Results 3,961-3,980 of 27,945 for speaker:Michael McGrath

Written Answers — Department of Finance: Tax Credits (18 Jan 2023)

Michael McGrath: Finance Act 2022 introduced a €500 Rent Tax Credit which will be available to claim in respect of rent paid in respect of each of the years 2022 to 2025.  The cost of the measure in terms of tax foregone is estimated at €200m in respect of each year to which it applies. I am advised by Revenue that as at 16 January 2023, over 53,500 claims for the rent tax credit in...

Written Answers — Department of Finance: Ministerial Responsibilities (18 Jan 2023)

Michael McGrath: On the nomination of An Taoiseach Leo Varadkar, the Government appointed Jennifer Carroll MacNeill TD as Minister of State at the Department of Finance with responsibility for Financial Services, Credit Unions and Insurance on December 21st 2022. I look forward to working closely with Minister of State Carroll MacNeill to progress the remit of the Department. Arrangements for the transfer of...

Written Answers — Department of Finance: Departmental Contracts (18 Jan 2023)

Michael McGrath: No media training has been provided to the Minister for Finance by the Department of Finance since 1 January 2021 to date.

Written Answers — Department of Finance: Tax Credits (18 Jan 2023)

Michael McGrath: I propose to take Questions Nos. 351 and 355 together. Finance Act 2022 introduced a new Rent Tax Credit.The credit is available for the tax years 2022 to 2025 (inclusive) with a maximum value of €1,000 per year in the case of a jointly assessed married couple or civil partners, and €500 in all other cases. Full details of how to claim the tax credit and the conditions that...

Written Answers — Department of Finance: Tax Reliefs (18 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 (18 Jan 2023)

Michael McGrath: The Rent Tax Credit 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. It is provided for in section 473B of the Taxes Consolidation Act 1997 (TCA 1997). Qualifying payments must be made under a tenancy. There are two specific exclusions from the definition of a tenancy under the Rent Tax...

Written Answers — Department of Finance: Vehicle Registration Tax (18 Jan 2023)

Michael McGrath: I am advised by Revenue that table 1 below sets out the statistics in relation to Vehicle Registration Tax (VRT) related enforcement activity for the months October, November, and December of 2022. These figures were compiled from Revenue systems on 12 January 2023. Table 1 2022 Warnings Detention (s. 140 FA 2001) Seizures (s. 141 FA 2001) ...

Written Answers — Department of Finance: Tobacco Control Measures (18 Jan 2023)

Michael McGrath: Revenue is a fully integrated tax and customs administration and, as a result, I am advised that it is not possible to disaggregate the funding dedicated, at any given time, to combat tobacco smuggling. Revenue currently has approximately 2,000 staff engaged on activities that are focused on targeting and confronting non-compliance. These front-line activities include anti-smuggling and...

Written Answers — Department of Finance: GDP-GNP Levels (18 Jan 2023)

Michael McGrath: The Central Statistics Office (CSO) is responsible for the compilation of general government surplus/deficit outturn statistics, which are published through the Excessive Deficit Procedure (EDP) twice a year. The Department of Finance is responsible for the medium-term forecasts of these statistics, which are published twice a year as part of the Stability Programme Update and the Budget....

Written Answers — Department of Finance: Budget Targets (18 Jan 2023)

Michael McGrath: The structural balance of 0.5 per cent of GDP referred to in the question corresponds to Ireland’s Medium-Term Budgetary Objective (MTO) under the European fiscal rules. As the Deputy has referenced this level of structural balance in terms of GDP, the table below provides historical estimates of such. However, it is important to note a number of relevant issues when considering these...

Written Answers — Department of Finance: Tax Exemptions (18 Jan 2023)

Michael McGrath: I am advised by Revenue that 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...

Written Answers — Department of Finance: Business Supports (18 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 scheme is designed to be compliant with the EU state aid Temporary Crisis Framework. The TBESS is available to tax compliant...

Written Answers — Department of Finance: Tax Credits (18 Jan 2023)

Michael McGrath: 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. Qualifying payments must be made under a tenancy. A tenancy for this purpose is a rental arrangement which falls into one of the below...

Written Answers — Department of Finance: Financial Services (18 Jan 2023)

Michael McGrath: Traders must consider a number of factors before choosing to accept any type of payment instrument. In the case of accepting card payments, one of the most relevant factors considered by a trader are the fees that it must pay. The fees paid by merchants for the processing of card payments are collectively known as the Merchant Service Charge. One of the most common fees included in the...

Written Answers — Department of Finance: Cross-Border Co-operation (18 Jan 2023)

Michael McGrath: I propose to take Questions Nos. 367 and 368 together. Under our domestic tax rules, an individual who holds a private sector employment in the State is chargeable to tax in the State in full on the emoluments of the employment and such income is also within the scope of the PAYE system of payroll deductions at source. This treatment applies to individuals who are resident in the State...

Written Answers — Department of Finance: Departmental Communications (18 Jan 2023)

Michael McGrath: I wish to advise the Deputy that a briefing document prepared by the Department of Finance was provided to me on my appointment as Minister for Finance. A copy of this document, having regard to the relevant provisions of the Freedom of Information Act 2014, is available on my Department’s website via the following link: www.gov.ie/en/organisation-information/1413f6-ministerial-br...

Written Answers — Department of Finance: Tax Exemptions (18 Jan 2023)

Michael McGrath: As the Deputy will be aware, Budget 2023 included a significant income tax package amounting to a cost of €1.13 billion in 2023 and consisted of both personal income tax and Universal Social Charge (USC) changes.  In relation to the income tax changes, the Standard Rate Cut-Off Point for single persons was increased by €3,200 or 8.7 per cent from €36,800 to...

Written Answers — Department of Finance: Insurance Levy (18 Jan 2023)

Michael McGrath: A transparent and evidence-based approach to policymaking remains a key focus for the Government’s ongoing insurance reform agenda. Accordingly, the introduction of the National Claims Information Database (NCID) within the Central Bank of Ireland (CBI) is a key-step change in this regard. The NCID reports provide wide range of official data on private motor, employers’...

Written Answers — Department of Finance: Tax Credits (18 Jan 2023)

Michael McGrath: I propose to take Questions Nos. 378 and 388 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. ...

Written Answers — Department of Finance: Tax Reliefs (18 Jan 2023)

Michael McGrath: Regarding differentiation in BIK rules by use, an employee is chargeable to benefit-in-kind (BIK) where, by reason of his or her employment, a car is made available (without a transfer of ownership) to him or her and the car is, in the tax year, available for that individual’s private use, or to his or her family or household. By virtue of section 121(1)(b)(i)(I) of the Taxes...