Results 1,041-1,060 of 27,945 for speaker:Michael McGrath

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

Michael McGrath: My Department continues to monitor all aspects of the property market – including the rate of house price inflation - on an ongoing basis, although policy issues in this area rest with the Minister for Housing, Local Government and Heritage. According to the most recent figures released by the Central Statistics Office, annual property price inflation was at 2.9 per cent in November,...

Written Answers — Department of Finance: Brexit Issues (1 Feb 2024)

Michael McGrath: While it has now been close to eight years since the UK voted to leave the European Union, the implications of Brexit continue to play out. Following the end of the Brexit transition period on 31 December 2020, the EU applied import controls on goods moving from the UK to the EU, including Ireland. The UK authorities did not apply their controls at the same time. After a number of years...

Written Answers — Department of Finance: Financial Services (1 Feb 2024)

Michael McGrath: While the Minister for Finance has overall responsibility for policy matters in relation to the investment funds sector, the Central Bank of Ireland is the responsible statutory body for the authorisation and supervision of investment funds established in Ireland. Further details on the legislation, authorisation process, supervision process, regulatory requirements, guidance and other...

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

Michael McGrath: The Irish economy has proven to be remarkably resilient, despite the large and unprecedented shocks faced in recent years. This resilience is most evident in the strength of the labour market, with the level of employment reaching an all-time high in the third quarter of last year. Modified domestic demand (MDD) – my preferred measure of the domestic economy - recorded modest growth of...

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

Michael McGrath: My Department publishes the Annual Taxation Report to provide a detailed analysis of the Irish tax system, with the objective of monitoring developing trends in tax revenue to minimise fiscal vulnerabilities. The latest Report, published last year, highlights the high concentration in the corporation tax base, with ten firms paying nearly 60 per cent of corporation tax receipts in 2022....

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

Michael McGrath: I propose to take Questions Nos. 236 and 237 together. As the Deputy will be aware, the North-South Ministerial Council, as one of the formal structures provided for in the Good Friday Agreement, has not met in recent years. That has been very unfortunate as that forum has served as an important means of engagement through which to support co-operation on a whole range of areas. That said,...

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

Michael McGrath: We begin this year in a strong position, with the end-2023 Exchequer returns showing a headline surplus of €1.2 billion, reflecting the underlying strength of our economy, particularly in respect of the labour market. Tax receipts for 2023 reached a new record level of €88.1 billion, with growth driven by income tax, VAT and corporation tax. On the expenditure side, gross...

Written Answers — Department of Finance: Tax Exemptions (1 Feb 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: Medical Aids and Appliances (31 Jan 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 the standard rate of VAT unless they fall within categories of goods and services specified in Annex III of the VAT Directive, in respect of which Member States may apply a lower rate...

Written Answers — Department of Finance: Climate Action Plan (31 Jan 2024)

Michael McGrath: As the Deputy will be aware, Progress Reports on the Climate Action Plans are prepared by the Department of the Taoiseach and published each quarter. Quarterly progress reports are available online at : www.gov.ie/en/publication/55fde-climate-action-important-pub lications/ Environmental reforms to the taxation system are considered as part of the annual budgetary cycle.Background detail and...

Written Answers — Department of Finance: Tax Code (31 Jan 2024)

Michael McGrath: At the outset, the Deputy should note that the VAT rating of goods and services is subject to the requirements of EU VAT law, with which Irish VAT law must comply. In general, the EU VAT Directive provides that all goods and services are liable to VAT at the standard rate (23% in Ireland), unless they fall within categories of goods and services specified in Annex III of the VAT Directive, in...

Written Answers — Department of Finance: Motor Fuels (31 Jan 2024)

Michael McGrath: As the Deputy will be aware, in 2022 in light of the acute impact rising prices were having on households and business, Government provided for excise rate reductions in the order of 21, 16 and 5.4 cent per litre on petrol, diesel and Marked Gas Oil (MGO) respectively. These temporary reductions were due to end initially on 31 August 2022 but following review and monitoring of fuel prices...

Written Answers — Department of Finance: Financial Services (31 Jan 2024)

Michael McGrath: As Minister for Finance, I am responsible for the development of the legal and policy framework governing financial regulation and I am precluded from intervening in commercial and operational decisions in any particular bank, even one in which the State has a shareholding. Decisions in this regard are the sole responsibility of the board and management of the banks, which must be run on...

Written Answers — Department of Finance: Departmental Schemes (31 Jan 2024)

Michael McGrath: I am advised by Revenue that the Disabled Drivers and Disabled Passengers (Tax Concessions) Regulations, S.I. No. 353 of 1994 as amended provides for the repayment or remission of VAT and Vehicle Registration Tax (VRT) on the purchase of an adapted vehicle for the transport of a person with specific severe and permanent physical disabilities. Qualification for the scheme also provides access...

Written Answers — Department of Finance: Tax Code (30 Jan 2024)

Michael McGrath: I assume the Deputy is referring to arrangements where: an investor commits through a binding contract to purchase residential properties from a developer before they are completed (forward funding agreement), or an investor commits through a binding contract to purchase residential properties from a developer upon completion (forward purchase agreement). I am advised by Revenue that...

Written Answers — Department of Finance: Tax Data (30 Jan 2024)

Michael McGrath: I am advised by Revenue that the 395 properties referred to in Parliamentary Question No. 359 of 17 January 2024 relate to information input by taxpayers on Section 31E returns filed for the year 2022. Section 31E refers to a Stamp Duty rate of 10% on cumulative purchases of ten or more houses in a 12-month period and is provided for in section 31E of the Stamp Duties Consolidation Act...

Written Answers — Department of Finance: Student Accommodation (30 Jan 2024)

Michael McGrath: The NTMA have informed me that the Ireland Strategic Investment Fund (ISIF) is a Sovereign Investment Fund with a mandate to invest on a commercial basis to support economic activity and employment in Ireland. ISIF focusses its efforts on making transformational investments across its impact themes of Climate, Housing and Enabling Investments, Scaling Indigenous Businesses, and Food and...

Written Answers — Department of Finance: Departmental Contracts (30 Jan 2024)

Michael McGrath: The Department of Finance commissioned one report from Grant Thornton in the past five years, in 2019. The purpose was a review of the business model of the in-house print room. The cost was €23,985.00 and the contract ended with payment on 17 December 2019.

Written Answers — Department of Finance: Tax Reliefs (30 Jan 2024)

Michael McGrath: I propose to take Questions Nos. 214, 218 and 220 together. The position is that Finance Act 2023 introduced the temporary one-year Mortgage Interest Tax Relief that I announced on Budget day. The tax relief will be available to taxpayers in respect of their principal private residence in the State where the outstanding mortgage balance was between €80,000 and €500,000 as of 31...

Written Answers — Department of Finance: Revenue Commissioners (30 Jan 2024)

Michael McGrath: I am advised by Revenue that its office in Sarsfield House, Limerick is currently open to the public from 9.30am to 1.30pm, Monday to Friday, and assisted over 4,600 customers throughout 2023. If a customer wishes to schedule an appointment outside of the above opening hours, or avoid waiting times, they can arrange an in-person appointment by calling the Appointment Helpline on 01 738 3660...