Results 3,781-3,800 of 27,945 for speaker:Michael McGrath

Written Answers — Department of Finance: Insurance Industry (31 Jan 2023)

Michael McGrath: As the Deputy will appreciate, I am unable to comment on individual cases. Moreover, neither the Minister for Finance, nor the Central Bank of Ireland, can intervene in the provision or pricing of insurance products. This position is reinforced by the EU framework for insurance (the Solvency II Directive).   It understood that firms use a combination of actuarial-based...

Written Answers — Department of Finance: Departmental Policies (31 Jan 2023)

Michael McGrath: The Department previously carried commissioned an independent economic analysis into the possible effects of the Irish tax system on developing economies which was published in July 2015. The report considered Ireland’s tax system including out tax treaty network, and on foot of the report two tax treaties were renegotiated delivering more favourable terms for our treaty...

Written Answers — Department of Finance: Energy Prices (26 Jan 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. Sections 100 to 102 of the Finance Act 2022 make provision for the TBESS. The scheme provides support to qualifying businesses - including companies, sole-traders, self-employed individuals and partnerships - in...

Written Answers — Department of Finance: Departmental Policies (26 Jan 2023)

Michael McGrath: I am aware that Oxfam International recently (on January 16th 2023) produced a new report regarding global wealth inequality entitled “Survival of the Richest” which proposes new wealth taxes in Ireland and other jurisdictions. While I understand the background to calls for a specific wealth tax in Ireland, and I can assure you that the Government is committed to creating a...

Written Answers — Department of Finance: Rental Sector (26 Jan 2023)

Michael McGrath: The Rent Tax Credit, as provided for in section 473B of the Taxes Consolidation Act 1997 (TCA 1997), was introduced by Finance Act 2022 and will be available in respect of qualifying payments made during the 2022 to 2025 years of assessment inclusive. Qualifying payments must be made under a tenancy. A tenancy for this purpose is a rental arrangement which falls into one of the below...

Written Answers — Department of Finance: Tax Reliefs (26 Jan 2023)

Michael McGrath: I propose to take Questions Nos. 201 and 202 together. 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...

Written Answers — Department of Finance: Inflation Rate (25 Jan 2023)

Michael McGrath: It is important to note from the outset this Government has acted forcibly and decisively to help ease the burden of inflation on households and businesses across the country. Budget 2023 was a 'Cost of Living' Budget, incorporating a total package of €11 billion with the focus on protecting the most vulnerable from rising costs. This built on some €3 billion in measures...

Written Answers — Department of Finance: Tax Data (25 Jan 2023)

Michael McGrath: I am advised by Revenue that, to date, it has refunded €530 million to PAYE taxpayers in respect of 2019; €474 million in 2020; €554 million in respect of 2021 and €193 million in respect of 2022. Each year Revenue issues reminder letters to taxpayers who did not claim any additional credits in the previous four years, advising them that they may be entitled to...

Written Answers — Department of Finance: Tax Collection (25 Jan 2023)

Michael McGrath: I am informed by Revenue that Local Property Tax (LPT) may be deferred in certain circumstances and subject to certain conditions. However, a deferral is not an exemption from LPT, and the outstanding liability remains as a charge on the property until it is paid. Regarding the property referred to by the Deputy, payment by way of deductions from the property owner’s salary, were made...

Written Answers — Department of Finance: Disability Services (25 Jan 2023)

Michael McGrath: I propose to take Questions Nos. 81 and 82 together. The Disabled Drivers and Disabled Passengers Scheme provides relief from Vehicle Registration Tax 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 as a driver or as a passenger and also to certain charitable organisations. In...

Written Answers — Department of Finance: Legislative Measures (25 Jan 2023)

Michael McGrath: In recent years, the banking landscape has changed significantly in Ireland. The number of banks serving the sector reduced from 12 to 3 as banks were amalgamated or closed down and foreign owned entrants exited the Irish retail market. We have also seen a considerable acceleration in technological developments and the pace of uptake has been accelerated by the COVID-19 pandemic. With that...

Written Answers — Department of Finance: Financial Services (25 Jan 2023)

Michael McGrath: The Central Bank Code of Conduct on Mortgage Arrears (CCMA) is the key consumer protection measure for borrowers who are experiencing difficulty in relation to a mortgage which is secured on a primary residence. This statutory based Code, which is issued by the Central Bank under section 117 of the Central Bank Act 1989, sets out how regulated mortgage creditors must treat borrowers in or...

Ceisteanna Eile - Other Questions: Mortgage Resolution Processes (24 Jan 2023)

Michael McGrath: I have put on the record my concern for these customers. I recognise that interest rates at that level can cause real problems for these borrowers, some of whom are already in arrears, while others have cleared and come out of arrears. It is very challenging for them. I acknowledge that point. That is why, as a new Minister for Finance, I have raised it directly with the Central Bank to...

Ceisteanna Eile - Other Questions: Disability Services (24 Jan 2023)

Michael McGrath: I hear what the Deputy is saying. I have had quite an amount of experience as a Deputy over recent years dealing with this scheme. I have been dealing with people who qualify for the scheme and with others who have been waiting for their appeal to be heard. It is very frustrating for people who have very severe disabilities, in many instances, to be waiting so long to have their appeal...

Ceisteanna Eile - Other Questions: Tax Code (24 Jan 2023)

Michael McGrath: I thank Deputy Devlin for his good wishes. The position is that the programme for Government, Our Shared Future, contains a number of specific commitments relating to income tax. These include the commitment that from budget 2022 onwards, in the event that incomes are again rising as the economy recovers, credits and bands will be index linked to earnings. This will be done to prevent an...

Ceisteanna Eile - Other Questions: Tax Code (24 Jan 2023)

Michael McGrath: I thank Deputy Devlin who has raised issues that are very important to the future of our income tax code, including the recognition of the ambition to move to a circular economy and the importance of schemes and supports for retrofitting. He also mentioned specific sectors of our economy. It is worth highlighting the specific income tax and USC recommendations that were made by the...

Ceisteanna Eile - Other Questions: Mortgage Resolution Processes (24 Jan 2023)

Michael McGrath: I thank the Deputy. Many of these individuals have been in touch with me directly as well and a number of Oireachtas colleagues have raised this issue with me. It is an issue of which I am very conscious. I recognise that the rate that many of these mortgage holders would have been on prior to the changes in the ECB interest rate would have been 4% or 4.5% but all of the ECB increases have...

Ceisteanna Eile - Other Questions: Disability Services (24 Jan 2023)

Michael McGrath: I propose to take Questions Nos. 76, 115, 129, 150 and 240 together. The disabled drivers and disabled passengers scheme provides relief from vehicle registration tax, 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 as a driver or passenger and also to certain charitable...

Ceisteanna Eile - Other Questions: Disability Services (24 Jan 2023)

Michael McGrath: I thank the Deputy. I reassure her that the Minister for Health has made the appointment of the five members of the board of appeal. Garda vetting is being completed and that is why I am hopeful. I understand the board will be up and running in the next few weeks. Assessments for the primary medical certificate by the HSE are continuing to take place. I acknowledge that there are a...

Ceisteanna Eile - Other Questions: Banking Sector (24 Jan 2023)

Michael McGrath: I thank the Deputy, who has raised very important issues. I know that the Central Bank takes them very seriously. The review of the consumer protection code is a very important body of work which is currently under way. I encourage all Members of the House to engage in the process and to share the real-life experience of constituents, which has been conveyed to us, so that the Central Bank...