Results 2,821-2,840 of 27,945 for speaker:Michael McGrath

Written Answers — Department of Finance: Tax Yield (23 May 2023)

Michael McGrath: The Vacant Homes Tax is a new measure announced in Budget 2023, which aims to increase the supply of homes for rent or purchase to meet demand. Legislative provision for the tax was made in the Finance Act 2022. The first chargeable period commenced on 1 November 2022. The first self-assessed returns are due on 7 November this year and the tax will be payable on 1 January 2024. Therefore,...

Written Answers — Department of Finance: Tax Code (23 May 2023)

Michael McGrath: Section 257 of the Taxes Consolidation Act 1997 requires all deposit takers to deduct Deposit Interest Retention Tax (DIRT) from payments of interest made to an account unless the account qualifies as an exempt account. Information on the accounts to which a DIRT exemption may apply is contained in Tax and Duty Manual Part 08-04-08, which is available on the Revenue website at...

Written Answers — Department of Finance: Housing Schemes (23 May 2023)

Michael McGrath: People who have been separated or divorced may be eligible for Help to Buy (HTB) provided that they meet the eligibility criteria for the scheme. However, s. 477C of the Taxes Consolidation Act 1997 (TCA) requires that HTB claimants must be first-time purchasers. First-time purchaser, for the purposes of HTB is defined as: "an individual who, at the time of a claim under subsection...

Written Answers — Department of Finance: Budget Process (23 May 2023)

Michael McGrath: As the Deputy will recall, the Tax Policy Changes document published as part of Budget 2023 set out both the first and full year cost of taxation measures. Carryover is calculated as the difference between the effect on a full year and that on 2023. The impact of carryover will be reviewed as part of the normal budgetary process, as there are several moving parts to be considered, such as the...

Written Answers — Department of Finance: Tax Yield (23 May 2023)

Michael McGrath: I am advised by Revenue that the Revenue Ready Reckoner can be used to estimate the effect of changes to the tax code, including, on page 22, the estimated full year cost or yield of potential changes to Mineral Oil Tax rates for Diesel. The Ready Reckoner is available at the following link: www.revenue.ie/en/corporate/documents/statistics/ready-recko ner.pdf Based on the volume of diesel...

Written Answers — Department of Finance: Departmental Data (23 May 2023)

Michael McGrath: I propose to take Questions Nos. 228 and 229 together. In relation to Dail Question No. 228 (Ref: 24123/23), I am advised by Revenue that a breakdown of new car sales based on car body type in each VRT band for 2020, 2021, 2022 and to the end of March 2023 is provided in the table below. To protect taxpayer confidentiality and adhere to Revenue’s statistical disclosure protocol, values...

Written Answers — Department of Finance: Interest Rates (23 May 2023)

Michael McGrath: While individual insolvency proposals and arrangements are matters for the parties to a particular insolvency situation, I nevertheless welcome the judgement in the recent case to which the Deputy refers. I believe that mortgage creditors should note that case and I would encourage mortgage creditors to consider all possible options to assist their borrowers experiencing mortgage...

Written Answers — Department of Finance: Tax Code (23 May 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 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 within its scope. The tax...

Written Answers — Department of Finance: Wildlife Conservation (23 May 2023)

Michael McGrath: I wish to advise the Deputy that my Department, currently, has no policy in place to install structures - artificial or otherwise - which may provide shelter and habitat space for wild species. My Department recognises its responsibility to support Ireland’s environmental and wider sustainable development objectives. To this effect, a Green Committee was established in the Department...

Written Answers — Department of Finance: Legislative Process (23 May 2023)

Michael McGrath: I thank the Deputy for his question. I am aware that the prompt enactment of this Credit Union (Amendment) Bill is widely sought by credit unions and both Minister Carroll MacNeill and I are working hard to progress this legislation as quickly as possible. However, at present, it is not possible to determine the precise timeframe by which the Bill will complete all stages in the Dáil. ...

Written Answers — Department of Finance: Business Supports (23 May 2023)

Michael McGrath: The Temporary Business Energy Support Scheme (TBESS) was introduced to support qualifying businesses with increases in their electricity or natural gas costs arising from Russia’s invasion of Ukraine. Sections 100 to 102 of the Finance Act 2022 make provision for the TBESS. The scheme provides support to qualifying businesses in respect of energy costs relating to the period from 1...

Written Answers — Department of Finance: Tax Reliefs (23 May 2023)

Michael McGrath: The following table lists the tax reliefs specific to the farming sector which are due to expire in either 2023 or 2024, including the relevant legislative provision and sunset date: Relief Legislative provision Sunset Stamp Duty Consanguinity Relief on Non-Residential Transfers Schedule 1 Stamp Duties Consolidation Act 1999 31...

Written Answers — Department of Finance: Revenue Commissioners (23 May 2023)

Michael McGrath: An Authorised Officer of the Revenue Commissioners may lawfully seize vehicles liable to forfeiture for excise offences, which include VRT related offences, in accordance with Section 141 of the Finance Act 2001. I am advised by Revenue that its approach to enforcement of the law relating to Vehicle Registration Tax (VRT) is that in each instance where a failure to comply with the relevant...

Written Answers — Department of Finance: Tax Reliefs (23 May 2023)

Michael McGrath: Section 118(5G) of the Taxes Consolidation Act 1997 (TCA 1997) provides for the Cycle to Work scheme. This scheme was introduced in 2009 and provides an exemption from benefit-in-kind (BIK) where an employer purchases a bicycle and associated safety equipment for an employee. The scheme operates on a self-administration basis. Relief is automatically available provided the employer is...

Written Answers — Department of Finance: Housing Schemes (23 May 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. An increase in the supply of new housing...

Written Answers — Department of Finance: Tax Credits (23 May 2023)

Michael McGrath: Section 481 provides relief in the form of a corporation tax credit related to the cost of production of certain films. The scheme is intended to act as a stimulus to the creation of an indigenous film industry in the State, creating quality employment opportunities and supporting the expression of the Irish culture. Finance Act 2018 introduced a short-term, tapered regional uplift for...

Written Answers — Department of Finance: Primary Medical Certificates (23 May 2023)

Michael McGrath: I propose to take Questions Nos. 240 and 241 together. 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...

Written Answers — Department of Finance: Mortgage Interest Rates (23 May 2023)

Michael McGrath: The formulation and implementation of monetary policy is an independent matter for the European Central Bank (ECB). As the Deputy is aware, the ECB has increased official interest rates over recent months as it attempts to combat inflation. The level of official interest rates influences the overall level of interest rates throughout the economy. However, the setting of retail lending...

Written Answers — Department of Finance: Departmental Schemes (18 May 2023)

Michael McGrath: Section 118(5G) of the Taxes Consolidation Act 1997 (TCA 1997) provides for the ‘Cycle to Work’ scheme. This scheme provides an exemption from benefit-in-kind where an employer purchases a new bicycle for an employee or director up to certain limits, and subject to certain conditions being satisfied. Associated safety equipment may also be provided, which is subject to the...

Written Answers — Department of Finance: National Debt (18 May 2023)

Michael McGrath: The NTMA have advised me that at end-April 2023, Ireland’s Gross National Debt stood at €235.9bn. The National Reserve Fund (NRF) is currently invested in Exchequer Notes. All things being equal, any reduction in NRF holdings of Exchequer Notes would result in a corresponding reduction in Ireland’s Gross National Debt.