Results 2,981-3,000 of 27,945 for speaker:Michael McGrath

Written Answers — Department of Finance: Tax Yield (9 May 2023)

Michael McGrath: My Department set out its spring economic and fiscal forecasts in the Government's Stability Programme Updatethat was published in April. Corporation tax receipts are projected at €24.3 billion this year, which would amount to 27 per cent of the total projected tax-take for 2023. My Department estimates that almost €12 billion, or approximately half, of corporation tax receipts...

Written Answers — Department of Finance: Mortgage Interest Rates (9 May 2023)

Michael McGrath: Research has indicated that there is potential for existing mortgage holders to make mortgage savings by switching their mortgage. This is a particularly important consideration at a time of rising interest rates. I have met with the CEOs of the retail banks and with a number of non-bank lenders where I emphasised that they should take a consumer focused approach to encourage switching...

Written Answers — Department of Finance: Tax Reliefs (9 May 2023)

Michael McGrath: I propose to take Questions Nos. 100, 103, 105, 113 and 115 together. The Help to Buy Incentive, 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...

Written Answers — Department of Finance: Tax Rebates (9 May 2023)

Michael McGrath: I am advised by Revenue that over 810,000 PAYE employees have submitted tax returns in respect of 2022 in the first quarter of this year. Of these, just over 650,000 have received a refund of tax. Revenue has to date refunded €453 million to PAYE taxpayers in respect of 2022, which represents just over 9% of the tax paid by these taxpayers. Where an income tax return is not...

Written Answers — Department of Finance: Interest Rates (9 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: Financial Services (9 May 2023)

Michael McGrath: The technology that supports the issuance of cryptocurrencies, known as distributed ledger technology (“DLT”) offers technical innovations to enhance transparency, security and efficiencies within financial markets. That being said, it is essential that new technological innovations that fail to meet the highest of standards of consumer protection and protect the integrity of...

Written Answers — Department of Finance: Tax Code (9 May 2023)

Michael McGrath: I am advised by Revenue that Professional Services Withholding Tax (PSWT) is a deduction at the standard rate of income tax, currently 20%, from relevant payments made by accountable persons to specified persons in respect of certain professional services. The tax deducted is a payment on account against the specified person’s final Income Tax or Corporation Tax liability for the year,...

Written Answers — Department of Finance: Insurance Industry (9 May 2023)

Michael McGrath: As the Deputy will appreciate, neither I, nor the Central Bank of Ireland, can direct the pricing or provision of insurance products, as this is a commercial matter which individual companies assess on a case-by-case basis. This position is reinforced by the EU Single Market framework for insurance (the Solvency II Directive). Nevertheless, the Government understands that insurance costs...

Written Answers — Department of Finance: Tax Reliefs (9 May 2023)

Michael McGrath: As the Deputy will appreciate, decisions regarding tax incentives and reliefs are normally made in the context of the annual Budget and Finance Bill process. Such decisions must have regard to the sound management of the public finances and my Department's Tax Expenditure Guidelines. Tax reliefs, no matter how worthwhile in themselves, may serve to narrow the tax base and can make general...

Written Answers — Department of Finance: Tax Code (9 May 2023)

Michael McGrath: Officials from the Department of Finance continue to monitor developments in the vehicle taxation area. New proposals are considered and current vehicle tax policies are kept under review as part of the Tax Strategy Group and Budgetary cycle. Going forward, it is possible that vehicle taxes may shift to weight-based in order to protect the vehicle tax base. However, you should note that the...

Written Answers — Department of Finance: Budget Targets (9 May 2023)

Michael McGrath: Economic and budgetary forecasts covering the period 2023-2026 were set out in the Stability Programme Update which was published and submitted to the European Commission and Council last month. My Department is forecasting an Exchequer surplus of just over €4.5 billion this year. The general government surplus, which is the preferred metric both nationally and internationally for...

Written Answers — Department of Finance: Information and Communications Technology (9 May 2023)

Michael McGrath: For operational and security reasons, we have previously been advised by the National Cyber Security Centre (NCSC) not to disclose details of systems and processes which could in any way compromise departmental security. In particular, it is not considered appropriate to disclose information which might assist criminals to identify potential vulnerabilities in departmental cybersecurity...

Written Answers — Department of Finance: Universal Social Charge (9 May 2023)

Michael McGrath: I am advised by Revenue that the breakdown of the number of taxpayer units paying USC at each USC rate and the amount of liability associated with each USC rate is set out in the following table. It is important to note that, in the table below, taxpayer units may be included in some or all of the USC rate categories depending on their income levels. For example,a taxpayer unit subject to the...

Written Answers — Department of Finance: Fiscal Data (9 May 2023)

Michael McGrath: In response to the Deputy's question the NTMA have supplied the material below. Table 1 sets out the total debt service cost on Ireland’s National Debt for each of the years 2006 to 2022. Table 2 sets out projected debt service for each of the years 2023 to 2026. These estimates were prepared in the context of the recent Stability Programme Update 2023. Debt service comprises net...

Written Answers — Department of Finance: Legislative Reviews (9 May 2023)

Michael McGrath: It has not been possible in the time available to compile an updated list of the information sought in the Deputy's PQ. My officials will revert in writing to the Deputy when this is ready. This is likely to take some considerable time given the scope of the question posed.

Written Answers — Department of Finance: Tax Reliefs (9 May 2023)

Michael McGrath: A number of tax reliefs are in place specifically to support the farming sector, for example, accelerated capital allowances for farm safety equipment, various stock reliefs, carbon tax relief on farm diesel, succession farm partnerships relief, VAT rebates on farm buildings. In respect of the leasing of land for farming purposes (including tillage and horticulture), section 664 of the Taxes...

Written Answers — Department of Finance: Tax Credits (9 May 2023)

Michael McGrath: The Rent Tax Credit, as provided for in section 473B of the Taxes Consolidation Act 1997 (TCA 1997), was introduced by Finance Act 2022 and may be claimed in respect of qualifying rent paid in 2022 and subsequent years to end-2025. One of the conditions attached to the credit relates to the relationship between the claimant, tenant and landlord. Where the relationship between the claimant and...

Written Answers — Department of Finance: Tax Yield (9 May 2023)

Michael McGrath: I am advised by Revenue that the estimated first and full year yield to the Exchequer from the introduction of two new income tax bands of 47% on earnings between €135,000 and €200,000 and 55% on earnings greater than €200,000 is €1.16 billion and €1.51 billion respectively.

Written Answers — Department of Finance: Tax Code (9 May 2023)

Michael McGrath: Anti-money laundering legislation requires each EU Member State to establish a Central Register of Beneficial Ownership of Trusts (CRBOT). The purpose of the Register is to help prevent money laundering and terrorist financing by improving transparency on who ultimately owns and controls Irish trusts. Trustees have a legal obligation to register details of relevant trusts and their...

Written Answers — Department of Finance: Tax Credits (9 May 2023)

Michael McGrath: The 2009 Commission on Taxation reviewed the One-Parent Family Tax Credit and acknowledged that it played a role in supporting and incentivising the labour market participation of single and widowed parents. However, in its recommendations, the Commission concluded that the credit should be retained but that it should be allocated to the principal carer of the child only. A feature of the...