Results 3,121-3,140 of 27,945 for speaker:Michael McGrath

Finance Bill 2023: Financial Resolution (18 Apr 2023)

Michael McGrath: It is not supply only so someone can go in and-----

Finance Bill 2023: Financial Resolution (18 Apr 2023)

Michael McGrath: Someone can go into a shop and purchase a solar panel, and the VAT will be zero on that.

Finance Bill 2023: Financial Resolution (18 Apr 2023)

Michael McGrath: I thank all Deputies for their contributions and overall support for this measure. I will seek to address a number of the questions that have been raised. One question related to the reason the installation of solar panels is now permitted to attract a zero rate. That is a specific change that was made as a result of the 2022 VAT directive. One of the options that directive provides for...

Finance Bill 2023: Financial Resolution (18 Apr 2023)

Michael McGrath: I move: (1) THAT the rate of value-added tax chargeable on the supply and installation of solar panels on or adjacent to immovable goods, being private dwellings, at present chargeable at the rate of 13.5 per cent, be reduced to zero per cent with effect on and from 1 May 2023, and that accordingly — (a) Schedule 2 to the Value-Added Tax Consolidation Act 2010 (No. 31 of 2010),...

Written Answers — Department of Finance: Departmental Schemes (18 Apr 2023)

Michael McGrath: I propose to take Questions Nos. 345, 346, 364, 365, 366 and 376 together. As the Deputies are aware the previous members of the DDMBA resigned effective from 30November 2021. Since then two Expression of Interest campaigns have been held, seeking suitable candidates for the Board. The Department of Health has led on all actions and tasks with respect to the Expression of Interest...

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

Michael McGrath: I am advised by Revenue that based on stamp duty returns for 2022, the latest year available, the estimated cost of abolishing stamp duty for first-time buyers of homes of less than €500k and for homes of less than €1 million in a full year is in the order of €47 million and €56 million respectively. This estimate is arrived at by firstly taking the stamp duty...

Written Answers — Department of Finance: Legislative Programme (18 Apr 2023)

Michael McGrath: During my time as Minister for Public Expenditure and Reform I commissioned a Review of Ireland's Statutory Framework for Ethics in Public Office. I am happy to inform the Deputy that the Government approved the publication of the Review in December 2022 and also agreed to the preparation of a General Scheme for legislative reform informed by the Review's...

Written Answers — Department of Finance: Departmental Staff (18 Apr 2023)

Michael McGrath: I wish to advise the Deputy that there are currently 6 staff from my Department working with the European Union in Brussels, in addition to 2 Central Bank of Ireland staff who are currently seconded to the Department of Finance working with the European Union. 4 staff are based in the Permanent Representation of Ireland to the European Union (Perm Rep), whose roles and position are as...

Written Answers — Department of Finance: Departmental Schemes (18 Apr 2023)

Michael McGrath: The Disabled Drivers and Disabled Passengers Fuel Grant is regulated by S.I. 635/2015 and provides for payment of a fuel grant based on a the value of excise chargeable per litre rate of fuel. The current value is €0.636 for petrol, €0.535 for diesel and €0.106 for liquefied petroleum gas (LPG) in respect of the mineral oil taxes applying to these...

Written Answers — Department of Finance: Departmental Schemes (18 Apr 2023)

Michael McGrath: I propose to take Questions Nos. 351, 352, 353, 354, 355 and 356 together. 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...

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

Michael McGrath: I propose to take Questions Nos. 357, 358, 370 and 371 together. The position is that section 470 of the Taxes Consolidation Act 1997 (TCA 1997) provides for tax relief in respect of payments made to authorised insurers under relevant contracts in respect of medical insurance and dental insurance. Qualifying medical insurance policies can be for health insurance, dental insurance or...

Written Answers — Department of Finance: Official Engagements (18 Apr 2023)

Michael McGrath: The St Patrick's Day programme in which I participated for 2023 involved visits to both Toronto and Chicago. During the programme in Toronto I did not meet with the Mayor of Toronto, as that office became vacant following the resignation of Mayor Tory in February of this year. Among those I met while there was Minister Bethlenfalvy, Ontario Minister for Finance. This was an opportunity...

Written Answers — Department of Finance: Departmental Schemes (18 Apr 2023)

Michael McGrath: I wish to highlight, as Minister for Finance, I am precluded from intervening in commercial and operational decisions in any particular bank, even one in which the State has a shareholding. Decisions in this regard, are the sole responsibility of the board and management of the banks, which must be run on an independent and commercial basis. This independence is...

Written Answers — Department of Finance: Customs and Excise (18 Apr 2023)

Michael McGrath: I am advised by Revenue that details of Customs inspections at the various aerodrome locations, the value of cash and items seized and items returned on appeal and the amount of excise and duty collected, is provided in the table below for the years in question. The value of contraband includes all types of seizures from excisable products, weapons, controlled drugs, meats, etc. The...

Written Answers — Department of Finance: Tax Yield (18 Apr 2023)

Michael McGrath: I assume that the Deputy’s question relates specifically to Income Tax, as opposed to Universal Social Charge. On that basis, I am advised by Revenue that the estimated first and full year yield to the Exchequer from the introduction of a third rate of income tax of 45 per cent applicable to taxable income in excess of €400,000 is €160 million and €220...

Written Answers — Department of Finance: Tax Yield (18 Apr 2023)

Michael McGrath: I am advised by Revenue that the estimated additional full-year revenue generated from a 50% Capital Gains Tax (CGT) rate applying to the taxable gains of individuals with incomes of more than €375,000 would be in excess of €103 million.  This full-year estimate is based on 2020 data, the latest year for which fully analysed data are available. This estimate assumes no...

Written Answers — Department of Finance: Renewable Energy Generation (18 Apr 2023)

Michael McGrath: Prior to Finance Act 2017, agricultural land which was leased for solar panels was not classified as qualifying agricultural property for the purposes of Capital Gains Tax retirement relief or agricultural relief from Capital Acquisitions Tax.  Following a review announced in Budget 2018, and in recognition of the then Government's commitment to facilitate the development of solar...

Written Answers — Department of Finance: Departmental Schemes (18 Apr 2023)

Michael McGrath: As the Deputy will be aware neither Revenue nor I can comment directly or indirectly on the arrangements of individual persons/businesses. Neither am in a position to identify or enumerate all financial supports provided by various Departments outside of my remit under relevant schemes designed to support or assist businesses. However, with regard to the specific schemes mentioned and...

Written Answers — Department of Finance: Business Supports (18 Apr 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. However, subject to State...

Written Answers — Department of Finance: Tax Yield (18 Apr 2023)

Michael McGrath: I am advised by Revenue that the estimated cost to the Exchequer, on a first and full year basis, for the proposal outlined by the Deputy is €348 million and €401 million respectively. As the Deputy may be aware, a reduced rate of USC of 2% currently applies for those aged over 70 years with income of €60,000 or less and for those who hold a full medical card with...