Results 1,361-1,380 of 27,945 for speaker:Michael McGrath

Ceisteanna ar Sonraíodh Uain Dóibh - Priority Questions: Housing Schemes (23 Nov 2023)

Michael McGrath: In the format in which we are operating, it is only possible for any of us to quote certain extracts from the report. The report is published and speaks for itself. The Government has considered it. In relation to phasing out the scheme, the House has just legislated for the extension of the scheme to the end of 2025, so that is the Government’s policy. For much of our history,...

Ceisteanna ar Sonraíodh Uain Dóibh - Priority Questions: Economic Data (23 Nov 2023)

Michael McGrath: I propose to take Questions Nos. 83 and 121 together. In its autumn forecasts released earlier this month, the European Commission projected Irish GDP to decline by 0.9% this year and to grow by 3% next year. This represents a downward revision from forecasts published in May, amid developments in the multinational-dominated sectors and normalising domestic demand. This negative GDP...

Ceisteanna ar Sonraíodh Uain Dóibh - Priority Questions: Vehicle Registration Tax (23 Nov 2023)

Michael McGrath: I am sure there is. I am happy to work with the Deputy on his specific proposal.

Ceisteanna ar Sonraíodh Uain Dóibh - Priority Questions: Tax Code (23 Nov 2023)

Michael McGrath: Landlords are an essential feature of a functioning housing market. Rising rents are driven by a shortage of supply so stabilising and increasing the supply of rental properties should ease upward pressure on rental prices and make it easier for prospective tenants to find affordable homes. The new residential premises rental income relief is a tax relief at the standard rate of 20%...

Ceisteanna ar Sonraíodh Uain Dóibh - Priority Questions: Tax Code (23 Nov 2023)

Michael McGrath: I think we can agree that we are witnessing the departure of a significant number of small-scale landlords from the Irish market. We need to have a functioning private rental market providing homes for individuals and families on an ongoing basis. When I look at the data, I can see the number of notices of termination that have been served. Over 24,000 were served from the third quarter of...

Ceisteanna ar Sonraíodh Uain Dóibh - Priority Questions: Tax Code (23 Nov 2023)

Michael McGrath: We discussed that issue in detail on Committee Stage of the Finance Bill and I gave a commitment that the officials in my Department would examine it in the context of the TSG papers. On the issue of the supply of homes, we need to have a functioning private rental sector. We are providing approximately €5 billion of capital to build more homes, including public homes, cost-rental...

Ceisteanna ar Sonraíodh Uain Dóibh - Priority Questions: Housing Schemes (23 Nov 2023)

Michael McGrath: The scheme was introduced in 2017 with the purpose of assisting first-time buyers with the deposit required to purchase or self-build a new house or apartment to live in as their home. The relief is only available in respect of new builds, with a view to increasing the supply of new housing and stimulating demand. To date, the scheme has been a significant support for first-time buyers of...

Ceisteanna ar Sonraíodh Uain Dóibh - Priority Questions: National Treasury Management Agency (23 Nov 2023)

Michael McGrath: It is important we take a comprehensive approach to examining this issue. The UN acknowledged that the list it published was not complete or exhaustive. ISIF's policies in respect of environmental, social, and corporate governance, ESG, have demonstrated an ability to invest ethically. For example, under the Fossil Fuel Divestment Act 2018, at the end of last year, the fund had developed a...

Ceisteanna ar Sonraíodh Uain Dóibh - Priority Questions: Vehicle Registration Tax (23 Nov 2023)

Michael McGrath: I thank the Deputy for raising this issue. He should note that vehicle registration tax is an emissions-based tax calculated on the value of the car. There is no specific VRT rate for cars with this type of technology. Under the Finance Act 1992, VRT is assessed on a vehicle at the time of registration in the State and the way it is calculated depends on the category of the vehicle...

Ceisteanna ar Sonraíodh Uain Dóibh - Priority Questions: Vehicle Registration Tax (23 Nov 2023)

Michael McGrath: I thank the Deputy. The TY students are very welcome. I hope they enjoy their visit to Leinster House. To answer the question directly, we are open to examining what changes might be appropriate to the VRT system in a way that helps all our collective efforts to reduce accidents on our roads and the level of fatalities, which have unfortunately been going in the wrong direction in recent...

Ceisteanna ar Sonraíodh Uain Dóibh - Priority Questions: Vehicle Registration Tax (23 Nov 2023)

Michael McGrath: We have seen far too many tragedies on Irish roads in recent months. There is not a household in the country that has not been impacted in terms of at least knowing somebody who has lost their life or who has been subjected to horrific injuries as a result of a road traffic accident. I have seen far too many of them in my community. I assure the Deputy that any policy that helps reduce the...

Ceisteanna ar Sonraíodh Uain Dóibh - Priority Questions: National Treasury Management Agency (23 Nov 2023)

Michael McGrath: The NTMA has advised that its annual report for 2022 discloses ISIF’s shareholdings and contains, as at year end 2022, 11 companies which appear on the UN Human Rights Council database of business enterprises involved in certain activities related to the Israeli settlements in the occupied Palestinian territories as published by the UN Human Rights Council in February 2020 and updated...

Ceisteanna ar Sonraíodh Uain Dóibh - Priority Questions: National Treasury Management Agency (23 Nov 2023)

Michael McGrath: The reply the Deputy will receive sets out a table drawn from the NTMA annual report. It gives a total over just under €4.2 million. My Department has been working with ISIF on the most appropriate way to address issues raised by the Deputy and the Private Members' Bill, including in the context of the forthcoming future Ireland fund and the infrastructure, climate and nature fund. ...

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Estimates for Public Services 2023
Vote 7 - Office of the Minister for Finance (Supplementary)
Vote 9 - Office of the Revenue Commissioners (Supplementary) (23 Nov 2023)

Michael McGrath: I am pleased to have the opportunity to appear before the committee today to discuss the 2023 Supplementary Estimates. As Minister for Finance, I will be discussing two of the four Votes within the finance group of Votes, namely, Vote 9 - Office of the Revenue Commissioners and Vote 7 - Office of the Minister for Finance. I look forward to a fruitful and positive exchange. On Vote 9, the...

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Estimates for Public Services 2023
Vote 7 - Office of the Minister for Finance (Supplementary)
Vote 9 - Office of the Revenue Commissioners (Supplementary) (23 Nov 2023)

Michael McGrath: I will answer the second question first. I thank the Deputy for his comments and questions. The consultant chaired the appeals board, and administered and managed the list of appeal applications. Since the board stood down, the consultant has not had any role to play in effect. There was a disagreement as such as to the issue of costs for the period in question. The consultant remained...

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Estimates for Public Services 2023
Vote 7 - Office of the Minister for Finance (Supplementary)
Vote 9 - Office of the Revenue Commissioners (Supplementary) (23 Nov 2023)

Michael McGrath: Yes, a little less than €250,000.

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Estimates for Public Services 2023
Vote 7 - Office of the Minister for Finance (Supplementary)
Vote 9 - Office of the Revenue Commissioners (Supplementary) (23 Nov 2023)

Michael McGrath: Yes, that is the position. When the appeals board was up and running the Department was covering the full wage even though, as the Deputy said, the consultant was working for the NRH on other normal work.

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Estimates for Public Services 2023
Vote 7 - Office of the Minister for Finance (Supplementary)
Vote 9 - Office of the Revenue Commissioners (Supplementary) (23 Nov 2023)

Michael McGrath: Yes, the day job as such. As a statement of support from the Government to the NRH for hosting the appeals board, the cost of the consultant's salary was fully met by the Government, from the Department of Finance to the Department of Health and then onto the NRH. This has been reinstated. The period in between has been covered to get this back up and running.

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Estimates for Public Services 2023
Vote 7 - Office of the Minister for Finance (Supplementary)
Vote 9 - Office of the Revenue Commissioners (Supplementary) (23 Nov 2023)

Michael McGrath: Correct.

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Estimates for Public Services 2023
Vote 7 - Office of the Minister for Finance (Supplementary)
Vote 9 - Office of the Revenue Commissioners (Supplementary) (23 Nov 2023)

Michael McGrath: It was the standard salary for the day job as such. There was no uplift or additional money in respect of the work associated with the appeals board.