Results 1,161-1,180 of 27,945 for speaker:Michael McGrath

Written Answers — Department of Finance: Tax Data (23 Jan 2024)

Michael McGrath: I am advised by Revenue that, based on returns for the period since the commencement of the Section, the available information for the years 2021, 2022 and 2023 is as shown in the table below. The information has been aggregated for the relevant years and for counties with low numbers of properties to protect taxpayer confidentiality. The data is provisional and may be subject to revision. ...

Written Answers — Department of Finance: Tax Code (18 Jan 2024)

Michael McGrath: I propose to take Questions Nos. 164 and 166 together. I am advised by Revenue that the standard rates of stamp duty applying on the acquisition of residential property are 1% on values up to €1 million and 2% on values exceeding €1 million. 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...

Written Answers — Department of Finance: Departmental Data (18 Jan 2024)

Michael McGrath: I wish to advise the Deputy that it was not possible for Revenue to provide the data requested in the time available. I will make arrangements to provide the Deputy with the available information in due course.

Written Answers — Department of Finance: Fiscal Policy (18 Jan 2024)

Michael McGrath: The NTMA have advised me they announced a bond funding range for 2024 of €6 billion to €10 billion on 30 November last. This range reflects several factors including maturing debt in 2024, the importance of maintaining a presence in bond markets and providing liquidity to Ireland’s benchmark bond curve.

Written Answers — Department of Finance: Tax Code (18 Jan 2024)

Michael McGrath: The VAT treatment of goods and services is subject to EU VAT law, with which Irish VAT law must comply. In accordance with the EU VAT Directive, farmers can elect whether or not to register for VAT in respect of their farming business, and each farmer’s decision on this matter affects how VAT incurred on their inputs (such as the purchase of farm equipment) is treated. Farmers who...

Written Answers — Department of Finance: Tax Code (18 Jan 2024)

Michael McGrath: I am advised by Revenue that the Incapacitated Child Tax Credit may be claimed by the parent or guardian of a child who is permanently incapacitated by reason of mental or physical infirmity. The qualifying criteria for claiming the credit are outlined in Section 465 of the Taxes Consolidation Act 1997 and further information is also available on the Revenue website at...

Written Answers — Department of Finance: Tax Reliefs (17 Jan 2024)

Michael McGrath: I am advised by Revenue that the total costs for fully approved Help to Buy claims for the years 2017 to 2022, including retrospective cases for the period 19 July to 31 December 2016, are outlined in the ‘Cost of Tax Expenditures’ publication, which is available on the Revenue website at www.revenue.ie/en/corporate/information-about-revenue/statis...

Written Answers — Department of Finance: Tax Yield (17 Jan 2024)

Michael McGrath: I am advised by Revenue that the net declared liabilities as stated in the Electricity Tax returns for the previous five years for business and non-businesses categories are broken down in the table below. Actual receipts collected are different for some years due to overpayments and subsequent adjustments made in the following years. The overall totals for net declared liabilities and...

Written Answers — Department of Finance: Tax Code (17 Jan 2024)

Michael McGrath: The Residential Zoned Land Tax (RZLT) was introduced in Finance Act 2021. It seeks to increase housing supply by encouraging the activation of development on lands which are suitably zoned and appropriately serviced. It aims to bring those lands which have benefitted from investment in services and are capable of being developed forward for housing. The tax is an action contained in...

Written Answers — Department of Finance: Customs and Excise (17 Jan 2024)

Michael McGrath: I propose to take Questions Nos. 310, 311 and 312 together. It appears that the references in the Deputy’s questions to section 62 of Finance Act 1994 and section 62 of Finance Act 2001 are erroneous and that they should instead reference section 62 of Finance Act 1993. Section 62 of Finance Act 1993 relates to questioning of vehicle owners, while sections 134 through 141 of Finance...

Written Answers — Department of Finance: Tax Code (17 Jan 2024)

Michael McGrath: 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, 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 of...

Written Answers — Department of Finance: Departmental Legal Cases (17 Jan 2024)

Michael McGrath: The NTMA have advised me that since the end of 2018, the State Claims Agency (SCA) manages claims for legal costs on behalf of the Office of the Chief State Solicitor (OCSS). The SCA has recovered and subsequently transferred €505,367.61, arising from 4 orders, to the OCSS in the year 2021.

Written Answers — Department of Finance: Tax Code (17 Jan 2024)

Michael McGrath: I propose to take Questions Nos. 315, 329, 338, 341, 342 and 366 together. The VAT treatment of goods and services is subject to EU VAT law, with which Irish VAT law must comply. In accordance with the EU VAT Directive, farmers can elect whether or not to register for VAT in respect of their farming business, and each farmer’s decision on this matter affects how VAT incurred on their...

Written Answers — Department of Finance: National Asset Management Agency (17 Jan 2024)

Michael McGrath: As the Deputy may be aware, NAMA does not typically own or control properties; rather NAMA owns loans for which the properties act as security. The properties securing NAMA’s loans are owned and controlled by their registered owners or appointed receivers in the case of enforcement. I wish to advise the Deputy that by virtue of Sections 99 and 202 of the NAMA Act, NAMA is legally...

Written Answers — Department of Finance: Financial Services (17 Jan 2024)

Michael McGrath: The Government is acutely aware of recent events which are impacting on mortgage interest rates and the strain these increases place on households. On 31 August 2023, I met with the mortgage industry including the Banking and Payments Federation Ireland (BPFI), CEOs and senior representatives of all the main mortgage lenders and servicers and I made it clear that banks and all other mortgage...

Written Answers — Department of Finance: Tax Credits (17 Jan 2024)

Michael McGrath: The position is that the matter of refundable tax credits was examined as part of this year’s Tax Strategy Group (TSG) process in advance of Budget 2024 and the analysis and findings of the review were published in the Income Tax TSG paper, which is available on the Department of Finance’s website at the following link:...

Written Answers — Department of Finance: Tax Yield (17 Jan 2024)

Michael McGrath: As the Deputy will be aware, the Vacant Homes Tax (VHT) aims to increase the supply of homes for rent or purchase to meet demand. Legislative provision for the tax was made in the Finance Act 2022. A residential property will be within the scope of VHT, if it has been occupied as a dwelling for less than 30 days in a chargeable period. VHT operates on a self-assessment basis, where the number...

Written Answers — Department of Finance: Tax Credits (17 Jan 2024)

Michael McGrath: The Rent Tax Credit, as provided for in section 473B of the Taxes Consolidation Act 1997 (TCA 1997), was introduced by Finance Act 2022 and is available in respect of qualifying payments made during the 2022 to 2025 years of assessment inclusive. Claims for the Rent Tax Credit for the 2022 tax year can only be made by completing an Income Tax Return. To date, over 260,000 PAYE taxpayers have...

Written Answers — Department of Finance: Appointments to State Boards (17 Jan 2024)

Michael McGrath: Progress has been made on efforts to convene a new Disabled Drivers Medical Board of Appeals (DDMBA), and to recommence the appeals process. I have now formally appointed all five members to the new DDMBA and appeal hearings recommenced in the first half of December 2023. I appreciate that it has taken far longer than anticipated to get to this point. With the Department of Health, Department...

Written Answers — Department of Finance: Tax Code (17 Jan 2024)

Michael McGrath: I assume the Deputy is referring to reports in the media that a particular financial institution is to make payments to the holders of offset mortgages. I understand from such media reports that the payments in question may made to the mortgage holders in the context of the removal of an offset facility which may be a feature of their existing mortgage accounts. I am advised by Revenue that...