Results 3,321-3,340 of 27,945 for speaker:Michael McGrath

Written Answers — Department of Finance: Financial Services (21 Mar 2023)

Michael McGrath: On the 29 November 2022, my Department published the report into the Retail Banking Review. The Review examined the evolution of the retail banking sector and the current landscape and it identified a range of issues and made recommendations to address them. In section 2 of the report, information was provided on the key product offerings, including credit products, by category of firm as...

Written Answers — Department of Finance: Capital Expenditure Programme (21 Mar 2023)

Michael McGrath: I can confirm that there are no projects under my remit on hold due to Capital funding pressures.

Written Answers — Department of Finance: Insurance Coverage (21 Mar 2023)

Michael McGrath: Government is aware that a small number of activity-related 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 all groups, including sporting organisations. The latest Implementation Report,...

Written Answers — Department of Finance: Tax Code (21 Mar 2023)

Michael McGrath: The restriction of reliefs' measure for individuals on high incomes, who make significant use of certain specified tax reliefs, was announced in Budget 2006 and came into effect from 1 January 2007. The intention of the restriction is to seek to improve the balance between promoting tax equity in relation to those on high incomes while at the same time maintaining the incentive effect of the...

Written Answers — Department of Finance: Electric Vehicles (21 Mar 2023)

Michael McGrath: The Disabled Drivers & Disabled Passengers Scheme (DDS) provides relief from VRT and VAT on an adapted car, as well as an exemption from motor tax and an annual fuel grant. Under DDS provisions, the reliefs from VRT and VAT are generous in nature amounting to up to €10,000, €16,000 or €22,000, depending on the level of adaption required for the vehicle. There...

Written Answers — Department of Finance: Rental Sector (21 Mar 2023)

Michael McGrath: I am advised by Revenue that the scenario outlined in the Deputy’s Question currently qualifies under the rent-a-room scheme. Sums arising to an individual in respect of the letting for residential purposes of a room or rooms in an individual’s “sole or main residence”, including the provision of meals, cleaning, laundry or other services supplied in connection...

Written Answers — Department of Finance: International Protection (21 Mar 2023)

Michael McGrath: I am advised by Revenue that the scenario outlined in the Deputy’s Question currently qualifies under the Rent-a-Room scheme. Sums arising to an individual in respect of the letting for residential purposes of a room or rooms in their “sole or main residence”, including the provision of meals, cleaning, laundry or other services supplied in connection with the letting,...

Written Answers — Department of Finance: Sustainable Development Goals (21 Mar 2023)

Michael McGrath: I would like to thank the Deputy for his question and the opportunity it affords me to outline Ireland’s approach to the SDGs and that of my department. The 2030 Agenda for Sustainable Development and the 17 Sustainable Development Goals (SDGs) is a significant and ambitious framework. A whole-of-Government approach to its implementation has been taken in Ireland. ...

Written Answers — Department of Finance: Tax Data (21 Mar 2023)

Michael McGrath: I am informed by Revenue that a breakdown of net tax receipts, including VAT, by economic sector is available on the Revenue website at: revenue.ie/en/corporate/information-about-revenue/statistics /receipts/receipts-sector.aspx VAT registered persons are associated with a particular economic sector using the NACE classification. However, writers, composers and performing artists are...

Written Answers — Department of Finance: National Development Plan (21 Mar 2023)

Michael McGrath: Matters relating to all aspects of the implementation of the National Development Plan are a matter for my colleague Mr. Pascal Donohoe TD, Minister for Public Expenditure, National Development Plan Delivery and Reform. Following Dáil approval to transfer €2 billion in 2022 and €4 billion in 2023, which happened in November 2022 and February 2023, respectively, the...

Written Answers — Department of Finance: Tax Code (21 Mar 2023)

Michael McGrath: I am advised by Revenue that the VAT rating of goods and services is subject to EU VAT law, with which Irish VAT law must comply. In general, the Directive provides that all goods and services are liable to VAT at the standard rate unless they fall within Annex III of the Directive, in respect of which Member States may apply either one or two reduced rates of VAT. Ireland currently operates...

Written Answers — Department of Finance: Tax Code (21 Mar 2023)

Michael McGrath: The application of excise duty on fuel in Ireland is governed by European Union law as set out in Directive 2003/96/EC, commonly known as the Energy Tax Directive (ETD). The ETD prescribes minimum tax rates for fuel with which all Member States must comply. ETD provisions on mineral oils are transposed into national law in Finance Act 1999 (as amended). Finance Act 1999 provides for the...

Written Answers — Department of Finance: Tax Credits (21 Mar 2023)

Michael McGrath: Recent Government policy has focused on strengthening the environmental rationale behind company car taxation. Until the changes brought in as part of the Finance Act 2019, Ireland’s vehicle benefit-in-kind regime was unusual in that there was no overall CO2 rationale in the regime. This is despite a CO2 based vehicle BIK regime being legislated for as far back as 2008 (but never...

Written Answers — Department of Finance: Rental Sector (21 Mar 2023)

Michael McGrath: The €500 rent tax credit introduced in Budget 2023 will be available until 2025, at an estimated cost of €200 million per year. In 2023 renters can claim the relief in respect of rent paid in both 2023 and in 2022. This is reflected in my Department’s fiscal projections, which include a €400 million impact from the rental credit for 2023 and €200 million...

Written Answers — Department of Finance: Fiscal Policy (21 Mar 2023)

Michael McGrath: My Department produces, and publishes, two set of macroeconomic and fiscal projections each year – its spring forecasts (set out in the annual Stability Programme Update) and its autumn forecasts (set out in the Economic and Fiscal Outlookthat accompanies the annual budget). In this regard, the Government will publish the April 2023 Update of the Stability Programme in the coming...

Written Answers — Department of Finance: Banking Sector (21 Mar 2023)

Michael McGrath: Loan sales are a commercial decision for the Board of Directors of any bank. In my role as the Minister for Finance I do not have a role to play in making such commercial decisions. The Central Bank has advised that it does not comment on the commercial decisions of banks. However, the Central Bank has also advised that its focus is on ensuring continued progress by the banks on...

Written Answers — Department of Finance: Banking Sector (21 Mar 2023)

Michael McGrath: I am advised by the Central Bank of Ireland that the transfer of assets via a securitisation will typically need to fulfil a “true sale” analysis. This is a legal test developed by the courts to determine whether a transaction is properly characterised as a sale or secured loan. Where necessary, originators will need to consider with their legal advisors whether a relevant...

Written Answers — Department of Finance: Rental Sector (21 Mar 2023)

Michael McGrath: The rent tax credit was introduced under Finance Act 2022 and is, subject to a number of conditions, broadly available in the following three circumstances: 1. where the claimant makes a qualifying payment in respect of a residential property which they use as their principal private residence; 2. where the claimant makes a qualifying payment in respect of a residential property which...

Written Answers — Department of Finance: Departmental Schemes (21 Mar 2023)

Michael McGrath: An Approved Profit-Sharing Scheme (APSS) provides a mechanism whereby a company may appropriate shares to its employees and the employee is, subject to certain conditions, exempt from an income tax charge on the share appropriation. The appropriation is however subject to Universal Social Charge (USC) and Pay Related Social Insurance (PRSI). Under this scheme an employee may be allocated...

Written Answers — Department of Finance: Rental Sector (21 Mar 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 will be available in respect of qualifying payments made during the 2022 to 2025 years of assessment inclusive. The credit may be claimed, subject to a number of conditions, broadly in the following three circumstances: 1. where the claimant makes a...