Results 2,741-2,760 of 27,945 for speaker:Michael McGrath

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

Michael McGrath: I propose to take Questions Nos. 356 and 357 together. I am advised by Revenue that a taxpayer’s final income tax liability for a year, if any, is dictated by the entirety of their income for that year, as well as the impact of all tax credits, reliefs and deductions claimed and whether they are single or jointly assessed. Income tax and Universal Social Charge (USC) liabilities...

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

Michael McGrath: As I have stated previously in the House, the position is that the formulation and implementation of monetary policy in the eurozone and the setting of official interest rates is an independent matter for the ECB. The Government has no role in setting official interest rates, nor in setting the retail interest rates that lenders may charge on their loans, including mortgages. That is a...

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

Michael McGrath: I propose to take Questions Nos. 359 to 361, inclusive, together. Section 473A of the Taxes Consolidation Act 1997 provides for income tax relief in respect of qualifying tuition fees paid by an individual for a third level education course (including a postgraduate course), subject to the conditions set out in that section. The relief is granted at the standard rate of income tax (currently...

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

Michael McGrath: I am advised by Revenue that a breakdown of excise receipts for 2021 and prior years is available on the Revenue website at www.revenue.ie/en/corporate/information-about-revenue/statis tics/excise/receipts-volume-and-price/excise-receipts-commod ity.aspx In relation to VAT, I am further advised by Revenue that traders are not required to identify the VAT yield generated from the supply of...

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

Michael McGrath: A new tax incentive was introduced in Finance Act 2022 for small-scale landlords who undertake retrofitting works while the tenant remains in situ, which has the aim of attracting and retaining small-scale landlords in the private rental sector. This measure is provided for in section 97B of the Taxes Consolidation Act 1997. The provision is intended to provide for a deduction of certain...

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

Michael McGrath: Help to Buy (HTB) is a scheme to assist first-time purchasers with the deposit they need to buy or build a new house or apartment. The incentive offers a refund on Income Tax and Deposit Interest Retention Tax (DIRT) paid in the State over the previous four years, subject to limits outlined in Section 477C of the Taxes Consolidation Act 1997. Since inception of the scheme to 31 May 2023,...

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

Michael McGrath: Finance Act 2022 (as amended) makes provision for the Temporary Business Energy Support Scheme (TBESS). The scheme provides support to qualifying businesses in respect of increases in their electricity or natural gas costs. The TBESS is available to eligible tax compliant businesses carrying on a trade or profession, the profits of which are chargeable to tax under Case I or Case II of...

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

Michael McGrath: Consanguinity relief is a long-standing stamp duty relief which is available only in respect of farmland. It serves to reduce the stamp duty rate applicable to the acquisition of farmland by qualifying individuals from the current standard rate on non-residential property of 7.5 per cent to 1 per cent. It was last extended (by three years) in Finance Act 2020, so is currently due to expire at...

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

Michael McGrath: Micro-generation of electricity is the small-scale production of electricity by consumers who generate electricity at their own homes for their own consumption and sell the excess electricity produced. Section 216D into the Taxes Consolidation Act 1997 provides for an exemption of up to €200 from income tax, USC and PRSI for certain profits arising to a qualifying individual who...

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

Michael McGrath: Revenue do not have information specifying the number of tutors training craft apprentices in the education training boards or the income levels of those tutors. As such, I am advised that it is not possible for Revenue to provide an estimate the cost of providing an income tax relief to such tutors.

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

Michael McGrath: It is assumed that the Deputy is referring to increasing the rate of Local Property Tax (LPT) by 30% for all properties valued above €1,487,500, i.e., the 30% increase applies in the four highest categories of property subject to LPT. I am advised by Revenue that the estimated yield from the proposal in question would be in the region of €8 million.

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

Michael McGrath: I wish to advise the Deputy that of the social media videos posted by my Department during the timeframe specified, 75% included closed captioning/subtitles and none featured translations into Irish or another language. Those bodies under the aegis of my Department with social media accounts have advised as follows: 100% of the videos posted on social media by the Central Bank of Ireland...

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

Michael McGrath: My Department and the bodies under its aegis do not have stand-alone anti-racism policies which can be accessed by the public. My Department operates under the ‘Dignity at Work - an Anti-Bullying, Harassment and Sexual Harassment Policyfor the Civil Service’,which was developed in partnership between the Civil Service Management and Staff Unions, and is publicly available. This...

Written Answers — Department of Finance: Banking Sector (13 Jun 2023)

Michael McGrath: The merchant service charge is the fee charged by an acquirer to a retailer 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: Tax Code (13 Jun 2023)

Michael McGrath: For capital acquisitions tax (CAT) purposes, the relationship between the person giving a gift or inheritance (i.e. the disponer) and the person who receives it (i.e. the beneficiary) determines the maximum amount, known as the “Group threshold”, below which CAT does not arise. Any prior gift or inheritance received by a beneficiary since 5 December 1991 from within the same...

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

Michael McGrath: I am advised by Revenue that the VAT rating of goods and services is subject to the requirements of EU VAT law with which Irish VAT law must comply. Under our legislation the provision of medical care services by recognised medical professionals are exempt from VAT. This includes health professionals registered under the Medical Practitioners Act 2007, the Nurses and Midwives Act 2011, and...

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

Michael McGrath: I propose to take Questions Nos. 379 and 385 together. Finance Act 2021 introduced Part, 22A Residential Zoned Land Tax (RZLT), into the Taxes Consolidation Act 1997. The RZLT is designed to prompt residential development by landowners, including farmers, of land that is zoned for residential or mixed-use (including residential) purposes and that is serviced. RZLT is an annual tax,...

Written Answers — Department of Finance: State Assets (13 Jun 2023)

Michael McGrath: The Deputy will find below information on the State's shareholding in the domestic retail banks, the investment assets held by the Ireland Strategic Investment Fund, and the investment assets held by the Central Bank of Ireland, together with information on where more detail on these assets is published. Shareholding in Domestic Banks The total recapitalisation of the domestic banks amounted...

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

Michael McGrath: The Code of Practice for the Governance of State Bodies 2016, Business and Financial Reporting Requirementsprovides that “State bodies should disclose details of expenditure on external consultancy/adviser fees in their annual report and/or financial statements for each accounting year for each entity”. The Code states that for the purpose of disclosure in financial...

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

Michael McGrath: Stamp duty is a tax on certain instruments (written documents), and it is chargeable on instruments that transfer land and buildings situated in Ireland. Such instruments are usually called ‘Deeds of Transfer’ or ‘Deeds of Conveyance’. Stamp duty is also chargeable on the following instruments:written leases of land and buildings situated in Ireland/instruments...