Results 3,261-3,280 of 27,945 for speaker:Michael McGrath

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Finance Bill 2023: Committee Stage (29 Mar 2023)

Michael McGrath: It should be noted that for a business to reach the €10,000 cap, it would have to have seen its costs for the relevant month in the claim period increase by more than €25,000 when compared to the same month in the prior year. Given that recent data show that less than 0.9% of businesses have bills in excess of €35,000, it is very unlikely that many will be subject to the...

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Finance Bill 2023: Committee Stage (29 Mar 2023)

Michael McGrath: That is always the absolute outer limit but, of course-----

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Finance Bill 2023: Committee Stage (29 Mar 2023)

Michael McGrath: It is capped for individual businesses.

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Finance Bill 2023: Committee Stage (29 Mar 2023)

Michael McGrath: What the data show is that very few businesses are affected by the cap.

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Finance Bill 2023: Committee Stage (29 Mar 2023)

Michael McGrath: In costing any initiative, of course, one will have to make assumptions. That is what the Department of Environment, Climate and Communications did. It looked at the data. Recent data show less that 1% of businesses have bills in excess of €35,000. That is the evidence on which the Department would have relied in developing a costing of the TBESS scheme throughout last year. Of...

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Finance Bill 2023: Committee Stage (29 Mar 2023)

Michael McGrath: It is a systems issue whereby one can apply, retrospectively, the change in the entry criteria. Instead of the 50% increase, it is now a 30% increase, with regard to the gateway into the scheme. That can be applied all the way back to 1 September. That change can be done retrospectively. It is a systems issue. The other elements cannot be applied in the same way and, therefore, are...

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Finance Bill 2023: Committee Stage (29 Mar 2023)

Michael McGrath: The change in the rate of benefit to €15,000 requires state aid approval. That can only be prospective in nature. Going from 40% to 50% of the increase it has met under the scheme requires state aid approval. The advice I have received is that aspect can only be applied on a going forward basis.

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Finance Bill 2023: Committee Stage (29 Mar 2023)

Michael McGrath: I acknowledge the impact the changing interest rate environment has had on so many households and in particular those who have enjoyed historic low tracker rates for a long period have had a very sharp shock with the increases that have happened since last summer. Some variable rate customers have also seen increases and as some fixed rate customers come off their fixed rate period, they...

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Finance Bill 2023: Committee Stage (29 Mar 2023)

Michael McGrath: I thank the Chair, the officials and committee members for taking the Bill today. I want to signal that I may wish to bring forward an amendment on Report Stage on an environmentally-related VAT matter to which I am giving consideration at the moment.

Written Answers — Department of Finance: Insurance Industry (28 Mar 2023)

Michael McGrath: Government is aware that a small number of sectors are currently facing difficulty in terms of affordability and availability of insurance. We have therefore prioritised the implementation of the Action Plan for Insurance Reform, which aims to improve the cost and availability of insurance for households, businesses and individuals. The third Action Plan Implementation Report, published in...

Written Answers — Department of Finance: Rental Sector (28 Mar 2023)

Michael McGrath: The Rent a Room scheme was introduced in Finance Act 2001 as an incentive to encourage individuals to let rooms in their principal private residence as residential accommodation in order to bring about an increase in the availability of rental accommodation. In accordance with section 216A of the Taxes Consolidation Act 1997, an individual who lets a room or rooms in her or his sole or main...

Written Answers — Department of Finance: Insurance Industry (28 Mar 2023)

Michael McGrath: At the outset, I wish to reassure the Deputy that I recognise the concerns felt by some small businesses around the cost and availability of insurance cover. This is particularly pertinent in some business sectors, including indoor play facilities for children. Accordingly, Government has prioritised insurance reform through the Action Plan for Insurance Reform. The third Action Plan...

Written Answers — Department of Finance: State Bodies (28 Mar 2023)

Michael McGrath: The FSPO is the statutory body established to resolve complaints from consumers, including non-personal customers, businesses and other organisations, about the conduct of regulated financial service providers and pension providers. The functions of the Ombudsman are set out in Section 12 of the Financial Services and Pensions Ombudsman Act 2017 (‘the Act’). The Ombudsman...

Written Answers — Department of Finance: Revenue Commissioners (28 Mar 2023)

Michael McGrath: Revenue is a fully integrated tax and customs administration and, as a result, I am advised that it is not possible to disaggregate the resources deployed, or funding dedicated, at any given time to combat tobacco smuggling. Revenue currently has approximately 2,000 staff engaged on activities that are focused on targeting and confronting non-compliance. These front-line activities include...

Written Answers — Department of Finance: Tax Code (28 Mar 2023)

Michael McGrath: I am informed by Revenue that it does not have any data on which to base a costing for the proposal outlined as there is currently no obligation on traders to report the volumes of this product sold on any tax or duty return.

Written Answers — Department of Finance: Financial Services (28 Mar 2023)

Michael McGrath: As the Deputy will be aware, as Minister for Finance I cannot prevent loan sales that are made by banks to meet regulatory obligations, even by the banks in which the State has a shareholding. These decisions are the responsibility of the board and management of the banks which must be run on an independent and commercial basis. The banks’ independence is protected by Relationship...

Written Answers — Department of Finance: Public Procurement Contracts (28 Mar 2023)

Michael McGrath: I can advise the Deputy that my Department does not have any record of contracts awarded by the Department to the companies mentioned in the details supplied since 2016. The Deputy will be aware that the ‘National Public Procurement Policy Framework’, issued by the Office of Government Procurement (OGP) in November 2019, sets out the procurement procedures to be followed by...

Written Answers — Department of Finance: Official Travel (28 Mar 2023)

Michael McGrath: Information is contained in the following table: Total Accommodation and Economy Travel Expenses €20,173.15 Breakdown Minister for Finance Travel costs total €11,000.77 Accommodation costs total €3,294.25 Countries/States visited Canada...

Written Answers — Department of Finance: Tax Yield (28 Mar 2023)

Michael McGrath: I am advised by Revenue that the receipts raised from the Sugar Sweetened Drinks Tax (SSDT), since its introduction in 2018 and up to 28thFebruary 2023, are broken down by applicable SSDT band in the following table. Please note that the receipts for 2022 and 2023 are provisional. SSDT Band 1 SSDT Band 2 Year €16.26 per...

Written Answers — Department of Finance: Tax Data (28 Mar 2023)

Michael McGrath: I am advised by Revenue that the person’s 2022 Income Tax Return, including a claim for Non-resident Aggregation Relief, was processed on the 22 March 2023. A Statement of Liability and the associated refund will issue to the person in the coming days. While Revenue have contacted the person’s tax agent to confirm the position, should any further clarification be required...