Results 2,921-2,940 of 27,945 for speaker:Michael McGrath

Ceisteanna Eile - Other Questions: Tax Code (9 May 2023)

Michael McGrath: As I said in the initial reply, the new scheme that has been produced by the UK Government is very recent. It only came in on 1 May. The Revenue Commissioners are currently examining the second-hand motor vehicle payment scheme. They are considering the impact and they will publish updated guidance shortly. I am not currently considering any particular change to the application of VRT but...

Ceisteanna Eile - Other Questions: Departmental Schemes (9 May 2023)

Michael McGrath: The Finance Bill, which provides for some of the changes to the TBESS, passed in the Seanad this evening so will be signed into law shortly. As the Deputies will know, the reduction in the energy cost threshold for entry to the scheme from 50% to 30% will be backdated to September 2022. Therefore, businesses that did not qualify all along because they did not meet that 50% test, if they...

Ceisteanna Eile - Other Questions: Budget 2024 (9 May 2023)

Michael McGrath: As Deputy Boyd Barrett will be aware, it is long-standing practice of the Minister for Finance not to comment, certainly in any detail, in advance of the budget on taxation matters that might be the subject of budget decisions. The Government is acutely aware of the difficulties in the housing market and the challenges they present for many people and families at the moment. The need to...

Ceisteanna Eile - Other Questions: Tax Collection (9 May 2023)

Michael McGrath: The debt warehousing scheme allows for the deferral of the payment of VAT, PAYE and certain self-assessed income tax liabilities, including the temporary wage subsidy scheme, TWSS, and employment wage subsidy scheme, EWSS, overpayments. It provided a vital liquidity support to businesses during the Covid pandemic and continues to support businesses as they recover from the impacts of the...

Ceisteanna Eile - Other Questions: Tax Collection (9 May 2023)

Michael McGrath: It is worth reflecting on the numbers I put on the record and the fact that two thirds of the businesses that have tax debts warehoused owe less than €5,000. I recognise that this is a significant amount of money for a lot of businesses but in the great majority of cases, with goodwill and co-operation between the business and the Revenue Commissioners, it should be possible to put in...

Ceisteanna Eile - Other Questions: Tax Collection (9 May 2023)

Michael McGrath: It is worth underlining the point that the requirement is to have entered into an arrangement with Revenue by 1 May 2024. It is not that the business has to have repaid the warehoused tax by that date; it just has to have entered an arrangement. Over the next ten to 11 months, I urge businesses to engage with the Revenue Commissioners and put in place that arrangement. I also want to make...

Ceisteanna Eile - Other Questions: Departmental Schemes (9 May 2023)

Michael McGrath: Section 100 of the Finance Act 2022 requires that an assessment of the TBESS be carried out at intervals of not less than every three months, beginning on 20 October 2022. On 27 April 2023 I published the second three-month assessment of the scheme. The first assessment was published on 28 January. The assessment was undertaken by the Department of Finance with the assistance of the...

Ceisteanna Eile - Other Questions: Tax Code (9 May 2023)

Michael McGrath: I am not pandering to anyone, but in the position I am in, I have the advantage of engaging directly with some of the world's largest companies that have invested in Ireland and continue to do so. One of the issues that is repeatedly raised is the importance of predictability, certainty and stability when it comes to corporation tax policy. That has served Ireland well. The Government has...

Ceisteanna Eile - Other Questions: Tax Code (9 May 2023)

Michael McGrath: When it comes to banks, because the existing levy comes to an end in law this year, we are carrying out a review. I will make the decision about the future of that levy known when the budget is announced. As the Deputy will be aware, I published a terms of reference for a review of the investment fund sector on 6 April. Specifically with regard to the taxation of funds, the review will...

Ceisteanna Eile - Other Questions: House Sales (9 May 2023)

Michael McGrath: I propose to take Questions Nos. 59, 63 and 67 together. The help-to-buy initiative announced in budget 2017 is an income tax incentive measure designed to assist first-time buyers with the deposit required to purchase or self-build a new house or apartment to live in as their home. With a view to increasing the supply of new housing and stimulating demand, the relief is only available...

Ceisteanna Eile - Other Questions: House Sales (9 May 2023)

Michael McGrath: I had an exchange with Deputy Connolly earlier about the future of the scheme. It is a scheme that the Government and I strongly support, given the fact that almost 40,000 people have benefited from it over the past number of years, many of whom would not have been in a position to buy a home without it. In the Budget Statement last year, it was announced that the scheme would be extended...

Ceisteanna Eile - Other Questions: House Sales (9 May 2023)

Michael McGrath: I would be grateful if the Deputy would share some of the details of the cases he is referring to with my office so that we can examine them and make sure that the legislation is being fully applied in all cases. He has correctly highlighted the value of the scheme in his county. A number of other colleagues tabled questions relating to Carlow, Clare, Laois, Limerick, Longford, Offaly and...

Ceisteanna - Questions - Ceisteanna ar Sonraíodh Uain Dóibh - Priority Questions: Housing Schemes (9 May 2023)

Michael McGrath: When we talk about statistics and 38,500 people benefiting from the scheme, I know many of them personally, as I am sure the Deputy does. Without the help-to-buy scheme, the truth is many of those people would not have been able to buy a home. That is the reality. I support the decision made by my predecessor that the extension of the scheme to 2024 provides certainty. We need as much...

Ceisteanna - Questions - Ceisteanna ar Sonraíodh Uain Dóibh - Priority Questions: Housing Schemes (9 May 2023)

Michael McGrath: Our policy is to support home buyers because we support home ownership. The truth is this is a key affordability intervention. Many people will sleep in homes tonight, in every county throughout the country, who would not have those homes if this scheme did not exist. That is my view and it is why the Government has supported this scheme. The Deputy talked about targeting and the scheme...

Ceisteanna - Questions - Ceisteanna ar Sonraíodh Uain Dóibh - Priority Questions: Housing Schemes (9 May 2023)

Michael McGrath: I take the Deputy's point that she is drawing that wording from the reports.

Ceisteanna - Questions - Ceisteanna ar Sonraíodh Uain Dóibh - Priority Questions: Housing Schemes (9 May 2023)

Michael McGrath: I take that to be the Deputy's position on it. As Minister, I do not agree with her. The scheme has an important role to play. It is in place until at least 2024. We will keep it under review and will make clear in future budgets what the position is beyond that date.

Ceisteanna Eile - Other Questions: Tax Code (9 May 2023)

Michael McGrath: As a small open economy connected to Europe, the US and the wider world, Ireland is committed to a competitive, transparent and stable corporation tax system. As the Deputy will be aware, the trading profits of companies in Ireland are generally taxed at the standard corporation tax rate of 12.5%. We are committed, under the pillar 2 agreement, to increasing to an effective rate of 15% for...

Ceisteanna - Questions - Ceisteanna ar Sonraíodh Uain Dóibh - Priority Questions: Defective Building Materials (9 May 2023)

Michael McGrath: I assure the Deputy there is no lack of will on my part to support these homeowners on these issues. The scheme itself has been established by the Minister. The legislation has been put in place and this has to be worked through. The Deputy has raised specific issues around the treatment of people in the context of their mortgages, the difficulties that are already there, and the...

Ceisteanna - Questions - Ceisteanna ar Sonraíodh Uain Dóibh - Priority Questions: Small and Medium Enterprises (9 May 2023)

Michael McGrath: SMEs are the foundation of the economy, accounting for the majority of employment in the State. Their vital importance to our economy is reflected in our programme for Government commitments. On tax measures, my Department has been proactive in supporting SMEs by introducing and expanding a number of taxation measures, which help small businesses access investment, scale-up and expand....

Ceisteanna - Questions - Ceisteanna ar Sonraíodh Uain Dóibh - Priority Questions: Small and Medium Enterprises (9 May 2023)

Michael McGrath: I will start on the Deputy's final point first with regard to insurance. HE will be aware that the Minister of State, Deputy Jennifer Carroll MacNeill, is leading the Government's insurance reform programme. Significant progress has been made on the new personal injury guidelines and the office to promote competition in the insurance sector. The work to reform the duty of care legislation...