Results 3,341-3,360 of 27,945 for speaker:Michael McGrath

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

Michael McGrath: In respect of the Ireland Strategic Investment Fund’s (ISIF) investment relationship with SVB Financial Group the NTMA has advised me that as of end February 2023, ISIF has approximately $100 million invested in 5 investment funds managed by SVB Capital, which is a subsidiary of the SVB Financial Group. The distributions received by ISIF from these investments since 2012 exceed the...

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

Michael McGrath: I understand that the Deputy is referring to the recent collapse of Silicon Valley Bank (SVB). As the Deputy will be aware swift action was taken by the US and UK regulatory authorities following the collapse including guaranteeing deposits and the sale of SVB (UK). A meeting of the Financial Stability Group (FSG) took place on Monday 13 March to discuss the collapse of SVB. The FSG...

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

Michael McGrath: The age exemption applies for any year of assessment where an individual is aged 65 years or over and his or her total income does not exceed €18,000. Where an individual is a married person or civil partner and is jointly assessed to tax, the age exemption will apply where either individual is aged 65 or over and where the couple’s total income does not exceed €36,000....

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

Michael McGrath: I propose to take Questions Nos. 333 and 334 together. 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 20 pack of cigarettes since 2011, together with the portions related to tax increases and trade increases. MPPC Tax Trade Total Increase MPPC ...

Written Answers — Department of Finance: Mortgage Interest Rates (21 Mar 2023)

Michael McGrath: The Central Bank has put in place a range of measures in order to protect consumers who are mortgage holders. The consumer protection framework in place seeks to ensure that lenders are transparent and fair in all their dealings with borrowers and that borrowers are protected from the beginning to the end of the mortgage life cycle. For example, through protections at the initial...

Written Answers — Department of Finance: National Asset Management Agency (21 Mar 2023)

Michael McGrath: I am advised by NAMA that the Agency, through its group entity National Asset Property Management Limited (“NAPM”), holds a long leasehold interest with 40 years remaining in a site at Block 19, which contains the Dry Docks. The freehold of the site is owned by Waterways Ireland. I am advised that a joint disposal of the entire site, combining both the long leasehold and...

Written Answers — Department of Finance: Legislative Measures (21 Mar 2023)

Michael McGrath: The Retail Banking Review, published in November 2022, recommended that the Department of Finance should develop Access to Cash legislation and prepare heads of a bill in 2023. The Review also called on Department officials to prepare heads of a bill in 2023 to require ATM operators to be authorised and supervised by the Central Bank and to provide the Central Bank with responsibility and...

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

Michael McGrath: Help to Buy (HTB) scheme assists first-time purchasers (FTP) with the deposit they need to buy or build a new house or apartment. It offers a refund of Income Tax (IT) and Deposit Interest Retention Tax (DIRT) paid in Ireland over the previous four years, subject to limits outlined section 477C Taxes Consolidation Act 1997. The current HTB process includes three stages - application stage,...

Written Answers — Department of Finance: Illicit Trade (21 Mar 2023)

Michael McGrath: I propose to take Questions Nos. 339 and 340 together. I am advised by Revenue that it uses a range of measures to tackle the sale of illicit cigarettes, including online sales. At the core of these measures is identifying and targeting the smuggling of illicit tobacco products into the State, with a view to disrupting the supply chain, seizing the products and, where possible, prosecuting...

Written Answers — Department of Finance: Print Media (21 Mar 2023)

Michael McGrath: The Deputy should note that pricing decisions in relation to goods or services are a matter for the businesses supplying them. There is no obligation for a business to pass on savings to customers arising from a reduced rate of VAT.

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

Michael McGrath: As the Deputy will be aware, this Government remains fully committed to supporting and protecting those most vulnerable in society through both tax and expenditure measures. The Irish tax code provides for a wide range of tax credits, reliefs and allowances for individuals who are carers or have care responsibilities. Eligibility for these tax credits, reliefs and allowances is based on the...

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

Michael McGrath: I propose to take Questions Nos. 343, 344, 345 and 346 together. Section 97 of the Taxes Consolidation Act 1997 (TCA) sets out the deductions allowable in computing rental income chargeable to income tax or corporation tax under Case V of Schedule D. Income chargeable under Case V is computed on the gross amount of rent receivable less allowable expenses incurred in earning that rent, as...

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

Michael McGrath: I am informed by Revenue that it does not collect information regarding the specific date of sale of cigarette packs. However, based on tobacco product stamp returns it can determine the numbers of cigarette packets assembled for sale in the State in a given year. This data is provided in the table below in respect of the 10-year period requested by the Deputy. Year 20...

Written Answers — Department of Housing, Planning, and Local Government: Rental Sector (21 Mar 2023)

Michael McGrath: The Government is acutely aware of the difficulties in the housing market at present. The Minister for Housing, Local Government and Heritage has primary responsibility for housing policy. As part of the Housing for All action plan update published last November, I understand that his Department will undertake a review of the private rental sector. I expect that this review will take into...

Written Answers — Department of Finance: Tax Code (9 Mar 2023)

Michael McGrath: I am advised by Revenue that the VAT rating of goods and services is subject to the requirements of EU VAT law with which Irish VAT law must comply. Under Irish VAT legislation professional medical care services recognised as such by the Department of Health and Children are exempt from VAT. Professional medical care services recognised by the Department of Health and Children are...

Written Answers — Department of Finance: Tax Code (9 Mar 2023)

Michael McGrath: The VAT rating of goods and services is subject to the requirements of EU VAT law, with which Irish VAT law must comply. In general, the EU VAT Directive provides that all goods and services are liable to VAT at the standard rate, unless they fall within categories of goods and services specified in Annex III of the VAT Directive, in respect of which Member States may apply a lower rate of...

Written Answers — Department of Finance: Tax Code (9 Mar 2023)

Michael McGrath: I am advised by Revenue that the provisional amount collected from the Sugar Sweetened Drinks Tax in 2022 is €32 Million.

Written Answers — Department of Finance: Tax Code (9 Mar 2023)

Michael McGrath: While the implementation of the Sugar Sweetened Drinks Tax is a matter for the Finance Act, any policy decisions around reforming or expanding the tax would be subject to engagement with the Department of Health on obesity policy and possibly State Aid consultation with the European Commission. Following a proposal developed by the Department of Health in consultation with stakeholders,...

Written Answers — Department of Finance: National Minimum Wage (9 Mar 2023)

Michael McGrath: I am advised by Revenue that they are unable to calculate the revenue effects sought by the Deputy, as they do not hold the necessary information in relation to national minimum wage earners or hours worked by any particular age cohort.

Written Answers — Department of Finance: Tax Credits (9 Mar 2023)

Michael McGrath: The R&D tax credit and the Knowledge Development Box (KDB) were reviewed in 2022. The reviews were published on Budget day as part of the Budget 2023 Report on Tax Expenditures, see link below. A public consultation process was also held as part of that review. In total, twenty-one submissions were received, from a mixture of companies, representative bodies and advisory firms. All of...