Results 1,021-1,040 of 27,945 for speaker:Michael McGrath

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

Michael McGrath: Section 31E of the Stamp Duties Consolidation Act (SDCA) 1999 was introduced by the Finance (Covid-19 and Miscellaneous Provisions) Act 2021. It provides for a higher 10% rate of stamp duty to be charged on the acquisition of residential properties situated in the State, excluding apartments, where a person acquires at least 10 such properties during any 12-month period. I am advised by...

Written Answers — Department of Finance: Departmental Funding (1 Feb 2024)

Michael McGrath: The Deputy should note at the outset that the Department of Finance does not have responsibility for disability policy. Therefore I cannot comment on the supports and services that may be available for the individual in question, other than outline the nature of the Disabled Drivers and Disabled Passengers Scheme which does come within the remit of my Department. The Disabled Drivers and...

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

Michael McGrath: The National Claims Information Database (NCID) is a repository that holds information on the cost of non-life insurance claims. The Central Bank of Ireland is responsible for collecting this and managing the NCID under the Central Bank (National Claims Information Database) Act 2018.To date, the Central Bank has published five annual NCID Private Motor Insurance Reports, and two annual...

Written Answers — Department of Finance: Legislative Programme (1 Feb 2024)

Michael McGrath: There are 5 Billsfrom Department of Finance included in the Priority sections of the Government Legislation Programme 2024. The following 3 Bills were prioritized for publication: 1.Future Ireland Fund and Infrastructure, Climate and Nature Fund Bill: · The intent of this proposed Bill is to provide for the establishment of the Future Ireland Fund and the Infrastructure,...

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

Michael McGrath: The Deputy should note at the outset that for VAT purposes hairdressers are considered a separate sector from hospitality. However similarly to hospitality under Annex III of the VAT directive a reduced VAT rate can be applied to this sector. Consequently when the decision was made to apply the 9% rate to the tourism and hospitality sectors because of how they were impacted by the...

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

Michael McGrath: I welcome the Code of Practice for Underwriting Mortgage Protection Insurance for Cancer Survivors announced last year by Insurance Ireland and its members. This important development will provide a ‘Right to be Forgotten’ for cancer survivors, meaning insurers will disregard a cancer diagnosis where treatment ended more than 7 years prior to application (or more than 5 years,...

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

Michael McGrath: Section 31E of the Stamp Duties Consolidation Act (SDCA) 1999 provides for a higher 10% rate of stamp duty to be charged on the acquisition of certain residential property. This higher rate applies to the acquisition of individual residential property situated in the State (excluding apartments), where a person acquires at least 10 such properties during any 12-month period. I am advised...

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

Michael McGrath: I am advised by Revenue that traders are not required to identify the VAT yield generated from the supply of specific goods and services on their VAT returns. Therefore, it is not possible to provide the VAT yield on specific products and services using taxpayer information alone. However, using a number of third-party data sources, a tentative estimate of the additional VAT revenue in...

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

Michael McGrath: Revenue have indicated that the estimated cost of reducing the VAT rate from 13.5% to 9% for the tourism and hospitality sectors will be in the region of €653m from March to December 2024 and €764m in full-year terms from January to December 2024.

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

Michael McGrath: Revenue have indicated that the estimated cost of reducing the VAT rate from 13.5% to 9% for the tourism and hospitality sectors excluding hotel and other accommodation will be in the region of €514m for the period March to December 2024 and €604m in full-year terms from January to December 2024.

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.”, as well as Oxfam Ireland’s related press release from the same day. The Government continues to address wealth inequality through our progressive tax and social transfers system. At present, Ireland’s top...

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

Michael McGrath: I understand the Deputy is asking how rental income is treated in the hands of local authorities, approved housing bodies and the Land Development Agency. I am advised by Revenue that there is no difference in the treatment of income from “social tenancies” and “rental tenancies” – income from both sources is regarded as rental income and taxable under...

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

Michael McGrath: I am advised by Revenue that traders are not required to identify the VAT yield generated from the supply of specific goods and services on their VAT returns. Therefore, it is not possible to provide the VAT yield on specific products and / or services using taxpayer information alone. Consequently , a number of third-party data sources are used to compile tentative estimate of the cost of...

Written Answers — Department of Finance: Banking Sector (1 Feb 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, €23.1bn 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: Housing Schemes (1 Feb 2024)

Michael McGrath: I am advised by Revenue that the numbers of Help to Buy (HTB) claims that reached the claim stage on or after 1 July 2020, broken down by county, are set out in the table below. Property County Number of Claims* Carlow 288 Cavan 268 Clare 464 Cork 3,643 ...

Written Answers — Department of Finance: Tax Credits (1 Feb 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. I am advised by Revenue that the Rent Tax Credit statistics currently available refer only to claims by PAYE taxpayers. Data on claims by self-assessed...

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

Michael McGrath: As the Deputy may be aware, the Remittance Basis of Taxation (RBT) concerns how non-domiciled Irish residents are taxed on their worldwide income. The Commission on Taxation and Welfare (COTW) considered the remittance basis of taxation in its report entitled ‘Foundations for the Future’ which was published on 14 September 2022. As a matter of taxpayer equity, the...

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

Michael McGrath: Improving the competitiveness of the domestic insurance market is a key priority for Government and was included in the Programme for Government. Accordingly, the Office to Promote Competition in the Insurance Market (OPCIM) was established in December 2020, and is currently chaired by Minister of State Carroll MacNeill. The OPCIM has had success in engaging with new entrants to the...

Written Answers — Department of Finance: Banking Sector (1 Feb 2024)

Michael McGrath: Small and medium-sized enterprises (SMEs) are hugely important to the Irish economy and accounted for 99.8% of the total enterprise population for 2021. They also accounted for 60.1% of total persons employed. Their key role in Ireland's economy is why my Department conducts the SME Credit Demand Survey and has been doing so biannually since 2011. The SME Credit Demand survey is an...

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

Michael McGrath: Ireland alongside all other Eurozone countries has experienced multi-decade high rates of inflation. Whilst inflation in Ireland peaked over the summer of 2022 at 9.6 per cent, inflation in the Euro Area peaked later and at a higher rate (10.6 per cent in October 2022). Whilst the initial driver of the inflationary pressure was a surge in global energy prices it subsequently became...