Results 3,901-3,920 of 27,945 for speaker:Michael McGrath

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

Michael McGrath: I am advised by Revenue that the estimated cost of extending the reduced rates of Mineral Oil Tax (MOT) applicable to petrol and diesel until the end of June 2023 are shown in the following table. Fuel Type MOT €m VAT €m Total €m Petrol 54.4 12.5 67.0 Diesel 161.6 ...

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 Deputy has indicated that his question concerns donations from abroad made in response to a recent tragedy in the State. It is assumed that the donations are in monetary form, however, it is not clear from the information received who is receiving the donations and whether the money is going to a registered charity. I am advised by Revenue that, where money is transferred from...

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

Michael McGrath: I understand the difficult situation faced by homeowners whose houses are affected by defective concrete blocks. The Government response to the MICA issue is led by my colleague the Minister for Housing, Local Government and Heritage. It has put in place a scheme of financial support to help affected homeowners. In terms of financial institutions who provide mortgages to help people buy or...

Written Answers — Department of Finance: Business Supports (24 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 (energy) costs over the winter months. A business can make a claim under the scheme if it is tax compliant, carries on a Case I trade or Case II profession, and has experienced a significant increase of 50 percent or more in its electricity...

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

Michael McGrath: The interest rate charged by a Central Bank regulated entity is, subject to the terms of the particular contract, a commercial matter for the creditor and, as you know, I cannot instruct mortgage creditors on the interest rate they charge or the type of mortgage products they offer to their customers. However, the Central Bank has put in place a range of measures in order to protect...

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

Michael McGrath: I understand the difficult situation faced by homeowners whose houses are affected by defective concrete blocks. The Government response to the MICA issue is led by my colleague the Minister for Housing, Local Government and Heritage, who has put in place a scheme of financial support to help affected homeowners. In terms of financial institutions who provide mortgages to help people buy...

Written Answers — Department of Finance: Public Procurement Contracts (24 Jan 2023)

Michael McGrath: I can advise the Deputy that my Department does not have any record of contracts awarded by the Department to the company mentioned in the details supplied since June 2017. The Deputy will be aware that the ‘National Public Procurement Policy Framework’, issued by the Office of Government Procurement (OGP) in November 2019, sets out the procurement procedures to be followed...

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

Michael McGrath: I propose to take Questions Nos. 255 and 263 together. Ireland has a long-standing reputation internationally as a stable and pro-enterprise economy, reflected in our continued ability to attract and retain foreign direct investment (FDI). I am conscious of the need to maintain our competitive position on an international stage, given the contribution of this FDI to the domestic economy....

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

Michael McGrath: As a small open and highly globalised economy, we are, by our very nature particularly susceptible to economic shocks and periods of volatility. In the last half decade alone, our economy has endured several once in a generation type shocks. Firstly, we had to contend with the long drawn-out effects of Brexit, this was followed by a global pandemic which brought large parts of our economy...

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

Michael McGrath: I propose to take Questions Nos. 257 and 258 together. The authorisation and broader regulatory requirements applicable to regulated financial service providers (RFSPs) operating in Ireland is dependent on the nature of the regulated activities carried out and as such RFSPs may be subject to authorisation and regulatory requirements under different regimes. The Central Bank of...

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

Michael McGrath: I propose to take Questions Nos. 259 and 260 together. 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. The key drivers of global...

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

Michael McGrath: I propose to take Questions Nos. 261 and 262 together. The invasion of Ukraine and Russia’s weaponisation of gas supplies has triggered an exceptionally large energy price shock and undermined global economic prospects. Given its reliance on Russia for gas imports, the European economy is facing a significant terms of trade shock, manifesting in multi-decade high inflation rates....

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

Michael McGrath: Ireland is now one of Europe’s major financial centres, with direct and indirect employment across investment management, banking, insurance, aviation financing, fintech and payments. Direct employment in international financial services at the end of 2021 stood at over 52,800 with over 30% regionally based. Data for 2022 should be available shortly, but it is fair to say that the...

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

Michael McGrath: I am advised by Revenue that the total excise tax receipts in respect of fuel and energy for the past five years for Mineral oil tax (MOT) Solid fuel (SF), Natural Gas (NG) and Electricity Tax (ET) are provided in the table below. Year MOT €m SF Carbon Tax €m NG Carbon Tax €m ET €m Total €m ...

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

Michael McGrath: The Central Bank has put in place a range of measures in order to protect consumers who take out or have a mortgage. This consumer protection framework seeks to ensure that lenders are transparent and fair in all their dealings with borrowers and that borrowers are protected from the beginning to the end of the mortgage life cycle, for example, through protections at the initial...

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

Michael McGrath: The Department of Finance publishes a Tax Expenditure Report annually, as required under the EU Budgetary Framework Directive. A tax expenditure reduces or postpones revenue for a certain population of taxpayers relative to the tax base and can take a number of forms including exemptions, allowances, credits, preferential rates or deferral rules. The 2022 Tax Expenditure Report was...

Written Answers — Department of Finance: Tax Code (19 Jan 2023)

Michael McGrath: Finance Act 1999 provides for the application of excise duty in the form of Mineral Oil Tax (MOT) to liquid fuels. MOT is comprised of a non-carbon component and a carbon component with the carbon component being commonly referred to as carbon tax. The non-carbon component of MOT is often referred to as “excise”, “fuel excise”, “fuel tax” or...

Written Answers — Department of Finance: Tax Reliefs (19 Jan 2023)

Michael McGrath: 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 being legislated for as far back as 2008 (but never...

Written Answers — Department of Finance: Tax Credits (19 Jan 2023)

Michael McGrath: I propose to take Questions Nos. 204 and 211 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 end-2025. The...