Results 601-620 of 27,945 for speaker:Michael McGrath

Written Answers — Department of Finance: Climate Action Plan (10 Apr 2024)

Michael McGrath: The Deputy should note that Government policy with regard to greenhouse gas emissions and taxation is based on the polluter-pays principle, whereby high emission energy products, fuels or vehicles are subject to the highest levels of taxation. National taxation measures are reviewed and examined as part of the annual budgetary cycle and policy options are published in the Tax Strategy Group...

Written Answers — Department of Finance: Insurance Industry (10 Apr 2024)

Michael McGrath: Insurance reform is a key priority for this Government and is being delivered via the Action Plan for Insurance Reform. As per the most recent Action Plan Implementation Report, published in February 2024, the vast bulk of the actions it contains are now either delivered or initiated. The importance that Government places on the Action Plan is evidenced by the fact that implementation is...

Written Answers — Department of Finance: Tax Reliefs (10 Apr 2024)

Michael McGrath: I propose to take Questions Nos. 19 and 34 together. Mortgage Interest Tax Relief (MITR) is available to home owners with an outstanding mortgage balance on their principal private residence of between €80,000 and €500,000 on 31 December 2022. It is available at the standard rate of income tax and is based on the increase in the interest paid in 2023 over interest...

Written Answers — Department of Finance: Tax Credits (10 Apr 2024)

Michael McGrath: I am advised by Revenue that it is not possible to provide the Deputy with an estimate of unclaimed tax allowances and other benefits. Any overpayments due to PAYE taxpayers can only be quantified when they submit their Income Tax Returns at the end of the year and claim any additional credits or reliefs that may be due. At the end of every year, Revenue makes an Employment Detail...

Written Answers — Department of Finance: Banking Sector (10 Apr 2024)

Michael McGrath: Throughout recent changes to the banking sector, including the departure of two banks from the Irish market, the existing robust financial consumer protection framework has supported consumers of financial services in Ireland. Notwithstanding the strong consumer protection framework in Ireland, the retail banking sector is subject to ongoing change. While some of this is driven by statutory...

Written Answers — Department of Finance: Banking Sector (10 Apr 2024)

Michael McGrath: You will be aware that the Retail Banking Review, published in November 2022, made two clear recommendations regarding payments: (1) for my Department to develop Access to Cash legislation and prepare a related Heads of a Bill in 2023; and (2) for my Department to lead on the development of a National Payments Strategy (NPS) in 2024. I published the terms of reference for the National...

Written Answers — Department of Finance: Banking Sector (10 Apr 2024)

Michael McGrath: I propose to take Questions Nos. 23 and 39 together. The Department of Finance's Retail Banking Review, published in November 2022, concluded that cash, despite a decline in its usage, remains an important element of the payments system and the broader economy and it is essential that cash remains readily available to customers through ATMs and other means across the country. The...

Written Answers — Department of Finance: Tax Credits (10 Apr 2024)

Michael McGrath: I propose to take Questions Nos. 24 and 41 together. 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. I am advised by Revenue that the Rent Tax Credit statistics currently available refer only to claims...

Written Answers — Department of Finance: Vacant Properties (10 Apr 2024)

Michael McGrath: The Deputy will be aware that it is a long-standing practice of the Minister for Finance not to comment, in advance of the Budget, on any tax matters that might be the subject of Budget decisions. 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...

Written Answers — Department of Finance: Fuel Prices (10 Apr 2024)

Michael McGrath: The price of diesel and petrol are an important cost for households and businesses in the Irish economy. In this context, my Department monitors and analyses these price dynamics closely on an ongoing basis. From exceptionally low levels during the pandemic, wholesale oil prices rose steadily as Covid-19 restrictions eased. Following Russia’s invasion of Ukraine in February 2022,...

Written Answers — Department of Finance: Business Supports (10 Apr 2024)

Michael McGrath: As the Deputy will be aware, the 9 per cent VAT rate 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 (10 Apr 2024)

Michael McGrath: I propose to take Questions Nos. 28 and 30 together. As I set out in my response to an earlier question from the Deputy on this subject, the Government is acutely aware that the bulk purchase of homes deeply affects aspiring owner-occupiers and first time buyers, and has introduced numerous measures to address this. This has been addressed both through disincentivising bulk purchases, and...

Written Answers — Department of Finance: Tax Yield (10 Apr 2024)

Michael McGrath: I propose to take Questions Nos. 29 and 37 together. Overall, tax revenues in the first three months of the year were a continuation of what we saw over the second half of last year: steady growth in our income tax and VAT receipts but with notable volatility in corporation tax. Tax revenues of €20.1 billion were collected in the first of the quarter of the year, €0.3...

Written Answers — Department of Finance: General Government Debt (10 Apr 2024)

Michael McGrath: The Department’s latest assessment of public indebtedness in Ireland is set out in the Annual Report on Public Debt in Ireland for 2023, published in February. As highlighted in this report, gross public debt fell to an estimated 76 per cent of GNI* at end-2023, a significant reduction from its peak of 166 per cent of GNI* in 2012. The stock of public debt fell from €236...

Written Answers — Department of Finance: Business Supports (10 Apr 2024)

Michael McGrath: The Tax Debt Warehousing scheme has provided vital and practical liquidity support to businesses by assisting them with their cash-flow during difficult trading periods. The Scheme allowed businesses to temporarily defer VAT and Employer PAYE, certain self-assessed income tax liabilities, and Temporary Wage Subsidy Scheme and Employment Wage Subsidy Scheme overpayments on an interest-free...

Written Answers — Department of Finance: Tax Yield (10 Apr 2024)

Michael McGrath: I am advised by Revenue that net tax receipts by sector to year 2022 are available on the Revenue website www.revenue.ie/en/corporate/documents/statistics/receipts/ne t-receipts-by-sector.pdf. These tax receipts are presented according to the taxpayers’ primary economic activity classification (NACE). It should be noted that the sectoral breakdown cannot be taken as the exact tax...

Written Answers — Department of Finance: Tax Code (10 Apr 2024)

Michael McGrath: The Domicile Levy was introduced in the Finance Act 2010 to ensure that Irish-domiciled individuals who meet certain criteria make a contribution to the exchequer, irrespective of where they are resident for tax purposes. The purpose of the levy is to ensure that individuals with substantial income and assets located in the State make some sort of contribution to the exchequer. The...

Written Answers — Department of Finance: Flexible Work Practices (10 Apr 2024)

Michael McGrath: As the Deputy will be aware, the issue of cross border workers and the availability of remote working options has potential tax implications not only for this country but also on an international level. It is a very complex matter on which the State cannot move unilaterally. Discussions in relation to global mobility and the tax policy implications for cross border workers are ongoing at both...

Written Answers — Department of Finance: Housing Schemes (10 Apr 2024)

Michael McGrath: The Help to Buy 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 Help to Buy scheme has been a significant support for first...

Written Answers — Department of Finance: Fuel Prices (10 Apr 2024)

Michael McGrath: At the outset, the Deputies should note that both I and the Government are 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 business, the Government provided for excise rate reductions in the order of 21, 16 and 5.4 cent per litre on petrol, auto diesel...