Results 1,261-1,280 of 27,945 for speaker:Michael McGrath

Written Answers — Department of Finance: Tax Exemptions (12 Dec 2023)

Michael McGrath: As the Deputy is aware, Vacant Homes Tax (VHT) is provided for in Part 22B of the Taxes Consolidation Act 1997 (TCA). It aims to increase the supply of homes for rent or purchase to meet demand. A residential property will be within the scope of the new tax if it has been occupied as a dwelling for less than 30 days in a chargeable period. Each chargeable period will commence on 1 November...

Written Answers — Department of Finance: Departmental Policies (7 Dec 2023)

Michael McGrath: To date in 2023, the Department of Finance has delivered a number of policy achievements which include: -Budget 2024 The distributional impact of Budget 2024 is progressive, with lower income deciles experiencing the largest gains from both the Cost of Living package and from the core Budget 2024 measures. The establishment of two new funds was announced in Budget 2024:the Future Ireland...

Written Answers — Department of Finance: Tax Reliefs (7 Dec 2023)

Michael McGrath: It is my understanding that the Deputy's question relates to s. 33 of Finance (No. 2) Bill 2023 which amends s. 664 of the Taxes Consolidation Act 1997 (TCA). Section 664 provides for an income tax exemption for certain income arising from leasing of farm land. I am advised by Revenue as follows: There are a number of conditions to be satisfied before relief under s. 664 can be claimed....

Written Answers — Department of Finance: Housing Schemes (7 Dec 2023)

Michael McGrath: The Help to Buy (“HTB”) incentive, is a scheme to assist first-time purchasers with the deposit they need to buy or build a new house or apartment. The incentive gives a refund of Income Tax and Deposit Interest Retention Tax (“DIRT”) paid in Ireland over the previous four years, subject to limits outlined in the legislation. Section 477C of the Taxes...

Written Answers — Department of Finance: Credit Availability (7 Dec 2023)

Michael McGrath: The Deputy can be assured a key strategic priority for me and my Department is a well regulated, sustainable banking and financial services sector. This includes that viable businesses operating in Ireland should have the opportunity to access sufficient finance to meet their enterprise needs in a manner that supports growth and employment in the economy. That is why my Department has a range...

Written Answers — Department of Finance: Economic Policy (7 Dec 2023)

Michael McGrath: Ireland’s long-standing reputation as a stable and pro-enterprise jurisdiction is reflected in the continued investment in the economy. The most recent figures show the stock of foreign direct investment (FDI) in Ireland stood at over €1.2 trillion at the end of the third quarter of 2023. The multinational sector contributes to the domestic economy through employment and supply...

Written Answers — Department of Finance: Tax Reliefs (6 Dec 2023)

Michael McGrath: It is my understanding that the Deputy's question relates to s. 33 of Finance (No. 2) Bill 2023 which amends s. 664 of the Taxes Consolidation Act 1997 (TCA). Section 664 provides for an income tax exemption for certain income arising from leasing of farm land. I am advised by Revenue as follows: There are a number of conditions to be satisfied before relief under s. 664 can be claimed....

Written Answers — Department of Finance: National Treasury Management Agency (6 Dec 2023)

Michael McGrath: The Ireland Strategic Investment Fund was legislated for by the Oireachtas under the NTMA (Amendment) Act 2014. Sections 39 and 40 deal with the Investment policy and the Investment strategy of the fund, respectively. The Ireland Strategic Investment Fund (ISIF) constructs its portfolio within the legislative framework set for it by the Oireachtas and aligns it with any changes it makes....

Written Answers — Department of Finance: Tax Code (6 Dec 2023)

Michael McGrath: The Deputy has made reference to a “pre-1963” property. It is assumed the Deputy is referring to a building that was subdivided into separate units prior to the coming into force of the Planning and Development Act 1963. Local Property Tax (LPT) is a self-assessed tax and is chargeable in respect of a building, or a part of a building, that is in use, or suitable for use,...

Written Answers — Department of Finance: Primary Medical Certificates (6 Dec 2023)

Michael McGrath: Progress has been made on efforts to convene a new Disabled Drivers Medical Board of Appeals (DDMBA), to secure new hosting arrangements for the DDMBA and to recommence the appeals process. I have now formally appointed all five members to the new DDMBA. Funding arrangements between the Department of Finance and the Department of Health have been agreed. On this basis the National...

Seanad: Finance (No. 2) Bill 2023: Committee Stage (5 Dec 2023)

Michael McGrath: I thank Senator Kyne for his recommendation. The Senator's proposal relates to producing a report on the merging of the universal social charge with income tax as a means of simplifying the administrative burden of tax on businesses and organisations. By way of background, USC was designed and incorporated into the Irish taxation system in 2011 to replace two other charges, namely, the...

Seanad: Finance (No. 2) Bill 2023: Committee Stage (5 Dec 2023)

Michael McGrath: We all agree that the need to accelerate the delivery of additional new houses remains acute. Section 6 of the Bill provides support to the new-build housing market by extending the help-to-buy scheme for a further year to the end of 2025. Section 6 also amends the help-to-buy scheme to enhance its interaction with the local authority affordable purchase scheme. This amendment will enable...

Seanad: Finance (No. 2) Bill 2023: Committee Stage (5 Dec 2023)

Michael McGrath: I thank both Senators again, and I understand the issue they have raised. Senator Casey, in particular, took me through a number of specific examples of a constituency impacted by this. I followed up on the issue and examined it to see what could be done. In the case of the interaction with the local authority affordable purchase scheme, it was more straightforward because that is a...

Seanad: Finance (No. 2) Bill 2023: Committee Stage (5 Dec 2023)

Michael McGrath: The help-to-buy scheme announced in budget 2017 is an income tax incentive measure designed to assist first-time buyers with the deposit required to purchase or self-build a new house or apartment to live in as their home. With a view to increasing the supply of new housing and stimulating demand, the relief is already available in respect of new builds. In the July 2020 stimulus plan, the...

Seanad: Finance (No. 2) Bill 2023: Committee Stage (5 Dec 2023)

Michael McGrath: I thank the Senators for their recommendations Nos 6 and 7. They are seeking reports on the following issues: increasing the standard rate cut-off point to €45,000 and to €50,000, and the introduction of a 30% income tax rate. The Senators will be aware of the programme for Government commitment, which states: From Budget 2022 onwards, in the event that incomes are again...

Seanad: Finance (No. 2) Bill 2023: Committee Stage (5 Dec 2023)

Michael McGrath: The report I referred to, the personal tax review, was published on budget day in October. It has a whole chapter on the option of a third rate of income tax and goes into quite some detail on the issues that arise, the policy considerations, the costings and so on. To summarise, among the issues that would need to be considered is that of cost. If there were to be a third rate of income...

Seanad: Finance (No. 2) Bill 2023: Committee Stage (5 Dec 2023)

Michael McGrath: In my budget address, I acknowledged the challenges that we face with regard to housing, and that it remains a top priority for Government. As part of the response, to assist renters, I announced an increase of the rent tax credit to €750. This is to assist those renters in the private rental sector with the affordability of their rent. The credit will continue to be available until...

Seanad: Finance (No. 2) Bill 2023: Committee Stage (5 Dec 2023)

Michael McGrath: Senator Gavan is requesting a report on the introduction of mortgage interest relief for principal private residences. The relief proposed by the Senator would be equivalent to 30% of the difference in interest paid in the relevant month relative to the interest rate charged in 2022, capped at a maximum benefit of €1,500 per household for the duration of the scheme or for a period of...

Seanad: Finance (No. 2) Bill 2023: Committee Stage (5 Dec 2023)

Michael McGrath: I thank the Senator. With regard to the VAT compensation fund for charities, the Senators will be aware I announced my intention in budget 2024 to increase the size of the fund from €5 million to €10 million. The background to the scheme is that it was originally introduced in budget 2018 to reduce the tax burden on charities and partially compensate them for the VAT incurred...

Seanad: Finance (No. 2) Bill 2023: Committee Stage (5 Dec 2023)

Michael McGrath: I thank Senators for their recommendations. The purpose of the residential premises rental income relief is to provide for a new tax incentive for small-scale landlords. This measure is specifically targeted at attracting and retaining small-scale landlords in the private sector. The purpose of this relief is to support the continued participation of small-scale landlords in the rental...