Results 2,841-2,860 of 27,945 for speaker:Michael McGrath

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

Michael McGrath: I propose to take Questions Nos. 208 and 209 together. Budget 2023 provided for the transfer of €6 billion from the budgetary surplus to the National Reserve Fund (NRF). This was operationalised via the transfer of €2 billion in September last year, followed by the transfer of €4 billion in February of this year. The National Reserve Fund is within the General...

Written Answers — Department of Finance: Tax Code (18 May 2023)

Michael McGrath: The Programme for Government commits to indexing income tax credits and bands, as incomes rise, to prevent an increase in the real burden of tax and to ensure that low-income workers are not brought into the tax net. The medium-term budgetary strategy set out in the Summer Economic Statement 2021 assumes a tax package of €500 million each year. This assumption will be reviewed as...

Written Answers — Department of Finance: Tax Data (18 May 2023)

Michael McGrath: The Programme for Government, “Our Shared Future”, states that “from Budget 2022 onwards, in the event that incomes are again rising as the economy recovers, credits and bands will be index linked to earnings. This will be done to prevent an increase in the real burden of income tax, to prevent more low income workers being taken into the tax net because of no changes to...

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

Michael McGrath: The Ireland Strategic Investment Fund (“ISIF”), which is part of the NTMA, has a mandate to invest on a commercial basis in a manner designed to support economic activity and employment in Ireland. The ISIF Impact Strategy prioritises the use of its capital and resources to address strategic challenges and focuses its efforts on making transformational investments across its...

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

Michael McGrath: I am aware of the media reports of the incident in Australia which the Deputy has referred to. I am not aware of any instances of leaking of confidential State documents in the manner referred to or by the firm involved in Ireland. I am advised that the Official Secrets Act 1963 would apply to any appointments to Government Commissions or Committees of a similar nature in Ireland and would...

Written Answers — Department of Finance: Banking Sector (18 May 2023)

Michael McGrath: Deposit interest rates are a means for banks to attract or maintain a stable source of funding. The determination of the rate of interest to offer to attract depositors is a commercial decision, which is the sole responsibility of the board and management of each bank. Neither the Central Bank of Ireland nor I have a role in setting the interest rates offered by banks on monies held on...

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

Michael McGrath: I am advised by Revenue that the breakdown of new Category A (passenger car) registrations in each VRT band for 2021, 2022 and to the end of March 2023 is provided in the table below. VRT Band 2021 2022 2023 Band 01 15,603 23,907 14,078 Band 02 999 479 144 Band...

Written Answers — Department of Finance: Rights of People with Disabilities (18 May 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 Primary...

Written Answers — Department of Finance: Tax Rebates (17 May 2023)

Michael McGrath: The Help to Buy (HTB) incentive is a scheme to assist first-time purchasers with the deposit they need to buy or build a new house or apartment. The incentive gives a refund of Income Tax and Deposit Interest Retention Tax (DIRT) paid in the State over the previous four years, subject to limits outlined in the legislation. I am advised by Revenue that the HTB application of the persons...

Written Answers — Department of Finance: Financial Services (17 May 2023)

Michael McGrath: I propose to take Questions Nos. 31 and 32 together. The Government is acutely aware of recent events which are impacting on mortgage interest rates. As you know the formulation and implementation of monetary policy is an independent matter for the European Central Bank (ECB).       However, research has indicated that there is potential for existing mortgage holders...

Written Answers — Department of Finance: Banking Sector (17 May 2023)

Michael McGrath: Deposit Guarantee Schemes (DGSs) across Europe were revised and improved in 2015, with uniform protection for depositors, improved operational procedures and a harmonised target level of 0.8% of covered deposits. This target level means that as deposits grow, so too does the DGS fund. In Ireland, the DGS has been successfully invoked five times to protect depositors, most recently with the...

Written Answers — Department of Finance: Departmental Contracts (17 May 2023)

Michael McGrath: I wish to advise the Deputy that the figures sought are provided below. It should be noted that these figures refer to both the Department of Finance and the Department of Public Expenditure, National Development Plan Delivery and Reform as there is a shared service in respect of Facilities Management including cleaning for both Departments. Supplier 2021 2022 ...

Written Answers — Department of Finance: Revenue Commissioners (17 May 2023)

Michael McGrath: The capital budget allocation for the Revenue Commissioners in the years of 2021, 2022 and 2023 is as follows:  V09 Capital Allocation 2021 2022 2023 € 000 € 000 € 000 Gross Total 33,000 21,000 28,457 Appropriations in Aid 1,400 ...

Written Answers — Department of Finance: National Asset Management Agency (17 May 2023)

Michael McGrath: I refer the Deputy to my response of 10th May 2023 to question 56 which states that, by virtue of Sections 99 and 202 of the NAMA Act, NAMA is legally precluded from disclosing confidential debtor information, including specific details relating to loans advanced to individual debtors or receivers. I am advised by NAMA that, from inception to end-2022, and to end-April 2023, €5.3...

Written Answers — Department of Finance: Departmental Data (17 May 2023)

Michael McGrath: The NTMA have advised me that the investment objective of the National (Surplus) Reserve Fund is to preserve, to the extent possible, the full nominal value of the fund having regard to the credit rating of the financial institution or issuer of the investments. The NTMA has informed me that in line with that objective, the Fund is currently invested in Irish Exchequer notes at commercial...

Written Answers — Department of Finance: Tax Code (17 May 2023)

Michael McGrath: Individual investors who are tax resident in Ireland may be subject to exit tax at a rate of 41% on the following types of investments under what is known as the “gross roll-up” taxation regime:Investments in Irish funds,Investments in life policies,Investments in offshore funds, and Investments in offshore life policies.The taxation of individuals who are not tax resident in...

Written Answers — Department of Finance: Tax Code (17 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 23, the estimated full year cost or yield of potential changes to the Carbon tax rates. The Ready Reckoner is available at the following link: www.revenue.ie/en/corporate/documents/statistics/ready-recko ner.pdf

Written Answers — Department of Finance: Universal Social Charge (17 May 2023)

Michael McGrath: The Universal Social Charge (USC) was designed and incorporated into the Irish taxation system in 2011 to replace the Health and Income Levies.  Its primary purpose was to widen the tax base and to provide a steady income to the Exchequer to provide funding for public services. The USC is an individualised tax, meaning that a person’s liability to the tax is determined on the...

Written Answers — Department of Finance: Tax Code (17 May 2023)

Michael McGrath: I am advised by Revenue that the estimated costs to the Exchequer, on a first and full year basis, for the proposal outlined by the Deputy of increasing the tax bands by 10% are €810 million and €935 million respectively.

Written Answers — Department of Finance: Departmental Funding (17 May 2023)

Michael McGrath: My Department has not released any funds under the per cent for art scheme in any of the five years to date in 2023.