that the flat rate expense (FRE) regime it operates is done so on an administrative basis, where both a specific commonality of expenditure...

Written Answers — Department of Finance: Tax Code (13 Jun 2023)

Michael McGrath: A person engaged in the microgeneration of electricity is taxable each year on their profits/gains from the sale of electricity as calculated under Schedule D Case I or Case IV, as the case may be. Profits arising from the carrying on of a trade are chargeable to tax under Case I whereas profits generated from activities which do not have the characteristics of a trade are chargeable to tax...