Results 3,461-3,480 of 27,945 for speaker:Michael McGrath

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

Michael McGrath: As the Deputy will be aware, in 2022 my predecessor provided for a reduction in the rates of excise applied to petrol and diesel. These reduced rates were due to expire on 28 February 2023 but the Government decision of 21 February 2023 provided for a further extension of these reduced rates. On 1 June 2023 a phased restoration of these rates will begin with two further restoration dates in...

Written Answers — Department of Finance: Tax Yield (7 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: www.revenue.ie/en/corporate/information-about-revenue/statis tics/receipts/receipts-sector.aspx The hospitality sector is approximately captured under Accommodation & Food Services in this breakdown. I am further informed by Revenue that traders are...

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

Michael McGrath: The consumer’s right to use cash as a means of payment is based in contract law in Ireland. In this context, where a business places no restrictions on the means of payment it is prepared to accept, it must accept cash as legal tender when offered by a customer to settle a debt that has arisen. If a business specifies payment must be in a form other than cash, the customer cannot...

Written Answers — Department of Finance: Irish Bank Resolution Corporation (7 Mar 2023)

Michael McGrath: I am advised by the Special Liquidators of IBRC that as a consequence of a mediation which took place on 23 January 2023, IBRC and EY agreed to settle the proceedings on confidential terms, without admission of liability. It was agreed that the proceedings will be discontinued by the Special Liquidators with no further order. The terms of the settlement are confidential and their disclosure...

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

Michael McGrath: Section 664 of the Taxes Consolidation Act 1997 provides relief from income tax for certain income from long-term leasing. The relief is available, subject to a maximum limit, where farm land is leased to a qualifying lessee for a period of five years or more. In order to qualify as a qualifying lessee for the purpose of the relief, the lessee must not be connected with the lessor, or with...

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

Michael McGrath: I propose to take Questions Nos. 239 to 241, inclusive, together. I am informed by Revenue that the Drivers and Passengers with Disabilities (DPD) scheme provides for repayment or remission of VAT and Vehicle Registration Tax (VRT) up to a certain limit on the purchase of an adapted vehicle for the transport of a person with specific severe and permanent physical disabilities. The table below...

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

Michael McGrath: I propose to take Questions Nos. 242, 243 and 259 together. 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...

Written Answers — Department of Finance: Inflation Rate (7 Mar 2023)

Michael McGrath: Over the past year, Ireland has experienced a broad-based and decades-high surge in inflationary pressures. The key driver of these pressures has been Russia’s war in Ukraine and Putin’s weaponisation of gas supplies. This has driven a sharp rise in energy prices across the world economy with Europe at the epicentre of the energy price shock. Spillover effects from higher energy...

Written Answers — Department of Finance: Tax Credits (7 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 incorporate a €400 million impact from the rental credit for 2023 and €200...

Written Answers — Department of Finance: Revenue Commissioners (7 Mar 2023)

Michael McGrath: I am advised by Revenue that the operating structures of its public offices are constantly under review to ensure that taxpayers can avail of assistance as needed. Revenue’s provision of a full range of online, secure, and easy to use services, including an online communication channel, for taxpayers to manage their tax affairs, largely removes any requirement to attend public offices....

Written Answers — Department of Finance: Departmental Policies (7 Mar 2023)

Michael McGrath: The drafting of legislation is undertaken by Office of the Parliamentary Counsel to the Government, within the Attorney General’s Office, on the instructions of Government Departments, including the Department of Finance. The final text as enacted is, of course, ultimately a matter for the Oireachtas. The drafting of legislation takes place in the context of section 18 of the...

Written Answers — Department of Finance: Financial Irregularities (7 Mar 2023)

Michael McGrath: As I outlined in my reply to Parliamentary Question No. 234 of 28 February 2023, PSD2 is a maximum harmonisation directive and this means that Member States may not introduce new provisions beyond those laid down in the Directive when transposing it. In addition, it follows that such provisions elsewhere should not contravene PSD2. I also outlined that PSD2 did not directly deal with...

Written Answers — Department of Finance: Business Supports (7 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: Business Supports (7 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. TBESS is provided for in Sections 100 to 102 of the Finance Act 2022. The scheme is administered by Revenue and initially provided support to qualifying businesses in respect of energy costs relating to the...

Written Answers — Department of Finance: Inflation Rate (7 Mar 2023)

Michael McGrath: Consumer price (HICP) inflation picked up sharply over the past year, with average annual inflation of just over 8 per cent recorded in 2022, compared with around ½ per cent over the past decade on average. Almost every advanced economy is in a similar position, with euro area inflation reaching an average of just under 8½ per cent last year. The primary driver of global...

Written Answers — Department of Finance: Inflation Rate (7 Mar 2023)

Michael McGrath: Consumer price (HICP) inflation picked up sharply over the past year, with average annual inflation of just over 8 per cent recorded in 2022. This compares with average inflation of around ½ per cent over the preceding decade. Almost every advanced economy is in the same position, with euro area inflation averaging around 8½ per cent last year. The key driver of global...

Written Answers — Department of Finance: Cost of Living Issues (7 Mar 2023)

Michael McGrath: I propose to take Questions Nos. 255 and 263 together. Consumer price (HICP) inflation picked up sharply over the past year, with average annual inflation of just over 8 per cent recorded in 2022. This compares with average inflation of around ½ per cent over the preceding decade. Almost every advanced economy is in the same position, with euro area inflation averaging around 8½...

Written Answers — Department of Finance: Inflation Rate (7 Mar 2023)

Michael McGrath: Over the past year, almost every advanced economy has had to grapple with the effects of multi-decade high levels of inflation, driven by the surge in global energy prices. In Ireland average annual inflation stood at just over 8 per cent for 2022 as a whole, significantly higher than the ½ per cent average rate of inflation recorded for the previous decade. This has had a significant...

Written Answers — Department of Finance: Economic Growth (7 Mar 2023)

Michael McGrath: I propose to take Questions Nos. 257 and 260 together. Ireland is currently facing many of the same economic headwinds as the wider European economy. Over the past year, almost every advanced economy has had to grapple with the effects of multi-decade high inflation, driven by the surge in global energy prices. In Ireland average annual inflation stood at just over 8 per cent for 2022...