Results 3,821-3,840 of 27,945 for speaker:Michael McGrath

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

Michael McGrath: At the outset, as Minister I acknowledge the reality that many individuals and families are genuinely struggling at this point in time. Of course, I accept and recognise that point. I meet people in the course of my constituency work all the time and I know the lived reality of many. That is why we brought forward a budget with an overall package of new measures of €11 billion, of...

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

Michael McGrath: First of all, I remind people that the next round of the electricity credit is being applied this month. A further round of that €200 credit will be applied to domestic accounts in March. Again, that is part of the measures that we announced in late September which are still working their way through. Because of the way in which we scheduled and staggered them, the benefits of those...

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

Michael McGrath: As the Deputy is aware, at present the 9% rate applies on a temporary basis to the hospitality and tourism sectors until the end of February. The 9% rate was introduced in recognition of the fact that the tourism and hospitality sectors were among those most impacted by the public health restrictions put in place throughout the pandemic. Through no fault of their own, bars, hotels and...

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

Michael McGrath: I thank the Deputy for his good wishes and I look forward to working with him over the period ahead. As the Deputy will be aware, the position is that the formulation and implementation of monetary policy in the eurozone and the setting of official interest rates is an independent matter for the ECB. The Government has no role in setting official interest rates, nor in setting the retail...

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

Michael McGrath: The Deputy is correct to highlight the impact of changes in monetary policy on mortgage holders. They also have an impact on businesses and the sovereign. We have to consider all of these issues in the round. For example, we have to consider in the coming weeks a number of various taxation measures that are due to expire. I have no doubt that the Deputy will have certain views on those as...

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

Michael McGrath: -----that more than 90% of the new mortgages being issued are fixed rate in nature, so many of those who took up mortgages recently are protected.

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

Michael McGrath: I have not seen Sinn Féin's proposal. I am sure it will be published, if it has not been already. If the Deputy wants to send it to me, I will take a look at it. Targeting through mortgage interest relief is difficult. In my initial remarks, I referenced the way in which the distribution of the benefit of mortgage interest relief in the past was heavily skewed in favour of the...

Written Answers — Department of Finance: Business Supports (24 Jan 2023)

Michael McGrath: I propose to take Questions Nos. 69, 83, 88 and 89 together. 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 in respect of energy...

Written Answers — Department of Finance: Tax Exemptions (24 Jan 2023)

Michael McGrath: Intangible cultural heritage means the practices, representations, expressions, knowledge, skills that communities recognize as part of their cultural heritage. It includes oral traditions and expressions; performing arts; social practices, rituals and festive events; knowledge and practices concerning nature and the universe; and traditional craftsmanship. The UNESCO Representative List...

Written Answers — Department of Finance: Insurance Coverage (24 Jan 2023)

Michael McGrath: Current Government policy in relation to flood insurance coverage is focused on the development of a sustainable, planned and risk-based approach to managing flooding. Accordingly, €1.3 billion has been committed to the delivery of flood relief schemes over the lifetime of the National Development Plan to 2030. This will protect approximately 23,000 properties across various...

Written Answers — Department of Finance: Debt Collection (24 Jan 2023)

Michael McGrath: During the COVID-19 pandemic, Revenue strongly supported businesses by suspending normal debt collection activities and implementing the Debt Warehouse Scheme to provide businesses with vital liquidity support. In October 2022, Revenue announced an important and significant extension to the Debt Warehousing scheme in light of the challenging economic situation that businesses continue to...

Written Answers — Department of Finance: Credit Unions (24 Jan 2023)

Michael McGrath: I propose to take Questions Nos. 82 and 90 together. This Government recognises the importance of credit unions as a provider of community banking services. The Programme for Government contains commitments to: - Review the policy framework within which credit unions operate; - Enable and support the credit union movement to grow; - Support credit unions in the expansion of services, to...

Written Answers — Department of Finance: Tax Code (24 Jan 2023)

Michael McGrath: I propose to take Questions Nos. 84, 97, 102, 126 and 137 together. The VAT rating of goods and services is subject to EU VAT law, with which Irish VAT law must comply. In general, the Directive provides that all goods and services are liable to VAT at the standard rate unless they fall within Annex III of the Directive, in respect of which Member States may apply either one or two...

Written Answers — Department of Finance: Economic Growth (24 Jan 2023)

Michael McGrath: The world is facing into a period of lower economic growth, with many of Ireland’s key trading partners likely to see sluggish if not negative growth in the coming quarters. This is a direct result of Russia’s invasion of Ukraine and the restriction on gas supplies, which has led to multi-decade high inflation rates in Ireland and the euro-area more broadly. With consumer...

Written Answers — Department of Finance: Economic Policy (24 Jan 2023)

Michael McGrath: The European Financial Forum (EFF) has been successfully produced by IDA in partnership with the Department of Finance since 2016. A decision on whether to host an EFF is taken each year, on a case-by-case basis, following a review of the previous Forum and discussions between IDA, the Department of Finance, and other key stakeholders. In recent years, taking account of the impact of the...

Written Answers — Department of Finance: Mortgage Interest Rates (24 Jan 2023)

Michael McGrath: The type of mortgages, including fixed or variable rate mortgages, offered by different categories of Central Bank regulated entity is a commercial matter for each individual lender. In addition, the mortgage interest rates they charge and the basis for the adjustment of the interest rate is, subject to the terms of the particular contract, a commercial matter for individual lenders having...

Written Answers — Department of Finance: Tax Code (24 Jan 2023)

Michael McGrath: I should say that policy responsibility for the development of forestry in Ireland is within the remit of the Minister for Agriculture, Food and the Marine and of course Coillte. I understand that the development of the investment fund referred to by the Deputy arises in the context of the plan to expand forest cover in Ireland to meet climate change targets. In the context of the issue...

Written Answers — Department of Finance: Banking Sector (24 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...

Written Answers — Department of Finance: Insurance Coverage (24 Jan 2023)

Michael McGrath: At the outset, it is important to note that 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). As the Deputy will appreciate, policy matters in relation to the National Car Test (NCT) lie with the Minister for...

Written Answers — Department of Finance: Budget 2023 (24 Jan 2023)

Michael McGrath: I propose to take Questions Nos. 94 and 127 together. Budget 2023was a ‘Cost of Living’ Budget, focussed on protecting the most vulnerable from the impact of inflation. A total net Budget package of €11 billion was put in place, consisting of €4.1 billion in one-off cost of living supports for last year and €6.9 billion in overall measures for this year....