Results 3,141-3,160 of 27,945 for speaker:Michael McGrath

Written Answers — Department of Finance: Rental Sector (18 Apr 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. Claims in respect of the 2022 year of assessment can be made by PAYE taxpayers by submitting an Income Tax return for that year.  For claims relating to 2023,...

Written Answers — Department of Finance: Fiscal Policy (18 Apr 2023)

Michael McGrath: I propose to take Questions Nos. 374 and 375 together. The Department of Finance and the Revenue Commissioners are continually monitoring the impact of the potential economic impact of implementation of the OECD agreement. An initial estimate of the potential cost of implementation of both pillars of the OECD agreement in terms of reduced tax receipts was published in 2020 as being...

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

Michael McGrath: I am advised by Revenue that the total receipts collected from Tobacco Products Tax (TPT) in 2021, and prior years, are published on the Revenue website at the following link: www.revenue.ie/en/corporate/information-about-revenue/statis tics/excise/receipts-volume-and-price/excise-receipts-commod ity.aspx The provisional TPT receipts for 2022 are €1,160.6 million.

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

Michael McGrath: I am advised by Revenue that the table below shows the annual increases in the retail price of the most popular price category (MPPC) for a pouch of roll-your-own tobacco since 2011, together with the portions related to tax increases and trade increases in each year. The Deputy will wish to note that, for the years 2011 to 2016 the MPPC pouch contained 12.5 grams of tobacco, whereas from...

Written Answers — Department of Finance: Mortgage Interest Rates (18 Apr 2023)

Michael McGrath: The formulation and implementation of monetary policy is an independent matter for the European Central Bank (ECB).  In line with its objective to reduce the level of inflation to its long-term target, the ECB has increased official interest rates on six occasions by a total of 3.5% since the summer.   This has impacted on the general level of interest rates in all...

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

Michael McGrath: I propose to take Questions Nos. 380 and 381 together. The Living City Initiative (LCI) is a scheme of property tax incentives provided for in sections 372AAA to 372AAD of the Taxes Consolidation Act 1997. It offers income or corporation tax relief for qualifying expenditure incurred in the refurbishment and conversion of qualifying residential and commercial buildings located within...

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

Michael McGrath: The Help to Buy (HTB) scheme is 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. It is a condition of the scheme that the applicant is compliant with their tax obligations and has Tax Clearance. I am advised by Revenue that the HTB application concerned is currently pending as the Income Tax Return for...

Written Answers — Department of Finance: Financial Services (18 Apr 2023)

Michael McGrath: If a consumer suspects fraudulent activity on their account, they should immediately report this incident to their local Garda station as it is a criminal matter. They should also engage with their financial service provider as early as possible to allow them to investigate the issue and try to rectify any unauthorised transactions made. Instances of fraud should also be reported to the...

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

Michael McGrath: I propose to take Questions Nos. 384, 392 to 395, inclusive, and 400 and 404 together. The Deputies should note that the background to the introduction of a zero rate of VAT  for solar panels relates to an amendment to Annex III of the VAT Directive in 2022 which  added a number of new categories to which Member States can apply a zero or reduced rate of VAT. One such option is to...

Written Answers — Department of Finance: Financial Services (18 Apr 2023)

Michael McGrath: I propose to take Questions Nos. 385 and 386 together. In Ireland, the operation of Independent ATM Deployers (IADs) is currently not a regulated activity. This was highlighted in the recent publication of the Retail Banking Review which also recommended that they be authorised and supervised by the Central Bank of Ireland. Department officials are currently working on this legislation and...

Written Answers — Department of Finance: Financial Services (18 Apr 2023)

Michael McGrath: I am aware of the issue of access to financial services – in particular mortgage protection insurance – for individuals who have recovered from cancer. This is a very sensitive and important matter for many in our community. Both Minister of State Carroll MacNeill and I have recently met with senior representatives of the insurance industry and pressed the importance of this...

Written Answers — Department of Finance: Fishing Industry (18 Apr 2023)

Michael McGrath: As the Deputy will understand, I am not in a position to comment regarding specific legal proceedings. In respect of the Deputy’s suggestion regarding offering a decommissioned vessel as compensation to any individual, the Department of Agriculture, Food and the Marine has been consulted and it has been confirmed that that the Minister does not acquire title to any vessels pursuant to...

Written Answers — Department of Finance: Fiscal Policy (18 Apr 2023)

Michael McGrath: Banks, including AIB and PTSB, had been amongst the top performers in European stock markets in recent months as rising interest rates improved margins and many banks announced larger returns to investors. However, optimism toward the sector in general was negatively impacted following the various issues with Silicon Valley Bank, Signature Bank and Credit Suisse with the sector...

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...

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

Michael McGrath: I am informed by Revenue that it is not possible to provide a breakdown of income tax paid on personal pensions due to the nature in which income tax is calculated, which is based on a taxpayers’ total gross income from all sources. Furthermore, payroll data submitted to Revenue does not explicitly distinguish between income from an employment and income arising from an...

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

Michael McGrath: The rationale behind income tax relief for health expenses is broadly intended to provide assistance for significant or exceptional health expenses. Consistent with this rationale, tax relief in respect of qualifying health expenses is provided for in section 469 of the Taxes Consolidation Act 1997.  This section defines "health expenses" as "expenses in respect of the provision of...

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

Michael McGrath: The Department of Finance and the Revenue Commissioners are continually monitoring the potential economic impact of the implementation of the OECD agreement. It is important to view both Pillars of the Agreement as a package when assessing the impact of the agreement due to the way in which both Pillars of the agreement interact with each other. An initial estimate of the potential...

Written Answers — Department of Finance: Regulatory Bodies (18 Apr 2023)

Michael McGrath: ‘Non-bank’ is a broad term that captures a range of different non-bank financial institutions such as investment funds, money market funds, other financial institutions (OFIs) as well as insurance corporations and pension funds. These non-bank financial institutions have a range of different business models and are engaged in different activities and economic functions. The...

Written Answers — Department of Finance: Prize Bonds (18 Apr 2023)

Michael McGrath: The NTMA has provided me with the following table in response to the Deputy's question. County/Country Value of Unclaimed Prizes Co. Armagh €2,512 Co. Antrim €6,712 Co. Clare €51,636 Co. Cork €309,959 Co. Cavan €30,618 ...

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

Michael McGrath: Minister Donohoe committed to a comprehensive review of the Disabled Drivers and Passengers Scheme (DDS) as part of a broader review of mobility supports. In order to achieve this objective, Minister O’Gorman agreed in September 2021 that the DDS review should be incorporated into the work of the National Disability Inclusion Strategy (NDIS) Transport Working Group (TWG). The National...