Results 2,761-2,780 of 27,945 for speaker:Michael McGrath

Written Answers — Department of Finance: Universal Social Charge (13 Jun 2023)

Michael McGrath: The position is that individuals who hold a full medical card with total income of €60,000 per annum or less benefit from reduced rates of USC. To qualify for the reduced USC rates the individual does not need to hold the medical card for the full year, the reduced rates apply once the individual holds a full medical card for any period during the year. The reduced rates of USC that...

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

Michael McGrath: As the Deputy may be aware, 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. The Group A threshold (currently €335,000) applies, inter alia,...

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

Michael McGrath: I wish to advise the Deputy that there have been four seconded PWC staff to my Department over the last 10 years. The staff concerned provided specialist advice in a number of Divisions. Details on the role, Division and duration of each secondment are provided in the table below: Role Division Duration Specialist Economic Division ...

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

Michael McGrath: Since 2013, my Department has engaged the services of the named company on the following occasions: In 2015, my Department contracted the company to provide professional services to support the Money Laundering and Terrorist Financing National Risk Assessment. The contract lasted for 18 months and the cost was €73,031. In 2018, my Department contracted the company to provide...

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

Michael McGrath: 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, calculated at a rate of 3% of the market value of the land...

Written Answers — Department of Finance: Revenue Commissioners (13 Jun 2023)

Michael McGrath: I am advised by Revenue that its Large Cases - High Wealth Individuals Division (LC-HWID) has responsibility for the following business areas:Management of the tax affairs of High Wealth Individuals,Approval and administration of certain pension schemes, andIdentification of and challenge to tax avoidance transactions.The details requested by the Deputy are set out in the following Table for...

Written Answers — Department of Finance: Fiscal Policy (13 Jun 2023)

Michael McGrath: Promoting investment and jobs in Ireland is a key part of the Government’s overall strategy. As the Deputy will be aware, the economic policy unit in the Department of An Taoiseach supports the Government, in delivering sustainable and balanced economic growth and advancing the Government’s economic priorities. The unit assists the delivery of the Government’s economic...

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

Michael McGrath: I wish to inform the Deputy that remote working in my Department is governed by the same organisation policies and procedures that apply to staff working in the office environment. This includes policies in respect of Data Protection, IT Security, Confidentiality, and Standards of Behaviour. There are a range of policies and protocols in place to safeguard against unauthorised exposure of...

Written Answers — Department of Education and Skills: Apprenticeship Programmes (1 Jun 2023)

Michael McGrath: The ‘Action Plan for Apprenticeship 2021-2025’ was launched in April 2021 and sets out new ways of structuring, funding, and promoting apprenticeships to make apprenticeship more accessible to employers and learners. The Plan seeks to deliver on a target of 10,000 apprenticeship registrations per annum, across a wide range of programmes, by 2025. We are making significant...

Written Answers — Department of Finance: Insurance Industry (1 Jun 2023)

Michael McGrath: I note that the question refers to the cost of insurance for the amusement sector. 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 IIDirective). Nevertheless, this Government is aware that certain business...

Written Answers — Department of Finance: Tax Exemptions (1 Jun 2023)

Michael McGrath: 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, calculated at a rate of 3% of the market value of the land...

Written Answers — Department of Finance: Departmental Bodies (1 Jun 2023)

Michael McGrath: Circular 25/2016 states that State Bodies under the aegis of Government Departments must provide and maintain a dedicated email address for Oireachtas members. The circular applies to all bar three of the bodies under the aegis of my Department. These three bodies are the Credit Union Advisory Committee (CUAC), the Disabled Drivers Medical Board of Appeal (DDMBA) and the Credit Union...

Written Answers — Department of Finance: Revenue Commissioners (1 Jun 2023)

Michael McGrath: I am advised by Revenue that the previous Investigation and Prosecution Division (IPD) amalgamated with the five frontier management branches in July 2021 and formed a new Division called Investigation, Prosecution and Frontier Management Division (IPFMD). I am advised by Revenue that the number serving in Investigation, Prosecution and Frontier Management Division on the 24 May 2023 is as...

Written Answers — Department of Finance: Tax Data (1 Jun 2023)

Michael McGrath: I am advised by Revenue that the estimated first and full year yield to the Exchequer of the Deputy’s proposal would be €290 million and €375 million respectively. This would have the result of increasing the top marginal tax rate on PAYE income from 52 per cent to 55 per cent and for non-PAYE income from 55 per cent to 58 per cent.

Written Answers — Department of Finance: Tax Data (1 Jun 2023)

Michael McGrath: I am advised by Revenue that their micro-simulation modelling tool, Tax Modeller, is built to model scenarios on a taxpayer unit basis (i.e. including jointly assessed couples as one taxpayer unit). As such, it does not generate any outputs on an individualised basis, and it is therefore not possible to estimate changes to tax credits on an individual basis for a projected tax year. However,...

Written Answers — Department of Finance: Tax Data (1 Jun 2023)

Michael McGrath: I am advised by Revenue that the administrators of pension schemes and personal pension arrangements are not generally required to provide information on the numbers and values of individual pension funds or on individual accrued benefits to Revenue. Therefore, there is no underlying data available to Revenue on which to base reliable estimates of the savings that would arise from the...

Written Answers — Department of Finance: Tax Data (1 Jun 2023)

Michael McGrath: I am advised by Revenue that pages 18 and 19 of Revenue’s Ready Reckoner can be used to estimate the yield from changes to the rate of Stamp Duty on property. The Ready Reckoner is available on the Revenue website at www.revenue.ie/en/corporate/documents/statistics/ready-recko ner.pdf The Ready Reckoner can be used to extrapolate the estimated additional yield from increasing the rate...

Written Answers — Department of Finance: Tax Data (1 Jun 2023)

Michael McGrath: I am advised by Revenue that the estimated full-year revenue generated from a 40% Capital Gains Tax (CGT) rate being applied to the taxable gains of individuals with aggregate income and gains in excess of €500,000 is of the order of €86 million. The first-year yield would depend on the timing of the introduction of the change. This estimate is based on 2020 data, the latest...

Written Answers — Department of Finance: Tax Reliefs (1 Jun 2023)

Michael McGrath: I am advised by Revenue that the system referred to by the Deputy, whereby tenants deduct and remit to Revenue withholding tax at the standard rate of income tax (currently 20%) from rental payments to a landlord who lives outside the State, has been in operation for many years. However, some changes were introduced in last year’s Finance Act. The relevant legislation provides...

Written Answers — Department of Finance: Tax Credits (31 May 2023)

Michael McGrath: I am advised by Revenue that the Tax Code sets out the basis on which an individual is assessed to tax and provides for a significant number of credits, reliefs and exemptions, eligibility for which is subject to a wide range of conditions. The basis of assessment and the credits, reliefs and exemptions available vary depending on the facts and circumstances applicable in each specific case....