Results 1,001-1,020 of 27,945 for speaker:Michael McGrath

Written Answers — Department of Finance: EU Meetings (1 Feb 2024)

Michael McGrath: On Tuesday 16th January, I attended the first meeting this year of the Economic and Financial Affairs Council (ECOFIN) in Brussels. The meeting began with a formal working breakfast and the usual updates on the economic situation as well as a debrief from Eurogroup the previous day. The main agenda started with a presentation by my Belgian colleague on the work programme for the...

Written Answers — Department of Finance: Film Industry (1 Feb 2024)

Michael McGrath: I am aware of the Workplace Relations Commission rulings to which the question refers, but the Deputy will understand that I cannot comment specifically on the tax affairs of any individual entity. By way of general comment, I would note that there is provision in section 481 of the Taxes Consolidation Act 1997 (TCA 1997) for the withdrawal of the film tax credit in certain circumstances,...

Written Answers — Department of Finance: Fiscal Policy (1 Feb 2024)

Michael McGrath: I propose to take Questions Nos. 127, 138, 150 and 157 together. The Department of Finance's Retail Banking Review, published in November 2022, highlighted the continuing importance of cash in ensuring that people do not experience financial exclusion, that consumers can budget efficiently, and that there is a safety net in the event of electronic banking or the payments infrastructure...

Written Answers — Department of Finance: Business Supports (1 Feb 2024)

Michael McGrath: There are already a number of measures in operation in the tax system that support businesses in Ireland, including those facing increased costs of doing business. The Tax Debt Warehousing Scheme has offered valuable and practical liquidity support to businesses during the COVID pandemic and continues to support businesses as they recover from the impacts of the pandemic and the cost of...

Written Answers — Department of Finance: Tax Code (1 Feb 2024)

Michael McGrath: As I set out in my response to the Deputy in question number 3328 of 24 January 2024, 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 through positive steps taken to increase the housing...

Written Answers — Department of Finance: Economic Growth (1 Feb 2024)

Michael McGrath: Economic growth across the Eurozone, the European Union and more broadly remains subdued, and Ireland is facing many of the same headwinds as our European peers. The European economy recorded weak growth in 2023, with GDP in both the euro area and the EU growing by ½ a per cent compared to 2022. Of note, the single market’s largest economy, Germany, registered a contraction of...

Written Answers — Department of Finance: Insurance Industry (1 Feb 2024)

Michael McGrath: Insurance reform is a key priority for this Government and is being delivered via the Action Plan for Insurance Reform. The vast bulk of the actions it contains are now either delivered or initiated. The importance that Government places on this policy area is evidenced by the fact that implementation is overseen by a Cabinet Sub-Group on insurance reform, chaired by the Tánaiste....

Written Answers — Department of Finance: Housing Schemes (1 Feb 2024)

Michael McGrath: The Help to Buy (HTB) scheme is administered by Revenue to assist first-time buyers with buying or building a new house or apartment. The scheme gives a refund of Income Tax and Deposit Interest Retention Tax (DIRT) paid in the State over the previous four years, subject to qualifying criteria outlined in the legislation. I am advised by Revenue that to date 153 applications, relating to 286...

Written Answers — Department of Finance: Fiscal Policy (1 Feb 2024)

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

Written Answers — Department of Finance: Fiscal Policy (1 Feb 2024)

Michael McGrath: As the Deputy may be aware, on the 23rd of January, I published the General Scheme of the Access to Cash Bill 2024. The Access to Cash Bill stems from a recommendation made by the Department of Finance's Retail Banking Review, published in November 2022. The aim of the Bill is to ensure continued reasonable access to cash in the State based, initially, on December 2022 levels, adjusted...

Written Answers — Department of Finance: Tax Code (1 Feb 2024)

Michael McGrath: The Social Welfare Consolidation Act 2005 (SWCA) provides for the payment of the weekly state pension. The payment is made by the Department of Social Protection to an individual who fulfills the statutory criteria. The SWCA also provides for an increase in the amount of state pension where the beneficiary of the pension has a qualified adult dependent. The qualified adult portion is...

Written Answers — Department of Finance: Tax Rebates (1 Feb 2024)

Michael McGrath: I am advised by Revenue that the VAT treatment 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 which is paid by the final consumer. The Directive allows for historic VAT treatment to be maintained under certain conditions, and Ireland has retained the application of a...

Written Answers — Department of Finance: Tax Code (1 Feb 2024)

Michael McGrath: I propose to take Questions Nos. 140 and 141 together. The Tax Debt Warehousing Scheme has offered valuable and practical liquidity support to businesses during the COVID pandemic and continues to support businesses as they recover from the impacts of the pandemic and the cost of living crisis. It has assisted businesses with their cash-flow during difficult trading periods, preventing...

Written Answers — Department of Finance: Primary Medical Certificates (1 Feb 2024)

Michael McGrath: I propose to take Questions Nos. 142 and 158 together. At the outset the Deputy should note that the Disabled Drivers Medical Board of Appeal (DDMBA) has recommenced. The DDMBA members were formally appointed in September 2023. After the completion of preparatory work including developing working methods, determining clinical criteria for prioritising the waiting list and scheduling appeal...

Written Answers — Department of Finance: Inflation Rate (1 Feb 2024)

Michael McGrath: I propose to take Questions Nos. 144 and 233 together. Inflation reached multi-decade highs in 2022, averaging 8.1 per cent 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. Since...

Written Answers — Department of Finance: Tax Code (1 Feb 2024)

Michael McGrath: I am aware that Oxfam International recently (on January 15th 2024) produced a new report regarding global wealth inequality entitled “Inequality Inc.” which advocates for a tax on wealth. While I understand the background to calls for a specific wealth tax in Ireland, it is not the case that wealth in Ireland is untaxed, as taxes on wealth are already in place here. While...

Written Answers — Department of Finance: European Investment Bank (1 Feb 2024)

Michael McGrath: At the outset, the Deputy should note that as Minister for Finance, and a Governor of the European Investment Bank (EIB), I have no role in the negotiation of contracts between the EIB and any borrowers here in Ireland. In addition, in my role as a Governor of the EIB, I have no role in the allocation of financing in Ireland, nor do I have the authority to specify which sector funding should...

Written Answers — Department of Finance: Tax Code (1 Feb 2024)

Michael McGrath: 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 and can also apply a zero rate to certain goods and...

Written Answers — Department of Finance: Fiscal Policy (1 Feb 2024)

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

Written Answers — Department of Finance: Insurance Coverage (1 Feb 2024)

Michael McGrath: At the outset, I wish to reassure the Deputy that I recognise the concerns felt by many local community groups across the country around the cost and availability of insurance cover. Insurance reform is a key priority for this Government and is being delivered via the Action Plan for Insurance Reform with the vast bulk of the actions now either delivered or initiated. Accordingly, I...