Results 3,861-3,880 of 27,945 for speaker:Michael McGrath

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

Michael McGrath: As the Deputy will be aware, last week I attended the World Economic Forum where I participated in a range of high-level meetings and participated in panel discussions on the future of work and on global efforts to combat poverty. I also participated in a number of interviews with international and Irish media, with focus on promoting Ireland as a location for investment and job creation. ...

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

Michael McGrath: The potential volatility and concentration risks related to corporation tax receipts are issues which my Department has repeatedly drawn attention to since 2015. In September of last year, my Department published an analysis entitled De-risking the Public Finances - Assessing Corporation Tax Receipts. The purpose of the document was precisely to highlight, and quantify in so far as...

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

Michael McGrath: I understand that the Deputy's question relates to tax allowances for capital works specifically on farms, i.e. farm buildings allowances and accelerated capital allowances for the construction of slurry storage facilities. It should be noted that neither of these measures are restricted to young trained farmers as defined by the TCA. Farm buildings allowances, provided for under section...

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

Michael McGrath: I wish to highlight, as Minister for Finance, I am precluded from intervening in commercial and operational decisions in any particular bank, even one in which the State has a shareholding. Decisions in this regard, including a bank's policy on green lending, are the sole responsibility of the board and management of the banks, which must be run on an independent and commercial basis. This...

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

Michael McGrath: I propose to take Questions Nos. 134, 243 and 244 together. Finance Act 2022 introduced the Rent Tax Credit, which is provided for in section 473B of the Taxes Consolidation Act 1997. This is an income tax credit of up to €500 per year (or up to €1,000 for jointly assessed couples) which may be claimed in respect of qualifying rent paid in 2022 and subsequent years to...

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

Michael McGrath: The Retail Banking Review Team submitted the draft Review in November. It was then brought to Government on 29th November to seek its approval to publish the Review and to implement the 34 recommendations. This approval was given and the recommendations are now Government policy. Each recommendation identifies the body or bodies responsible for delivery of that recommendation and in some...

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

Michael McGrath: I propose to take Questions Nos. 138 and 151 together. As the Deputy will be aware, VAT on supplies of Covid 19 testing kits have been subject to a temporary zero rate up until 31 December 2022 as a result of an EU Commission derogation. While recognising the success of the Government’s vaccination programme, I have decided that Covid-19 test kits should be subject to a zero...

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

Michael McGrath: A key objective of the government’s Housing for All plan is a pathway to increase housing supply, including a focus on providing an adequate supply of available serviced zoned land within required densities. In this regard, provision was made in the Finance Act 2021 for a new tax on land zoned for residential development, which also has the necessary services in place. The Residential...

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

Michael McGrath: At the outset, I wish to reassure the Deputy that I recognise the concerns felt by many individuals and businesses across the country around the cost and availability of insurance cover. Accordingly, Government has prioritised insurance reform through the Action Plan for Insurance Reform. As the Deputy may be aware, the Third Action Plan Implementation Report demonstrates that 90 percent of...

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

Michael McGrath: Details of the Temporary Business Energy Support Scheme (TBESS) are set out in Finance Act 2022. The TBESS 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 Schedule D where they meet the eligibility criteria and to certain sporting bodies and charities. The scheme operates on a self-assessment...

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

Michael McGrath: The VAT rating of goods and services is subject to the requirements of EU VAT law, with which Irish VAT law must comply. In general, the EU VAT Directive provides that all goods and services are liable to VAT at the standard rate (currently 23% in Ireland), unless they fall within the categories of goods and services specified in Annex III of the VAT Directive, in respect of which Member...

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

Michael McGrath: I understand, following clarification from the Deputy’s office, that the Deputy is looking for further information on processes where a State body engages with investment from large-scale international private investors in our national strategic resources or infrastructure, with reference to recent reports of investments in Irish forestry. Policy responsibility for the development of...

Written Answers — Department of Finance: Business Supports (24 Jan 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. The TBESS is available to tax compliant businesses carrying on a trade or profession, the profits of which, are chargeable to tax under Case I or...

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 the euro area inflation averaging 8.4 per cent last year. While inflation remained elevated at 8.2 per cent in December, this marked a...

Written Answers — Department of Finance: European Investment Bank (24 Jan 2023)

Michael McGrath: The Government announced the creation of a Residential Retrofit Loan Guarantee Scheme in February 2022. The proposed scheme has a capacity of €500m. The proposed scheme is to be part-funded by the Department of Environment, Climate and Communications and the EU Recovery and Resilience Facility under Ireland’s National Recovery and Resilience Plan, and backed by a counter...

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

Michael McGrath: At the outset, it is important to note that neither I, nor the Central Bank of Ireland have any influence over the pricing or provision of insurance products, as this is a commercial matter. This position is reinforced by the EU legislative framework for insurance (the Solvency II Directive). Notwithstanding this, Government is acutely aware of the concerns felt by many sectors, including...

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

Michael McGrath: Significant work has been, and continues to be, done to ensure the Irish tax code is in line with new and emerging international tax standards. The January 2021 update to Ireland’s Corporation Tax Roadmap highlights the actions that have been taken and will continue to be taken in the process of corporation tax reform, adding to the significant level of reforms Ireland had already...

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

Michael McGrath: 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 reduced rates of VAT. Ireland currently operates two reduced rates of VAT,...

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

Michael McGrath: I am advised by Revenue that the estimated total cost of extending the reduced rates of Mineral Oil Tax (MOT) applicable to petrol and diesel until the end of June 2023 is €240.5 million. The breakdown of costs is shown in the following table. Fuel Type MOT €m VAT €m Total €m Petrol 54.4 12.5 ...

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

Michael McGrath: The Commission on Taxation and Welfare considered how the overall balance of taxation might shift in order to sustainably fund public services over the longer-term. It published its report in September 2022. The Commission published a number of recommendations on the taxation of investment products and on the Real Estate Investment Trust (REIT), Irish Real Estate Funds (IREF) and section...