Results 61-80 of 14,863 for speaker:Michael McGrath in 'Written Answers'

Written Answers — Department of Finance: Public Expenditure Policy (21 May 2024)

Michael McGrath: I published the Future Ireland Fund and Infrastructure, Climate and Nature Fund Bill 2024 on 25 March 2024. The Bill passed all stages in Dáil Éireann on 15 May. The Infrastructure, Climate and Nature Fund (ICN Fund) is one of the two new funds being established under this Bill. Under the proposed legislation, each year from 2024 to 2030, it is intended that €2 billion...

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

Michael McGrath: Help to Buy (HTB) is a scheme to assist first-time purchasers with the deposit they need to buy or build a new house or apartment. The incentive offers a refund on Income Tax and Deposit Interest Retention Tax (DIRT) paid in the State over the previous four years, subject to limits outlined in Section 477C of the Taxes Consolidation Act 1997. An increase in the supply of new housing...

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

Michael McGrath: The legislation governing the deductibility of expenses incurred in employment is contained in section 114 Taxes Consolidation Act 1997 (TCA). To qualify for tax relief under this section, any expenses of travelling (and subsistence relating to that travel) must be necessarily incurred in the performance of the duties of the relevant employment. For all other expenses, they must be wholly,...

Written Answers — Department of Finance: Primary Medical Certificates (21 May 2024)

Michael McGrath: The position in relation to the Deputy's question is as follows. As of 13 May 2024 there are 708 appellants on the waiting list. 321 appellants have been assessed since the appeals process recommenced and, of these, 203 were successful. The Board has prioritised the waiting list using clinically-based criteria. They are working to address the backlog as quickly as possible. Given the...

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

Michael McGrath: I am informed by Revenue that its annual research paper on Corporation Tax includes the most recent sectoral information in respect of Corporation Tax receipts and is available on Revenue’s website at www.revenue.ie/en/corporate/documents/research/ct-analysis-2 024.pdf. The Deputy’s attention is drawn to Figure 3 in the paper, which notes the value of chemical and pharmaceutical...

Written Answers — Department of Finance: Economic Growth (21 May 2024)

Michael McGrath: Despite facing a number of economic headwinds over recent years, the available evidence suggests the economy is in reasonable shape, at least in aggregate terms. The brightest spot in the Irish economy is undoubtedly in the labour market. At the end of last year, well over 2.7 million people were in employment – a record level. As a result, the unemployment rate has remained low...

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

Michael McGrath: I propose to take Questions Nos. 232 and 234 together. Taxation remains one of the most effective policy levers available to any Government, and each EU Member State has developed a tax mix appropriate to their particular economy. Ireland has always maintained that tax competition is an important policy tool, particularly for smaller Member States, provided that competition is fair and...

Written Answers — Department of Finance: Foreign Direct Investment (21 May 2024)

Michael McGrath: Ireland’s long-standing reputation as a stable and pro-enterprise jurisdiction is reflected in the continued investment into the Irish economy. The latest figures show the stock of foreign direct investment (FDI) in Ireland stood at almost €1.3 trillion at the end of 2023. It is important, given the impact of FDI on the domestic economy, that Ireland maintains its...

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

Michael McGrath: Income tax on both PAYE employees and self-employment income is calculated by reference to the same rate bands, which will vary depending on the personal circumstances of the individual. A range of tax credits may also apply, again depending on the personal circumstances of the individual. Income up to a certain limit is taxed at the ‘standard rate’ of income tax, which is...

Written Answers — Department of Finance: Financial Services (21 May 2024)

Michael McGrath: The authorisation and broader regulatory requirements applicable to regulated financial service providers operating in Ireland is dependent on the nature of the regulated activities carried out and as such regulated financial service providers may be subject to authorisation and regulatory requirements under different regimes. The Central Bank of Ireland is responsible for the...

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

Michael McGrath: My Department publishes the Annual Taxation Report each year to provide a structural analysis of the Irish tax system so as to identify emerging fiscal imbalances. The latest version of the report, published in 2023, examined vulnerabilities in the corporation tax base, highlighting the concentration of this revenue stream amongst both a small number of firms – with over half the...

Written Answers — Department of Finance: Enterprise Policy (21 May 2024)

Michael McGrath: As the Deputy is aware, supporting SMEs and farm borrowers has been a cornerstone policy for Government. It is important that all viable SMEs have access to an adequate amount of credit from various sources. To support SMEs in this regard, the Government has implemented several initiatives to enhance the availability of credit. In terms of monitoring the working capital requirements for...

Written Answers — Department of Finance: Gambling Sector (16 May 2024)

Michael McGrath: I propose to take Questions Nos. 148 to 157, inclusive, together. An operator of gaming machines must apply annually to the District Court for a certificate in respect of a gaming licence. This is required for each premises where it is intended to make gaming machines available for play. Where the District Court grants this certificate, the operator must then apply to Revenue for a Gaming...

Written Answers — Department of Finance: Universal Social Charge (16 May 2024)

Michael McGrath: I propose to take Questions Nos. 158 and 159 together. I am advised by Revenue of the estimated costs for the proposals outlined by the Deputy on a first and full year basis. They are shown in the below table. As a reduced rate of USC of 2% currently applies for those aged over 70 years with income of €60,000 or less and for those who hold a full medical card with income of...

Written Answers — Department of Finance: Tax Exemptions (16 May 2024)

Michael McGrath: As the Deputy will be aware, the age exemption applies for any year of assessment where an individual is aged 65 years or over and his or her total income does not exceed €18,000 per annum. Where an individual is a married person or civil partner and is jointly assessed to tax, the age exemption will apply where either individual is aged 65 or over and where the couple’s total...

Written Answers — Department of Finance: Insurance Industry (16 May 2024)

Michael McGrath: As Minister for Finance, I am responsible for the development of the legal framework governing financial regulation. As the Deputy will appreciate, I am unable to comment on individual cases and media reports relating to same. As the Deputy will be aware, the duties of insurers are outlined in Section 16 of the Consumer Insurance Contracts Act 2019, which requires that an insurer shall...

Written Answers — Department of Finance: Insurance Industry (15 May 2024)

Michael McGrath: As the Deputy will appreciate, neither I, nor the Central Bank of Ireland, can direct the pricing or provision of insurance products. This position is reinforced by the EU Single Market framework for insurance (the Solvency II Directive). Notwithstanding this, reforming the insurance sector is a key policy objective for the Government. Through the comprehensive Action Plan for Insurance...

Written Answers — Department of Finance: Financial Services (14 May 2024)

Michael McGrath: I note the Deputy's query in relation to individual savings schemes. It is important to highlight the existing tax free savings products which are available in Ireland and provide and efficient and attractive way for people to save. The National Treasury Management Agency (NTMA), through State Savings products, offers a wide range of tax free savings products to the general public,...

Written Answers — Department of Finance: Insurance Coverage (14 May 2024)

Michael McGrath: As the Deputy is aware, neither I, nor the Central Bank of Ireland, can interfere in the provision or pricing of insurance products. This is set out in the EU framework for insurance – the Solvency II Directive – and limits the actions that Government can take in relation to insurance for thatched properties. Nevertheless, I can assure the Deputy that this Government is...

Written Answers — Department of Finance: Tax Code (14 May 2024)

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 VAT Directive provides that all goods and services are liable to VAT at the standard rate unless they are exempt from VAT or fall within Annex III of the Directive, in which case lower VAT rates may apply subject to certain rules. Currently Ireland...