Results 3,481-3,500 of 27,945 for speaker:Michael McGrath

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

Michael McGrath: The current estimate from the enterprise agencies IDA Ireland and Enterprise Ireland is that direct employment in the international financial services sector stood at around 56,000 at the end of 2022. This is an increase of over 3,000 in the numbers employed compared to the end of 2021. In addition to these high-value jobs, there are many more thousands of people who are employed indirectly...

Written Answers — Department of Finance: Foreign Direct Investment (7 Mar 2023)

Michael McGrath: Ireland remains a very attractive location for foreign direct investment (FDI), reflecting our international reputation as a stable and pro-enterprise economy. I am conscious of the need to maintain our competitive position globally, given the important contribution that this FDI makes to the domestic economy. The stock of FDI in Ireland stood at over €1.3 trillion at the end of...

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

Michael McGrath: I am advised by Revenue that income tax on both PAYE employees and self-employment income is calculated by reference to the same rate bands, which will vary depending on the personal circumstances of the individual. A range of tax credits may also apply, again depending on the personal circumstances of the individual. Income up to a certain limit is taxed at the ‘standard rate’...

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

Michael McGrath: Over the course of the last year, the Irish economy has faced numerous economic headwinds, the most pressing of which relates to Russia’s invasion of Ukraine which drove a sharp rise in energy prices across the global economy with Europe at the epicentre of the energy price shock. Ireland has experienced broad-based and decades-high inflationary pressures as a result. Inflation...

Written Answers — Department of Finance: Covid-19 Pandemic Supports (2 Mar 2023)

Michael McGrath: I am advised by Revenue that it is currently concluding an Employment Wage Subsidy Scheme eligibility review intervention in respect of the claimant in question. Revenue has reviewed the claimant’s eligibility based on all the information provided and all issues identified under the intervention have been satisfactorily addressed and the taxpayer’s agent has been informed...

Written Answers — Department of Finance: Tax Reliefs (2 Mar 2023)

Michael McGrath: Section 481 provides relief in the form of a corporation tax credit related to the cost of production of certain films. The scheme is intended to act as a stimulus to the creation of an indigenous film industry in the State, creating quality employment opportunities and supporting the expression of Irish culture. I would note that copyright policy and legislation falls within the remit of...

Written Answers — Department of Finance: Tax Reliefs (2 Mar 2023)

Michael McGrath: Section 481 is intended to act as a stimulus to the creation of an indigenous film industry in the State, creating quality employment opportunities and supporting the expression of the Irish culture. The scheme provides relief in the form of a corporation tax credit related to the cost of production of certain films. The credit is granted at a rate of 32% of the lowest of eligible...

Written Answers — Department of Finance: Insurance Coverage (2 Mar 2023)

Michael McGrath: I note that the question relates to an individual seeking to obtain motor insurance. As the Deputy will appreciate, as Minister for Finance, I am unable to comment on individual cases. In general, it is important to note that under the terms of the Declined Cases Agreement (DCA), which is adhered to by all motor insurers in Ireland, the insurance market will not refuse to provide...

Regulation of Lobbying (Amendment) Bill 2022: Report Stage (Resumed) and Final Stage (1 Mar 2023)

Michael McGrath: I move amendment No. 6: In page 16, line 23, after “Expenditure” to insert “, National Development Plan Delivery”. This is a technical amendment, consequent to the recent name change to the Department of Public Expenditure, National Development Plan Delivery, and Reform.

Regulation of Lobbying (Amendment) Bill 2022: Report Stage (Resumed) and Final Stage (1 Mar 2023)

Michael McGrath: I assure the House that SIPO will be given the resources it requires to operate this regime. This is a very important reform. This legislation has been introduced by me because there was a gap in enforcement provisions relating to section 22. We are now dealing with that. The recommendation from the Department was to opt for civil and administrative sanctions, for a variety of reasons....

Regulation of Lobbying (Amendment) Bill 2022: Report Stage (Resumed) and Final Stage (1 Mar 2023)

Michael McGrath: Deputy Shortall's amendment proposes to introduce an additional new review to evaluate the impact of administrative sanctions and the commission's capacity to impose this regime three years after the system is operable. The Regulation of Lobbying Act 2015 already provides for a regular and comprehensive review regime. I do not consider that an additional review system is required. ...

Regulation of Lobbying (Amendment) Bill 2022: Report Stage (Resumed) and Final Stage (1 Mar 2023)

Michael McGrath: I thank the Deputy for raising the issue. Including financial disclosure requirements in returns to the register was considered when the original Act was developed. It was also raised as part of the first and second statutory reviews of the Act. As outlined in the report relating to the first review, the options for requiring a financial disclosure were examined at the policy development...

Central Bank (Individual Accountability Framework) Bill 2022: From the Seanad (1 Mar 2023)

Michael McGrath: I confirm the second amendment to section 94 is a consequential amendment to delete subsection (5). The effect of the deleted subsection is achieved in subsection (2) in conjunction with the new subsection (3) in amendment No. 1. Both amendments were agreed by the Seanad and I am happy to commend them to the House. I will take the opportunity to thank Deputy Doherty in particular for...

Regulation of Lobbying (Amendment) Bill 2022: Report Stage (1 Mar 2023)

Michael McGrath: Is that amendment out of order?

Central Bank (Individual Accountability Framework) Bill 2022: From the Seanad (1 Mar 2023)

Michael McGrath: Are we taking amendments Nos. 1 and 2 together?

Central Bank (Individual Accountability Framework) Bill 2022: From the Seanad (1 Mar 2023)

Michael McGrath: Previously section 94(3) only catered for decisions made before the commencement of section 23. These amendments are necessary in order to ensure that decisions made after the commencement of section 53 will also be subject to the new Zalewski provisions in section 33AW, as intended. Amendment No. 1 is necessary to ensure that the section operates as intended and the new provisions apply to...

Written Answers — Department of Finance: Tax Data (1 Mar 2023)

Michael McGrath: I propose to take Questions Nos. 57 and 58 together. The Commission on Taxation and Welfare was an independent group that was established in April 2021 as a result of a commitment in the Programme for Government. It was asked to independently consider how best the taxation and welfare systems can support economic activity, and promote increased employment and prosperity while ensuring that...

Written Answers — Department of Finance: Tax Credits (1 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 he or she uses as his or her principal private residence; 2. where the claimant makes a qualifying payment in respect of a residential property...

Written Answers — Department of Finance: Tax Credits (1 Mar 2023)

Michael McGrath: Finance Act 2022 introduced the Rent Tax Credit, which is provided for in s. 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 and subsequent years to end-2025. In relation to the question of parents paying rent for their...

Written Answers — Department of Finance: Tax Reliefs (28 Feb 2023)

Michael McGrath: I am advised by Revenue that the estimated cost to date of the temporary reductions to Mineral Oil Tax (MOT) on Petrol, Diesel, and Marked Gas Oil (MGO), since their introduction in March 2022, are shown in the following table. Fuel Type MOT €m VAT €m Petrol 131.7 30.3 Diesel 382.5 28.2...