Results 3,841-3,860 of 27,945 for speaker:Michael McGrath

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

Michael McGrath: I propose to take Questions Nos. 95, 109, 140 and 242 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...

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

Michael McGrath: I propose to take Questions Nos. 96 and 98 together. The latest data from the Central Bank of Ireland show that Irish household net wealth has more than doubled between the second quarter of 2012 and 2022, to reach €1,025 billion. These data also show that the vast majority of household wealth is held in the form of households’ main residence, with the main driver of...

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

Michael McGrath: The Fintech Steering Group was established in the Department of Finance in 2021 as part of action measure 12 of the Ireland for Finance Action Plan 2021. This reflects the fact that Ireland is uniquely positioned to benefit from global investment in fintech, given our experience in both technology and financial services. To date the Group has worked on discussing cross divisional issues on...

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

Michael McGrath: I propose to take Questions Nos. 100, 122 and 161 together. 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, it is not...

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

Michael McGrath: Consumer price (HICP) inflation picked up sharply over the past year, with annual average inflation of just over 8 per cent recorded in 2022, compared with around ½ per cent over the past decade. Every advanced economy is in the same position, with euro area inflation averaging 8.4 per cent last year. While inflation remained elevated at 8.2 per cent in December, this marks a...

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

Michael McGrath: The legislation governing the deductibility of expenses incurred in employment is set out in section 114 of the Taxes Consolidation Act 1997 (TCA 1997), which provides that for an expense to qualify as a deduction against income from an office or employment, the expense must be wholly, exclusively and necessarily incurred in the performance of the duties of the office or employment. I am...

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

Michael McGrath: I am advised by Revenue that statistics on income tax and corporation receipts by sector are available on the Revenue website at: revenue.ie/en/corporate/information-about-revenue/statistics /receipts/receipts-sector.aspx. These statistics are provided for the years 2013 to 2021 inclusive Data is not yet available in respect of 2022, for reasons including that some of the tax return due...

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

Michael McGrath: Ireland’s taxation of fuel 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 with which all Member States must comply. ETD provisions on mineral oils are transposed into national law in Finance Act 1999 (as amended). Finance Act 1999 provides for the application of excise...

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

Michael McGrath: Changes in the interest rate on a tracker mortgage are determined by any movement in the underlying rate being tracked, and in line with the terms and conditions of the mortgage contract, these changes are applied to tracker mortgages customers by their lenders. This approach applies to all tracker mortgage customers including those that have remained with the original lender that their...

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

Michael McGrath: The formulation and implementation of monetary policy is an independent matter for the European Central Bank. The interest rate on the ECB’s main refinancing operations, which provides the bulk of liquidity to the banking system, is currently at 2.5%, an increase of 250 basis points since last summer. In December 2022, the ECB Governing Council indicated that interest rates will...

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

Michael McGrath: I propose to take Questions Nos. 108, 117, 118, 124, 128, 130 and 143 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...

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

Michael McGrath: I propose to take Questions Nos. 111 and 136 together. Government policy on banking remuneration had remained unchanged since the financial crisis, which was over a decade ago. Extensive restrictions were in place and they affected c. 20,000 workers across the three banks in which the State has/had a shareholding, from the most junior staff to the most senior ranks as variable pay,...

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

Michael McGrath: I propose to take Questions Nos. 112 and 227 together. 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. I am advised by Revenue that up to 23 January 2023, over 78,400 claims for the rent...

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

Michael McGrath: Consumer price (HICP) inflation picked up sharply over the past year, with annual average inflation of just over 8 per cent recorded in 2022, compared with around ½ per cent over the past decade. Every advanced economy is in the same position, with euro area inflation averaging 8.4 per cent last year. As highlighted in their latest Quarterly Bulletin in October, the Central Bank...

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

Michael McGrath: I understand that the Deputy is referring to a report "The Missing Profits of Nations" that examines attribution of profits by multinational enterprises (MNEs) around the world. The central analysis of the paper looks at links between the level of profit booked, and the level of wages paid in a country. This creates a misleading impression that corporate profits are or should be directly...

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

Michael McGrath: I propose to take Questions Nos. 116 and 145 together. The Help to Buy (HTB) incentive is a scheme to assist first-time purchasers with the deposit they need to buy or build a new house or apartment. The incentive gives a refund of Income Tax and Deposit Interest Retention Tax (DIRT) paid in the State over the previous four years, subject to limits outlined in the legislation. The incentive...

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

Michael McGrath: At the time of Budget 2023, corporation tax this year was estimated to reach €22.7 billion. While corporation tax receipts last year were higher than anticipated, much of this performance is considered to be once-off in nature and is not expected to be repeated this year. My Department estimates that around €10 billion in corporation tax is excess or windfall in nature and...

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

Michael McGrath: The Russian invasion of Ukraine and the resultant restriction of gas supplies triggered an exceptionally large energy price shock which reverberated throughout the globe, with Europe at its epicentre. With the global energy markets in flux, almost every advanced economy has had to grapple with the effects of multi-decade high inflation over the past year. In Ireland, consumer price...

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

Michael McGrath: I propose to take Questions Nos. 121 and 241 together. As indicated in my predecessor's Budget 2023 address to the House on 27 September 2022, the Help to Buy scheme has been a significant support for first time buyers of new homes. Since its inception in 2017, over 36,000 first-time buyers, either singly or as part of a couple, have benefited from the scheme. To reiterate the response to...

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

Michael McGrath: Changes in the interest rate on a tracker mortgage are determined by any movement in the underlying rate being tracked, and in line with the terms and conditions of the mortgage contract, these changes are applied to tracker mortgages customers by their lenders. This approach applies to all tracker mortgage customers including those that have remained with the original lender that their...