Results 3,041-3,060 of 27,945 for speaker:Michael McGrath

Written Answers — Department of Finance: Tax Rebates (27 Apr 2023)

Michael McGrath: As the Deputy will be aware VAT operates on two monthly cycles, consequently the Dáil passed a Financial Resolution on 18 April 2023 to allow this important measure in relation to solar panels to come into effect on 1 May which is the start of the next VAT period. Were I to have waited until the Finance Bill passes through the Oireachtas and is signed into law, the measure would...

Written Answers — Department of Finance: Universal Social Charge (27 Apr 2023)

Michael McGrath: I propose to take Questions Nos. 212 and 215 together. I am advised by Revenue that the total Universal Social Charge (USC) receipts broken down by PAYE and non-PAYE are presented in the table below. It is important to point out that figures in respect of 2023 are projections. Year PAYE (€m) Non-PAYE (€m) Total (€m) ...

Written Answers — Department of Finance: Housing Provision (27 Apr 2023)

Michael McGrath: Home Building Finance Ireland was set up by the Government in 2019 to provide funding directly to housebuilders to build homes for owner occupiers, renters and those in need of social housing. Since then, HBFI has approved funding of €1.25bn to fund 5,717 new homes across 21 counties. 68% of the funding approved to date is for houses and 32% for apartments. HBFI provides funding for...

Written Answers — Department of Finance: Departmental Contracts (27 Apr 2023)

Michael McGrath: I can advise the Deputy that my Department does not have any record of contracts awarded by it to the company mentioned in the details supplied.

Written Answers — Department of Finance: Insurance Coverage (26 Apr 2023)

Michael McGrath: I note that the question relates to issues being experienced in relation to a specific life insurance policy. As the Deputy will appreciate, as the Minister for Finance, I am unable to comment on individual cases, nor can I intervene in disputes that individuals may have with their insurance provider. In addition, neither I, nor the Central Bank of Ireland, can direct the pricing or provision...

Written Answers — Department of Finance: Tax Data (26 Apr 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: Tax Data (26 Apr 2023)

Michael McGrath: I propose to take Questions Nos. 69 to 71, inclusive, together. In relation to Dáil Question No. 69 (Ref: 19797/23) and Dáil Question No. 70 (Ref: 19798/23), the Deputy may be aware that there is now only one REIT remaining in the Irish market. As a result, I am advised by Revenue that, due to Revenue’s obligation to maintain the confidentiality of taxpayer information,...

Written Answers — Department of Finance: Tax Data (26 Apr 2023)

Michael McGrath: Last year as part of Budget 2023, my Department published an analysis entitled De-risking the Public Finances – Assessing Corporation Tax Receipts. This paper outlined a range of methodologies for estimating ‘windfall’ corporation tax receipts i.e. the amount that cannot be explained by underlying drivers and, therefore, may be more vulnerable to a shock. In general...

Committee on Budgetary Oversight: Stability Programme Update: Ministers for Finance, and Public Expenditure, National Development Plan Delivery and Reform (26 Apr 2023)

Michael McGrath: I thank the Chair for the invitation to discuss the SPU. The document was published in draft form on 18 April 2023. In accordance with our legal requirements, the final version will be submitted to the European authorities on Friday, 28 April 2023. By way of background, the annual update of the stability programme is prepared each spring by my officials in co-operation with the Minister...

Committee on Budgetary Oversight: Stability Programme Update: Ministers for Finance, and Public Expenditure, National Development Plan Delivery and Reform (26 Apr 2023)

Michael McGrath: I will take that question. That is a decision we will make in the context of the summer economic statement. We will give consideration over the coming months to the issues the Deputy has raised. As he will know, the 5% spending rule was predicated on an assumption of inflation at 2% and then a trend real growth rate of 3%. That is where the 5%, as the Deputy will know, has come from. We...

Committee on Budgetary Oversight: Stability Programme Update: Ministers for Finance, and Public Expenditure, National Development Plan Delivery and Reform (26 Apr 2023)

Michael McGrath: That is the position. We will make the position clear in the summer economic statement, but I would like to see another couple of months of data. While we are forecasting inflation to average 2.5% next year, it will not start the year at 2.5%. In the table in the SPU that set out the quarter-by-quarter pathway of our inflation forecast, 2.5% is the average.

Committee on Budgetary Oversight: Stability Programme Update: Ministers for Finance, and Public Expenditure, National Development Plan Delivery and Reform (26 Apr 2023)

Michael McGrath: We will make an assessment in the coming months but we are not reaching a definitive conclusion now.

Committee on Budgetary Oversight: Stability Programme Update: Ministers for Finance, and Public Expenditure, National Development Plan Delivery and Reform (26 Apr 2023)

Michael McGrath: Yes, because that will set out what we regard as reasonable budgetary parameters. This document does not set out the budget or even parameters for the budget. It is strictly on a no-policy-change basis, so we are not introducing new estimates on a policy basis of different numbers on the expenditure side, for example. We are updating the economic forecasts; we are not providing input into...

Committee on Budgetary Oversight: Stability Programme Update: Ministers for Finance, and Public Expenditure, National Development Plan Delivery and Reform (26 Apr 2023)

Michael McGrath: The summer economic statement, however, will set out our estimate at that point in the summer of the budgetary stance.

Committee on Budgetary Oversight: Stability Programme Update: Ministers for Finance, and Public Expenditure, National Development Plan Delivery and Reform (26 Apr 2023)

Michael McGrath: Regarding corporation tax, in the next couple of weeks I will publish a scoping paper that will set out our thinking on a long-term savings vehicle. It will be related to those windfall receipts that have been identified. The paper published by the Revenue today highlights not just the extraordinary growth in the receipts but the increasing concentration that I am sure the Deputy will have...

Committee on Budgetary Oversight: Stability Programme Update: Ministers for Finance, and Public Expenditure, National Development Plan Delivery and Reform (26 Apr 2023)

Michael McGrath: I concur with the Deputy’s point on the labour market. It is a remarkable performance across the economy. It is across a whole range of different sectors, which is heartening to see. Ireland is an attractive country for inward investment. We continue to perform exceptionally strongly. The foreign direct investment, FDI, base is gaining strength all the while and we are seeing more...