Results 3,521-3,540 of 27,945 for speaker:Michael McGrath

Written Answers — Department of Finance: Tax Reliefs (23 Feb 2023)

Michael McGrath: Section 477C of the Taxes Consolidation Act 1997 (TCA) requires that applicants for the Help to Buy (HTB) scheme must be first-time purchasers, which is defined as: "'first-time purchaser' means an individual who, at the time of a claim under subsection (3) has not, either individually or jointly with any other person, previously purchased or previously built, directly or indirectly, on his...

Written Answers — Department of Finance: Tax Code (23 Feb 2023)

Michael McGrath: Ireland’s taxation of fuel and electricity is governed by European Union law as set out in Directive 2003/96/EC, commonly known as the Energy Tax Directive (ETD). The ETD prescribes minimum tax rates for fuel and electricity with which all Member States must comply. Ireland’s national legislation provides for the application of carbon taxes to liquid fuels, natural gas and solid...

Written Answers — Department of Finance: Tax Reliefs (23 Feb 2023)

Michael McGrath: S. 216D Finance Act 2021 provides for a tax disregard in respect of personal income received by households who sell residual electricity from micro-generation back to the national grid. From 1 January 2022 an income disregard of up to €200 per year applies to profits or gains arising to a qualifying person from the micro-generation of electricity. The measure will operate for an...

Written Answers — Department of Finance: Tax Data (23 Feb 2023)

Michael McGrath: There are three Accelerated Capital Allowance (ACA) schemes currently in operation, each of which can provide a 100% deduction in year one for certain qualifying expenses incurred by businesses. The ACA scheme for Energy Efficient Equipment aims to support businesses in choosing more energy-efficient options when purchasing plant and equipment for business use. The scheme allows...

Written Answers — Department of Finance: Tax Code (23 Feb 2023)

Michael McGrath: Professional Services Withholding Tax (PSWT) is a deduction at the standard rate of income tax, currently 20%, from relevant payments made by accountable persons to specified persons in respect of certain professional services. The tax deducted is a payment on account against the specified person’s final Income Tax or Corporation Tax liability for the year, with the amount of PSWT...

Written Answers — Department of Finance: Insurance Coverage (23 Feb 2023)

Michael McGrath: I am aware of the issue of access to certain insurance services – in particular mortgage protection insurance – for individuals with underlying health conditions, including historical illnesses such as cancer. This is a very sensitive matter for many in our community. The Deputy has suggested that the State could provide life cover for affected individuals. While I appreciate...

Written Answers — Department of Finance: Tax Reliefs (23 Feb 2023)

Michael McGrath: Recent Government policy has focused on strengthening the environmental rationale behind company car taxation. Until the changes brought in as part of the Finance Act 2019, Ireland’s vehicle benefit-in-kind regime was unusual in that there was no overall CO2 rationale in the regime. This is despite a CO2 based vehicle BIK regime being legislated for as far back as 2008 (but never...

Written Answers — Department of Finance: Tax Code (23 Feb 2023)

Michael McGrath: As the Deputy will be aware, in making any decision in relation to VAT rates or other taxation measures, the Government must balance the costs of the measures in question against their impact and the overall budgetary framework. In the case of the VAT reductions covering hairdressing, tourism and hospitality sectors an extension of the 9% VAT rate to the end of 2023 would cost over...

Written Answers — Department of Finance: Departmental Projects (23 Feb 2023)

Michael McGrath: There is continued monitoring of tax related issues by my Department. Over the course of each year, a number of reviews of tax expenditures and other tax related matters are carried out by, or on behalf of, the Department of Finance. These may be used to ascertain whether existing tax measures should be amended, continued, extended or ended, or to otherwise review or assess certain taxes...

Written Answers — Department of Finance: Fuel Sales (23 Feb 2023)

Michael McGrath: I am advised by Revenue that the licence in question issued 3 February 2023. An application dated 23 November 2022 was submitted by the company in question. The requirements for this licence type are a Short Certificate of incorporation and a Certificate of Registration of Business Name, (both dated within four weeks), tax clearance, excise licence duty and approval from the local Excise team...

Written Answers — Department of Finance: Tax Yield (23 Feb 2023)

Michael McGrath: I am advised by Revenue that Natural Gas Carbon Tax (NGCT) is scheduled to increase by €7.50 per tonne of CO2 emitted on 1 May 2023. It is estimated that the revenue raised from this increase is provided in the table below. Accounting Period Payable Revenue (€million) from €7.50 per tonne increase/decrease 1 May - 30 June ...

Financial Resolution No.3: Value-Added Tax (22 Feb 2023)

Michael McGrath: I thank all my colleagues who contributed to this debate. We will have another opportunity because there will be a finance Bill 2023. What we are debating here are three financial resolutions. If they are not passed this evening, the result will be that this day next week the VAT on gas and electricity household bills will go up to 13.5%. The VAT on tourism, hospitality, hairdressers,...

Financial Resolution No.3: Value-Added Tax (22 Feb 2023)

Michael McGrath: The Deputy just accused us of corruption.

Financial Resolution No.1: Mineral Oil Tax (22 Feb 2023)

Michael McGrath: I move the following Financial Resolutions:

Financial Resolution No.3: Value-Added Tax (22 Feb 2023)

Michael McGrath: The first financial resolution provides for an extension of the excise duty reduction to mineral oil tax that the Government initially introduced in March of last year. VAT-inclusive reductions of 21 cent for petrol, 16 cent for auto diesel and 5.4 cent for marked gas oil, MGO, or green diesel, were extended in the Finance Act 2022 and were due to expire on 28 February of this year. The...

Temporary Business Energy Support Scheme: Motion (22 Feb 2023)

Michael McGrath: I thank all of my colleagues for their contributions. I have taken note of a number of the points that have been made. I wish to clarify a few points in terms of the effect of the resolutions that are before us tonight, which we can do under the existing Act and the changes that can only be brought about by way of new legislation in the House, which will be introduced shortly by means of a...

Temporary Business Energy Support Scheme: Motion (22 Feb 2023)

Michael McGrath: I move: That Dáil Éireann approves the following Orders in draft: Finance Act 2022 (Temporary Business Energy Support Scheme) (Energy Costs Threshold Aggregate Amount) Order 2023, Finance Act 2022 (Temporary Business Energy Support Scheme) (Energy Costs Threshold Aggregate Amount) (No. 2) Order 2023, and Finance Act 2022 (Temporary Business Energy Support Scheme) (Specified...

Written Answers — Department of Finance: Insurance Industry (22 Feb 2023)

Michael McGrath: Securing a more sustainable and competitive market through deepening and widening the supply of insurance in Ireland is a key policy objective for this Government. It is recognised that a small number outdoor/high-footfall activity sectors, including motorcycle sports, are currently facing difficulty in terms of affordability and availability of insurance. Government has therefore prioritised...

Written Answers — Department of Finance: Business Supports (22 Feb 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 28 February 2023 and 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 of...

Written Answers — Department of Finance: Business Supports (22 Feb 2023)

Michael McGrath: The Strategic Banking Corporation of Ireland (SBCI) began lending in March 2015. By the end of December 2022, the SBCI had supported lending of €3.4 billion to more than 53,000 SMEs, from all sectors of the Irish economy and across a wide geographical spread. The SBCI has a number of schemes launched and in development to help release further funding to support suitable projects....