Results 3,361-3,380 of 27,945 for speaker:Michael McGrath

Written Answers — Department of Finance: Business Supports (9 Mar 2023)

Michael McGrath: Details of the Temporary Business Energy Support Scheme (TBESS) are set out in Finance Act 2022. The scheme provides support to qualifying businesses in respect of energy costs relating to the period from 1 September 2022 to 30 April 2023. TBESS is administered by Revenue. Eligible businesses can register for and make claims using Revenue's Online Service (ROS). Revenue has published...

Written Answers — Department of Finance: Tax Reliefs (8 Mar 2023)

Michael McGrath: I propose to take Questions Nos. 83 and 87 together. 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...

Written Answers — Department of Finance: Business Supports (8 Mar 2023)

Michael McGrath: The Temporary Business Energy Support Scheme (TBESS) was introduced to support qualifying businesses with increases in their electricity or natural gas costs over the winter months. Details of the scheme are set out in Finance Act 2022. 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,...

Written Answers — Department of Finance: Tax Reliefs (8 Mar 2023)

Michael McGrath: Help to Buy (HTB) is a scheme available to first-time purchasers who are buying or building a new house or apartment. It offers a refund on Income Tax and Deposit Interest Retention Tax (DIRT) paid in the State over the previous four years, subject to limits outlined in section 477C of the Taxes Consolidation Act 1997. Section 477C Taxes Consolidation Act 1997 outlines the definitions and...

Written Answers — Department of Finance: Insurance Industry (8 Mar 2023)

Michael McGrath: The Cabinet Committee Sub-Group on Insurance Reform oversees implementation of the Action Plan for Insurance Reform. This Plan sets out the Whole- of-Government approach, with 66 actions to improve the insurance environment for consumers, businesses and community groups. The most recent Implementation Report, published in November, shows that 90 per cent of the initiatives under the Action...

Written Answers — Department of Finance: Consumer Rights (8 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: Revenue Commissioners (8 Mar 2023)

Michael McGrath: I am advised that Revenue only refers outstanding tax liabilities to its enforcement agents, including Sheriffs, as a last resort. Before any such action is taken, Revenue makes every effort to engage with the taxpayer to resolve the situation. The important message for taxpayers who receive final demands is to engage with Revenue at the earliest opportunity so that a mutually acceptable...

Written Answers — Department of Finance: Vehicle Registration Tax (8 Mar 2023)

Michael McGrath: I propose to take Questions Nos. 90, 91 and 92 together. I am advised by Revenue that its approach to enforcement of the law relating to Vehicle Registration Tax (VRT) is that in each instance where a failure to comply with the relevant legal requirements is detected, the matter is dealt with in a manner that is fair and proportionate in the circumstances of the particular case. Section 5.4.2...

Written Answers — Department of Finance: Primary Medical Certificates (8 Mar 2023)

Michael McGrath: The Disabled Drivers & Disabled Passengers Scheme provides relief from VRT and VAT on an adapted car, as well as an exemption from motor tax and an annual fuel grant. The Scheme is open to severely and permanently disabled persons who also meet the below medical criteria, as a driver or as a passenger and also to certain organisations. In order to qualify for relief, the applicant...

Ceisteanna Eile - Other Questions: Economic Data (7 Mar 2023)

Michael McGrath: We have been very open and transparent about the limitations of GDP as a measure, as we see it, in respect of contract manufacturing, intellectual property, IP, flows and the role of aircraft leasing. That said, it is the official measure of economic activity in Europe and, indeed, across the developed world. We will, therefore, continue to provide this information, but we will also provide...

Ceisteanna Eile - Other Questions: Energy Policy (7 Mar 2023)

Michael McGrath: I propose to take Questions Nos. 82, 84 and 87 together. The TBESS was introduced to support qualifying businesses with increases in their electricity or natural gas costs over the winter months. TBESS is provided for in sections 100 to 102, inclusive, of the Finance Act 2022. The scheme is administered by the Revenue and initially provided support to qualifying businesses in respect of...

Ceisteanna Eile - Other Questions: Energy Policy (7 Mar 2023)

Michael McGrath: We are seeing increases in the number of registrations and claims. The Revenue publishes statistical reports concerning TBESS weekly. These reports are available on the website. As of 1 March 2023, some 25,423 businesses had registered for the scheme and 23,833 claims had been approved, to the value of €51.65 million. Of course, the changes we announced two weeks ago will, I am...

Ceisteanna Eile - Other Questions: Tax Code (7 Mar 2023)

Michael McGrath: It is important to give certainty to the sector. It is appropriate we have a transition to the restoration of the rate on 1 September. There was considerable debate and speculation and it would have been challenging for many businesses that are dealing with increased energy and other costs and grappling with remaining competitive and keeping their doors open. I was very conscious of that....

Ceisteanna Eile - Other Questions: Tax Code (7 Mar 2023)

Michael McGrath: I thank the Deputy for acknowledging there is a role for political judgment in all these decisions. As he well knows, given the way the public finances were managed, in the base it was provided that the underlying rate here is 13.5%. Accordingly, there is a cost to the Exchequer in the form of providing additional resources by way of revenue foregone were we to continue with the 9% rate...

Ceisteanna Eile - Other Questions: Economic Data (7 Mar 2023)

Michael McGrath: At the time of budget 2023, my Department forecast the total level of public debt at the end of 2022 to be €226 billion. This is a level equal to 45% of GDP, 60% of GNP or 86% of GNI*. Gross national income, or GNI* as we call it, is considered the most reliable measure of economic activity in Ireland as it removes globalisation activity and thereby provides a better measure of the...

Ceisteanna Eile - Other Questions: Economic Data (7 Mar 2023)

Michael McGrath: I thank the Deputy. As part of the European fiscal architecture, the Stability and Growth Pact is expressed in terms of GDP. That is not our preferred measure for Ireland for the reasons we have put on record on many occasions. That is why we now publish the GNI* measure regularly and why we express the national debt as a percentage of GNI*. This gives us a figure of 86%. I should put on...

Ceisteanna Eile - Other Questions: Tracker Mortgages (7 Mar 2023)

Michael McGrath: It should certainly not be the case that any individual borrower is disadvantaged because of where their tracker mortgage ended up, so the principle of remediation being applied across the board is one I absolutely subscribe to. I will examine the issue the Deputy has raised. The original lenders were in scope and they should have followed through with those customers. As the Deputy knows,...

Ceisteanna Eile - Other Questions: Tracker Mortgages (7 Mar 2023)

Michael McGrath: As I say, it should not be the case that those borrowers would be disadvantaged in regard to the application of the tracker redress or remediation scheme because of where their loan ended up. I will examine that issue. Of course, it is also the case that their tracker mortgage contract has to be fully honoured by the new loan owner. The Deputy said they were compensated, they got redress...

Ceisteanna Eile - Other Questions: Tracker Mortgages (7 Mar 2023)

Michael McGrath: They do not have the option to fix, and I understand the point the Deputy is making. I will examine the issue offline.

Ceisteanna Eile - Other Questions: Tax Code (7 Mar 2023)

Michael McGrath: In January of this year, officials from my Department compiled a ministerial briefing on a number of measures, including the temporary 9% VAT rate. This briefing included an economic assessment of the measure. The material outlined the macroeconomic backdrop to any extension of the 9% rate, noting that the economy has rebounded strongly from the pandemic and that economic activity is now...