Results 3,001-3,020 of 27,945 for speaker:Michael McGrath

Written Answers — Department of Finance: Consumer Prices (9 May 2023)

Michael McGrath: The main driver of inflationary pressures over the past year has been Russia’s invasion of Ukraine and the energy market pressures that followed. Consumer price (HICP) inflation picked up sharply over the last year and averaged 8.1 per cent for 2022 as a whole, peaking at around 9½ per cent last summer. Energy prices have now retreated from the highs reached last year. In...

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

Michael McGrath: The Help to Buy scheme (HTB) assists first-time buyers with the deposit required to purchase or self-build a new house or apartment to live in as their home providing for a refund of Income Tax and Deposit Interest Retention Tax (DIRT) paid by the applicant(s) over the previous four tax years. Eligibility of the applicant, together with the maximum potential relief available is determined at...

Written Answers — Department of Finance: Defective Building Materials (9 May 2023)

Michael McGrath: I understand the difficult situation faced by homeowners whose houses are affected by defective concrete blocks. The Government response to the MICA issue is led by my colleague the Minister for Housing, Local Government and Heritage and a scheme of financial support to help affected homeowners has been put in place. In terms of financial institutions who provide mortgages to help people...

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

Michael McGrath: It is widely acknowledged that the cost of claims is the main driver of the cost of insurance. The Personal Injuries Guidelines – adopted in April 2021 – therefore represent a landmark achievement of the Government’s insurance reform agenda, as they have significantly lowered award levels for many common injuries. Recent data from the Personal Injuries Assessment Board...

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

Michael McGrath: Stamp duty consanguinity relief, which is available only in respect of farmland, is currently due to expire at the end of 2023. It serves to reduce the stamp duty rate applicable to the acquisition of farmland by qualifying individuals from the current standard rate on non-residential property of 7.5% to 1%. Qualification is primarily determined by the person acquiring the land being closely...

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

Michael McGrath: The Finance Act 2022 introduced a 50% excise relief to micro producers of 'cider and perry' as defined in section 73(1) of Finance Act 2003. The scope of the relief applies specifically to cider and perry exceeding 2.8% vol. but not exceeding 8.5% vol. This relief is available on up to 8,000 hectolitres of cider and perry produced by microproducers with an annual production threshold of up to...

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

Michael McGrath: There are currently no tax reliefs specifically targeting UK-based student accommodation costs for Irish taxpayers attending university in the UK. I have no plans, at present, in this regard. In relation to the recently introduced Rent Tax Credit, which is provided for in section 473B of the Taxes Consolidation Act 1997 (TCA), the purpose behind this temporary measure is to assist as part...

Written Answers — Department of Finance: Revenue Commissioners (9 May 2023)

Michael McGrath: I am advised by Revenue that nitrous oxide is not prohibited and has a number of legitimate uses, for example in the food industry. However, where Revenue has reasonable grounds for believing that importations of nitrous oxide will not be used for legitimate purposes and are intended for human consumption as a psychoactive substance, then Revenue has the power to detain and seize nitrous...

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

Michael McGrath: Policy matters relating to the disability allowance payment are a matter for the Minister for Social Protection. In relation to mortgage matters more generally, 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...

Written Answers — Department of Finance: Mortgage Interest Rates (9 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, and as set out in Parliamentary Question No. 422 of 18 April 2023, 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...

Written Answers — Department of Finance: Economic Policy (9 May 2023)

Michael McGrath: I propose to take Questions Nos. 228 and 231 together. Over the course of the last year, Ireland has faced numerous headwinds. First, Russia’s invasion of Ukraine induced a crisis in global energy markets which sparked decades-high levels of consumer price (HICP) inflation. Secondly, inflation became an increasingly broad-based phenomenon, with spill overs from energy prices to many...

Written Answers — Department of Finance: Economic Policy (9 May 2023)

Michael McGrath: I propose to take Questions Nos. 229 and 230 together. Over the last number of years, the Irish economy has faced numerous economic shocks in quick succession. Brexit, the Covid-19 pandemic, and most recently, the inflationary cycle brought about mainly as a result of Russia’s invasion of Ukraine, have each posed significant challenges to the Irish economy. Throughout each of these...

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

Michael McGrath: I propose to take Questions Nos. 232 and 233 together. 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 will influence the overall level of interest rates...

Written Answers — Department of Finance: Economic Growth (9 May 2023)

Michael McGrath: I propose to take Questions Nos. 234 and 235 together. International data suggests that the outlook for the global economy may not be as pessimistic as had been thought at the end of last year. Resilient labour markets, an earlier than anticipated easing in headline inflation and effective government supports for firms and households have mitigated against some of the worst effects of...

Written Answers — Department of Finance: Business Supports (9 May 2023)

Michael McGrath: Small and medium size businesses (SMEs) play a pivotal role in our domestic economy supporting thousands of jobs each year. Labour intensive sectors, such as the agri-food sector, have helped drive down the unemployment rate to just 3.9 per cent in April, the lowest monthly unemployment rate since 2001. Over the past year, Ireland along with almost all other advanced economies, has had...

Written Answers — Department of Finance: Mortgage Interest Rates (9 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 rates...

Personal Explanation by Minister (4 May 2023)

Michael McGrath: In accordance with Standing Order 56, I wish to correct the record of the House concerning a response I gave on 18 April in the course of the Dáil debate on the Financial Resolution to apply a 0% rate of VAT to the supply and installation of solar panels from 1 May 2023. Deputy O'Donoghue sought to clarify if the proposed measure was only for supply and installation of solar panels or...

Written Answers — Department of Finance: Energy Prices (4 May 2023)

Michael McGrath: The Temporary Business Energy Support Scheme (TBESS) was introduced in Finance Act 2022 to support qualifying businesses with increases in their electricity or natural gas costs arising from the invasion of Ukraine by Russia. The scheme provides support to qualifying businesses in respect of energy costs relating to the period from 1 September 2022 to 30 April 2023. TBESS is available to tax...

Written Answers — Department of Finance: Business Supports (4 May 2023)

Michael McGrath: The Debt Warehousing scheme allows for the deferral of the payment of VAT, PAYE (Employer) and certain self-assessed income tax liabilities, including TWSS and 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 pandemic and the current energy crisis. At the end of...

Written Answers — Department of Finance: Credit Availability (4 May 2023)

Michael McGrath: As Minister for Finance, a key strategic priority is a well regulated, sustainable banking and financial services sector. All viable businesses operating in Ireland should have the opportunity to access sufficient finance to meet their enterprise needs in a manner that supports growth and employment in the economy. That is why my Department has a range of measures to in place to ensure viable...