Results 3,801-3,820 of 27,945 for speaker:Michael McGrath

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

Michael McGrath: I am aware that not all loan owners - non-bank lenders, in particular - offer a fixed rate option, which can be a very attractive one for many borrowers. We have seen the run rate recently. Approximately 92% to 93% of new mortgages being issued in Ireland are fixed-rate in nature because it gives certainty to the borrower about the nature and the level of their repayment for a period of...

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

Michael McGrath: I propose to take Questions Nos. 74, 78 and 247 together. The Government is acutely aware of the difficulties in the housing market. As I have said on many occasions, the key problem is a lack of supply. This is why the Government is committed to increasing the supply of all types of homes: social, affordable, rental and owner-occupier. Under Housing for All, the Government has...

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

Michael McGrath: I thank the Deputy for his comments. As I said in my initial response, public expenditure measures are the preferred method of State support. The Deputy asked a very direct question, which he put to me here in writing and has repeated verbally, in respect of introducing additional tax measures for developers and investors in the residential property sector. I have no such plans. We will,...

Ceisteanna Eile - Other Questions: Small and Medium Enterprises (24 Jan 2023)

Michael McGrath: I thank Deputy Dillon and assure him that we will take on board the points he made and ensure that we carefully consider the current business environment when we examine all of these issues. I acknowledge the cost of doing business has increased because of the nature and level of inflation currently being experienced. Our response in the budget in part was the introduction of the temporary...

Ceisteanna Eile - Other Questions: Small and Medium Enterprises (24 Jan 2023)

Michael McGrath: I thank An Cathaoirleach Gníomhach and Deputy Conway-Walsh for her good wishes and for raising this specific issue, which I will follow up on. The most important thing is that the departure of Ulster Bank and KBC is done in an orderly manner and the interests of their customers are protected. The fact that these two banks are leaving the Irish retail market is deeply regrettable and...

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

Michael McGrath: The Central Bank code of conduct on mortgage arrears, CCMA, is the key consumer protection measure for borrowers experiencing difficulty with a mortgage 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 facing mortgage arrears....

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

Michael McGrath: The figures are significant and it is important we all take every opportunity to highlight this and to remind people of their rights. As I outlined, for the remaining PAYE taxpayer units with a preliminary end-of-year statement for 2022 who are yet to file an income tax return, some 25%, or 563,300 people, have potentially overpaid tax of up to €400 million, although there are others...

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

Michael McGrath: On the question of awareness, we are all familiar with websites that are available and we will have seen advertisements of bodies that provide services in this regard. In addition, the Revenue Commissioners make a lot of information available regarding how people can make such claims. We have a role in this House and the Government certainly has a role to make people aware where they may...

Ceisteanna Eile - Other Questions: Small and Medium Enterprises (24 Jan 2023)

Michael McGrath: I thank the Deputy for his good wishes. SMEs are the foundation of the economy, accounting for 99.8% of all enterprises and the majority of employment in the State. Their importance to our economy is reflected in our programme for Government commitments. The Minister for Enterprise, Trade and Employment and I, as Minister for Finance, jointly chair the SME State bodies group, bringing...

Ceisteanna Eile - Other Questions: Inflation Rate (24 Jan 2023)

Michael McGrath: I propose to take Questions Nos. 68, 110, 157 and 237 together. I thank the Deputy for his good wishes, and I look forward to working with him. It is important to note that from the outset the Government has acted forcefully 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...

Ceisteanna Eile - Other Questions: Inflation Rate (24 Jan 2023)

Michael McGrath: I thank both Deputies for raising these issues and I want to take the opportunity to thank all our public servants who were involved in administering the exceptional payments issued between budget day and early December. Payments of the order of €1 billion outside of normal payments were made through our social protection system, including some universal payments such as child benefit...

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

Michael McGrath: I am advised by Revenue that, to date, it has refunded €554 million to PAYE taxpayers in respect of 2021 and €193 million in respect of 2022. In 2022, Revenue wrote to over 400,000 individuals who, based on the information available to Revenue, may have overpaid or underpaid tax in some or all of the years 2019 to 2021, inclusive. These letters provide a preliminary tax...

Ceisteanna ar Sonraíodh Uain Dóibh - Priority Questions: Tax Code (24 Jan 2023)

Michael McGrath: I thank the Deputy. I will put the initial reply on the record because it deals with some of the issues. As the Deputy will be aware, VAT on supplies of Covid-19 testing kits were subject to a temporary zero rate until 31 December 2022 as the result of an EU Commission derogation. While recognising the success of the Government’s vaccination programme, I have decided that...

Ceisteanna ar Sonraíodh Uain Dóibh - Priority Questions: Tax Code (24 Jan 2023)

Michael McGrath: We will add it to another Bill at the first opportunity.

Ceisteanna ar Sonraíodh Uain Dóibh - Priority Questions: Tax Collection (24 Jan 2023)

Michael McGrath: To answer the Deputy's question directly, I have asked my Department to carry out an assessment of all the measures that are currently due in law to expire at the end of February. I will shortly meet my officials to go through that and consider their assessment of all those measures, the economic impact, the current economic circumstances and so on. The key issue for me is to make sure...

Ceisteanna ar Sonraíodh Uain Dóibh - Priority Questions: Tax Collection (24 Jan 2023)

Michael McGrath: As the Deputy knows, the costing that has been put on the overall measure being extended to the end of the year is €427 million, which is a very large sum of money by any yardstick. The Deputy asked verbally and in writing about excluding hotel accommodation. I am advised by Revenue, as I set out last week in written replies to parliamentary questions, that there would be significant...

Ceisteanna ar Sonraíodh Uain Dóibh - Priority Questions: Public Services Provision (24 Jan 2023)

Michael McGrath: I thank Deputy Shortall very much. I look forward to working with her over the period ahead. In the summer economic statement 2021, the Government adopted a medium-term budgetary strategy that would ensure continued investment in public services and progressive reductions in personal taxation while maintaining our public finances on a sustainable path. This strategy was operationalised...

Ceisteanna ar Sonraíodh Uain Dóibh - Priority Questions: Public Services Provision (24 Jan 2023)

Michael McGrath: I am not anticipating any cutbacks in public services arising from the budget for 2023. I am very well aware of the projections the Irish Fiscal Advisory Council made about the costs the State will be incurring over the years ahead in respect of a whole range of areas, including demographic costs, the cost of Sláintecare and the cost of climate action measures. That will involve the...

Ceisteanna ar Sonraíodh Uain Dóibh - Priority Questions: Public Services Provision (24 Jan 2023)

Michael McGrath: I do not accept that there is a shortfall in 2023. We believe we have made adequate provision across all of the expenditure Votes in 2023 to meet the Government priorities. Within that there will be a lot of choices and decisions to be made but from our perspective, there is certainly not any shortfall in the budgetary position across Departments for 2023. The Deputy made a point about...

Ceisteanna ar Sonraíodh Uain Dóibh - Priority Questions: Tax Collection (24 Jan 2023)

Michael McGrath: I thank Deputy Nash for his good wishes. I look forward to working with him in a constructive spirit insofar as we possibly can. I am sure all of us across the floor will have certain clashes and disputes, but hopefully we can conduct our business in good spirits. As the Deputy will be aware, the temporary reduction in the rate of VAT from 13.5% to 9% for gas and electricity was first...