Results 3,401-3,420 of 27,945 for speaker:Michael McGrath

Written Answers — Department of Finance: Tax Code (7 Mar 2023)

Michael McGrath: Budget 2023 included a personal income tax package amounting to €1.13 billion in 2023. Budget 2023 did not introduce a new tax free allowance for workers, instead the Standard Rate Cut-Off Point for single persons was increased by €3,200 or 8.7 per cent to €40,000, with commensurate increases for persons who are married/in civil partnerships. The main tax credits –...

Written Answers — Department of Finance: Business Supports (7 Mar 2023)

Michael McGrath: I propose to take Questions Nos. 69 and 80 together. 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...

Written Answers — Department of Finance: Mortgage Interest Rates (7 Mar 2023)

Michael McGrath: The Government fully appreciates the difficulties that the current inflation and interest rate environment is causing for many households, including households servicing a mortgage. However, as the Deputy will appreciate, the European Central Bank (ECB) is independent in the formulation and implementation of monetary policy and it is taking action to bring inflation down to its desired...

Written Answers — Department of Finance: Consumer Protection (7 Mar 2023)

Michael McGrath: I would like to thank Deputy Tóibín for his question regarding the cashless ticket system in place for the purchase of tickets for GAA matches and events. I can confirm that no meetings have taken place between me, in my role as Minister for Finance, or my Department officials and officials from the GAA regarding the issue raised. The details supplied referenced the contract...

Written Answers — Department of Finance: Tax Code (7 Mar 2023)

Michael McGrath: As the Deputy will be aware, 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: Departmental Bodies (7 Mar 2023)

Michael McGrath: As the Deputy is aware the previous members of the DDMBA resigned effective from 30th November 2021. Since then two Expression of Interest campaigns have been held, seeking suitable candidates for the Board. The Department of Health has led on all actions and tasks with respect to the Expression of Interest Campaigns. Department of Finance officials have provided support to the Department of...

Written Answers — Department of Finance: Primary Medical Certificates (7 Mar 2023)

Michael McGrath: As the Deputy is aware the previous members of the DDMBA resigned effective from 30th November 2021. Since then two Expression of Interest campaigns have been held, seeking suitable candidates for the Board. The Department of Health has led on all actions and tasks with respect to the Expression of Interest Campaigns. Department of Finance officials have provided support to the Department of...

Written Answers — Department of Finance: Tax Credits (7 Mar 2023)

Michael McGrath: I propose to take Questions Nos. 78, 83, 92, 97, 98, 101, 114, 132, 138 and 250 together. The Finance Act 2022 introduced the Rent Tax Credit, which is provided for in section 473B of the Taxes Consolidation Act 1997. This is an income tax credit of up to €500 per year (or up to €1,000 for jointly assessed couples) which may be claimed in respect of qualifying rent paid in 2022...

Written Answers — Department of Finance: Tax Code (7 Mar 2023)

Michael McGrath: Exit tax charged on life assurance polices and investments in domestic funds including ETFs is a collection mechanism that is coupled with the gross roll-up regime. The gross roll-up taxation regime for investments in domestic funds and for investments in life policies was introduced in Finance Bill 2000. The general thrust of the gross roll-up regime is that there is no annual tax on income...

Written Answers — Department of Finance: Tax Code (7 Mar 2023)

Michael McGrath: I am aware that Oxfam International produced a new report on January 16th 2023 regarding global wealth inequality entitled “Survival of the Richest” which proposes new wealth taxes in Ireland and in other jurisdictions. While I understand the background to calls for a specific wealth tax in Ireland, it is not the case that wealth in Ireland is untaxed, as taxes on wealth are...

Written Answers — Department of Finance: Small and Medium Enterprises (7 Mar 2023)

Michael McGrath: My Department has introduced a number of taxation measures which support the scale-up of small businesses in Ireland, including: the section 486C relief for certain start-up companies; the Employment Investment Incentive (EII); the Key Employee Engagement Programme (KEEP); the Start-Up Relief for Entrepreneurs (SURE); and the Start-Up Capital Investment (SCI). Finance Act 2008 introduced...

Written Answers — Department of Finance: Tax Code (7 Mar 2023)

Michael McGrath: I am acutely aware of the effect that high energy prices and the cost of living are having on families, businesses and the most vulnerable. In recognition of these ongoing challenges, last month the government agreed a new €1.2 billion package of measures to put money back into people’s pockets, help with the bills, and ensure there is no cliff-edge removal of the temporary...

Written Answers — Department of Finance: Tax Reliefs (7 Mar 2023)

Michael McGrath: I propose to take Questions Nos. 88, 116, 130 and 254 together. I, and my Government colleagues, are aware of the issues being raised in relation to vehicle benefit-in-kind. This is something which is under consideration at the moment. I expect to be able to provide further clarity shortly. Additionally, to note, it is not possible from the data submitted to Revenue in respect of...

Written Answers — Department of Finance: Tax Credits (7 Mar 2023)

Michael McGrath: The legislation governing entitlement to the incapacitated child tax credit is contained in section 465 of the Taxes Consolidation Act 1997, as amended. The legislation provides that an individual is entitled to a tax credit of €3,300 per qualifying child for a year of assessment if he or she proves that at any time during the year of assessment, he or she has a child who is: -...

Written Answers — Department of Finance: Tax Credits (7 Mar 2023)

Michael McGrath: The R&D tax credit was reviewed in 2022, along with the Knowledge Development Box (KDB). The review was published on Budget day as part of the Budget 2023 Report on Tax Expenditures, and is available on the Budget 2023 website at the following link:www.gov.ie/en/publication/ccc22-budget-2023-taxation-me asures/ A public consultation process was also held as part of that review....

Written Answers — Department of Finance: Primary Medical Certificates (7 Mar 2023)

Michael McGrath: My predecessor 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...

Written Answers — Department of Finance: Vehicle Registration Tax (7 Mar 2023)

Michael McGrath: I propose to take Questions Nos. 93 and 129 together. The Deputy should note at the outset that VRT is an emissions-based tax and therefore the amount of VRT incurred will vary across different vehicle makes and models. The charge is determined by the Open Market Selling Price of the vehicle. Recent reform to the rates structure results in increased VRT rates for high emission vehicles,...

Written Answers — Department of Finance: Business Supports (7 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. The TBESS is available to tax compliant businesses carrying on a trade or profession the profits of which are chargeable to tax under Case I or Case II...

Written Answers — Department of Finance: Banking Sector (7 Mar 2023)

Michael McGrath: The Central Bank Tracker Mortgage Examination required lenders to identify all borrowers affected by tracker related issues and to compensate those affected borrowers for tracker related failings on a mortgage in line with the Principles for Redress that formed part of the framework. The Principles for Redress set out that lenders make redress and compensation offers that were fair and...

Written Answers — Department of Finance: Income Inequality (7 Mar 2023)

Michael McGrath: I am aware of the data to which the Deputy refers; I am also aware of the latest data from the Central Bank of Ireland's Distributional Wealth Accounts which show that net wealth inequality has declined over the past decade. The Gini coefficient – a common measure of inequality – fell from 0.78 in the second quarter of 2013 to 0.68 in the first quarter of 2022. The report to...