Results 21-40 of 14,863 for speaker:Michael McGrath in 'Written Answers'

Written Answers — Department of Finance: Illicit Trade (21 May 2024)

Michael McGrath: The Deputy should note that fines for the sale of illicit tobacco are contained in Tobacco Products Tax (TPT) legislation, as set out in Chapter 3 of Part 2 of the Finance Act 2005 (as amended). Sections 78 and 78A of the Act provide that, without prejudice to any other penalty, any person convicted of an offence in relation to the illegal selling of unstamped tobacco products or of illicit...

Written Answers — Department of Finance: Tax Reliefs (21 May 2024)

Michael McGrath: The Help to Buy (HTB) Scheme was introduced in 2017 with the purpose of assisting first-time buyers with the deposit required to purchase or self-build a new house or apartment to live in as their home. The relief is only available in respect of new builds, with a view to increasing the supply of new housing and stimulating demand. The incentive gives a refund of Income Tax and Deposit...

Written Answers — Department of Finance: Tax Credits (21 May 2024)

Michael McGrath: The Rent Tax Credit, as provided for in section 473B of the Taxes Consolidation Act 1997 (TCA 1997), was introduced by the Finance Act 2022 and may be claimed in respect of qualifying rent paid in 2022 and subsequent years to end-2025. For the tax years 2022 and 2023, the maximum value of the credit is €1,000 per year in the case of a jointly assessed couple, and €500 in all...

Written Answers — Department of Finance: Broadcasting Sector (21 May 2024)

Michael McGrath: As part of his Budget 2023 speech, my predecessor Minister Donohoe announced that he had instructed officials to explore opportunities to support the unscripted sector. This process was undertaken within the Department throughout 2023. After careful consideration I announced, as part of Budget 2024, the intention to proceed with a measure for the unscripted sector. Work is being undertaken by...

Written Answers — Department of Finance: Tax Code (21 May 2024)

Michael McGrath: As the Deputy will be aware, the 9 per cent VAT rate was applied on a temporary basis to the hospitality and tourism sectors until 31 August 2023 when it reverted to the 13.5 per cent rate. The 9 per cent rate was introduced on 1 November 2020 in recognition of the fact that the tourism and hospitality sectors were among those most impacted by the public health restrictions put in place...

Written Answers — Department of Finance: Tax Code (21 May 2024)

Michael McGrath: The Government is acutely aware of the difficulties in the housing market and the challenges this presents for many people and families at the moment. The need to address vacancy and to ensure all viable housing stock is being used is a priority for the Government. In Housing for All, the Government has set out a suite of incentives to address vacancy and efficient use of existing stock. ...

Written Answers — Department of Finance: Consumer Protection (21 May 2024)

Michael McGrath: The Financial Services and Pensions Ombudsman (FSPO) is an independent, impartial, fair and free service that helps resolve complaints against financial service and pension providers from consumers and small businesses. It plays a vital role in the robust financial consumer protection framework in place in Ireland to support consumers of financial services. The Deputy has raised the issue...

Written Answers — Department of Finance: EU Regulations (21 May 2024)

Michael McGrath: We are well aware that Ireland and the rest of the EU needs to substantially increase sustainable investment over the next decade. This investment cannot come solely from governments, private investors must crowd in and the taxonomy will encourage and guide investors to identify and channel money towards genuinely “green” investments. As the Deputy knows, the EU taxonomy for...

Written Answers — Department of Finance: Tax Yield (21 May 2024)

Michael McGrath: I propose to take Questions Nos. 96 and 110 together. Income tax receipts of €11.2 billion were collected in the first four months of the year. This was up by €0.7 billion or just over 7 per cent on the same period last year. This is a clear reflection of the strength of our labour market despite all the external challenges that we have faced over the last number of years. ...

Written Answers — Department of Finance: Tax Data (21 May 2024)

Michael McGrath: An individual who is resident or ordinarily resident, but not domiciled in the State, is taxable on the remittance basis of tax in respect of foreign income and gains. Such individuals pay tax on: (1) Income and gains arising in Ireland, (2) Foreign income which they “remit” or bring into the State, and (3) Foreign gains which they "remit" into...

Written Answers — Department of Finance: Banking Sector (21 May 2024)

Michael McGrath: The total recapitalisation of the domestic banks amounted to €64.1bn, of which €34.7bn was invested in Anglo Irish Bank and INBS or Irish Bank Resolution Corporation (IBRC) and €29.4bn in AIB, Bank of Ireland and PTSB. To date, €24.4bn of the investment in the three remaining banks has been recovered in cash by way of disposals, investment income and liability...

Written Answers — Department of Finance: Tax Rebates (21 May 2024)

Michael McGrath: I propose to take Questions Nos. 100 and 106 together. The flat-rate farmers refund order has been raised on a number of occasion particularly over how VAT refund claims are being administered and processed by the Revenue Commissioners. As the Deputy is aware, the legislation only provides for VAT refunds to unregistered farmers for the following expenditure: the construction, extension,...

Written Answers — Department of Finance: Tax Code (21 May 2024)

Michael McGrath: I note the Deputy's query in relation to the taxation of individuals savings and investments and whether any changes are being considered in this regard. As with all areas of tax policy, the taxation of savings and investments will be kept under review throughout the annual budgetary and Finance Bill process. Last year, on 6 April 2023, I published the Terms of Reference for a review of...

Written Answers — Department of Finance: Inflation Rate (21 May 2024)

Michael McGrath: Inflation reached multi-decade highs in 2022, averaging 8.1 per cent across the year with a peak of 9.6 per cent in June 2022 (as measured by the HICP). Whilst the initial driver of this inflationary pressure was a surge in global energy prices, it subsequently became increasingly broad-based as price pressures spread throughout the economy. This was extremely challenging for households who...

Written Answers — Department of Finance: Tax Code (21 May 2024)

Michael McGrath: The Programme for Government (PfG), “Our Shared Future” contains a number of specific commitments relating to income tax. These include the commitment that, “from Budget 2022 onwards, in the event that incomes are again rising as the economy recovers, credits and bands will be index linked to earnings. This will be done to prevent an increase in the real burden of income...

Written Answers — Department of Finance: Tax Code (21 May 2024)

Michael McGrath: The Government is conscious of the implications of fuel costs for all sectors of society. This is reflected in the fact that in 2022, in light of the acute impact rising prices were having on households and businesses, the Government provided for temporary cuts in excise rates which, inclusive of VAT amounted to 21 cents, 16 cents and 5.4 cents per litre on petrol, auto-diesel and marked gas...

Written Answers — Department of Finance: Tax Credits (21 May 2024)

Michael McGrath: The Exchequer costs of Research and Development (R&D) tax credit claims for accounting periods ending in 2020, 2021 and 2022 respectively are €658 million, €753 million and €1.148 billion. I am advised by Revenue that the figure for claims in respect of 2022 is a provisional figure as additional processing is required in relation to specified returns associated with...

Written Answers — Department of Finance: EU Directives (21 May 2024)

Michael McGrath: I propose to take Questions Nos. 108 and 117 together. On 24 April, the European Commission issued a letter of formal notice, citing, what it considers, as an incorrect transposition of the Fifth AML Directive by Ireland. This was one of the three notices issued on that date to Ireland on transposition matters across different Government Departments. On the Fifth AML Directive, the...

Written Answers — Department of Finance: Tax Code (21 May 2024)

Michael McGrath: It is important to note that there are already a number of wealth taxes in place in Ireland, including Capital Gains Tax (CGT), Capital Acquisitions Tax (CAT) and Local Property Tax. Certain forms of Stamp Duty also act as taxes on wealth charged in a number of ways, including on the acquisition of shares, stocks and marketable securities of Irish registered companies, and on the acquisition...

Written Answers — Department of Finance: National Treasury Management Agency (21 May 2024)

Michael McGrath: The National Treasury Management Agency (NTMA) have informed me that the Ireland Strategic Investment Fund (ISIF) has a statutory mandate to invest on a commercial basis in a manner designed to support economic activity and employment in Ireland. In line with this mandate, ISIF focusses its efforts on making transformational investments across its impact themes of Housing and Enabling...