Results 1,401-1,420 of 27,945 for speaker:Michael McGrath

Written Answers — Department of Finance: Financial Irregularities (23 Nov 2023)

Michael McGrath: Firstly, it is important to note that the Department of Finance does not hold any supervisory or investigative role in relation to money laundering.However, the Department does have a key role in developing policy and legislation to ensure that Ireland’s framework for combating both money laundering and the financing of terrorism adheres to EU and international standards. The nature of...

Written Answers — Department of Finance: Tax Reliefs (23 Nov 2023)

Michael McGrath: As the Deputy is aware, the Standard Fund Threshold (SFT) was introduced in Finance Act 2005, with the purpose of addressing excessive pension accrual, and it applies to all private and public sector pension arrangements. It is provided for in Chapter 2C of Part 30 of the Taxes Consolidation Act 1997 (TCA) which sets out the maximum tax-relieved pension fund at retirement. The SFT regime was...

Written Answers — Department of Finance: Banking Sector (23 Nov 2023)

Michael McGrath: It is regrettable that Ulster Bank and KBC have decided to exit the Irish market, but these are commercial decisions of both banks. The priority since has been to ensure that each bank withdraws from the market in an orderly manner and to ensure the impact on customers is minimised. Financial services continues to evolve rapidly, and my Department is engaging with national, European and...

Written Answers — Department of Finance: Tax Credits (23 Nov 2023)

Michael McGrath: I propose to take Questions Nos. 98 and 142 together. The Rent Tax Credit, as provided for in section 473B of the Taxes Consolidation Act 1997 (TCA 1997), was introduced by Finance Act 2022. This is an income tax credit which may be claimed in respect of qualifying rent paid in 2022 and subsequent years to end-2025. For the tax years 2022 and 2023, the maximum value of the credit will be...

Written Answers — Department of Finance: Inflation Rate (23 Nov 2023)

Michael McGrath: Inflation reached multi decades high rates last year, peaking as high as 9.6 per cent in July 2022. This increase in inflation was initially driven by a surge in energy prices on foot of the fallout from Russia’s invasion of Ukraine. However, inflation subsequently became increasingly broad based as price pressures spread throughout the economy. I am pleased to report that we now...

Written Answers — Department of Finance: Ireland Strategic Investment Fund (23 Nov 2023)

Michael McGrath: The NTMA has advised me that 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. ISIF has, to date, completed several divestment programmes and excluded investments from the Fund, consistent with legislative changes enacted by the Oireachtas which have had a consequential...

Written Answers — Department of Finance: Tax Data (23 Nov 2023)

Michael McGrath: I propose to take Questions Nos. 102, 105, 133, 134, 137, 139 and 147 together. The Rent Tax Credit, as provided for in section 473B of the Taxes Consolidation Act 1997, was introduced by Finance Act 2022 and may be claimed in respect of qualifying rent paid in 2022 and subsequent years to end-2025. For the tax years 2022 and 2023, the maximum value of the credit is €1,000 per year in...

Written Answers — Department of Finance: Insurance Coverage (23 Nov 2023)

Michael McGrath: The current Government policy in relation to flood insurance coverage is focused on the development of a sustainable, planned and risk-based approach to managing flooding. Preventing flooding is the best approach to reducing flood risk and maximising flood insurance capacity. Accordingly, €1.3 billion has been committed to the delivery of flood relief schemes over the lifetime of the...

Written Answers — Department of Finance: Tax Code (23 Nov 2023)

Michael McGrath: I propose to take Questions Nos. 104, 177, 181 and 183 together. I understand that the Deputy is referring to the recent Opinion of the Advocate General in the Apple Case. In 2016, the European Commission issued a Decision finding that Ireland had provided State aid to Apple. Ireland challenged this decision before the General Court of the European Union (GCEU) and in2020, the GCEU issued...

Written Answers — Department of Finance: Tax Reliefs (23 Nov 2023)

Michael McGrath: I propose to take Questions Nos. 107 and 108 together. I am aware of the contents of the Committee on Budgetary Oversight’s Report on Section 481 Film Tax Credit. I am also aware that the recommendations contained within the report cover a number of themes and policy areas for which responsibility lies across a number of Departments, and indeed, recommendations for action by the...

Written Answers — Department of Finance: Tax Data (23 Nov 2023)

Michael McGrath: I propose to take Questions Nos. 109, 117 and 132 together. Tax revenues to end-October stood at €66.5 billion, €2.5 billion or 4 per cent ahead of the same period last year driven primarily by income tax and VAT. Income tax receipts to end-October of €25.7 billion were up by €1.8 billion on the same period last year, while VAT receipts of €17.0 billion...

Written Answers — Department of Finance: Fiscal Policy (23 Nov 2023)

Michael McGrath: On 10 October 2023, I announced the Government’s intention to establish the Future Ireland Fund and the Infrastructure, Climate and Nature Fund. The Heads of the Bill were published on 12 October and the Bill is currently in the process of being drafted. Under the draft Heads €2 billion will be invested in the Infrastructure, Climate and Nature Fund each year from 2024 to...

Written Answers — Department of Finance: Insurance Coverage (23 Nov 2023)

Michael McGrath: As Minister for Finance, I have policy responsibility for the development of the legal framework governing financial services regulation, including for the insurance sector. It should be noted that the provision of insurance cover and the price at which it is offered is a commercial matter for those providers and is based on an assessment of the risks they are willing to accept. Therefore,...

Written Answers — Department of Finance: Credit Unions (23 Nov 2023)

Michael McGrath: I thank the Deputy for his question. My policy, and that of Minister Carroll MacNeill is to support the progression of credit unions and enable the movement to become a composite provider of financial services to all members of society. The Deputy's question is focussed on young people. The core ethos of credit unions is to serve all its members and its community. Credit unions reach the...

Written Answers — Department of Finance: Debt Collection (23 Nov 2023)

Michael McGrath: The Deputy will be aware that resolving any debt issues requires engagement between the borrower and lender. Only through such engagement can solutions be found. There are a range of supports available for anyone, regardless of their age or circumstance, who is experiencing difficulties dealing with debt. The Money Advice and Budgeting Service (MABS) offers free impartial advice on dealing...

Written Answers — Department of Finance: Tax Credits (23 Nov 2023)

Michael McGrath: The legislation governing entitlement to the incapacitated child tax credit is contained in section 465 of the Taxes Consolidation Act 1997, as amended. An individual is entitled to the incapacitated child tax credit if he or she proves that at any time during the year of assessment, he or she has a child who is:under 18 years of age and is permanently incapacitated by reason of mental or...

Written Answers — Department of Finance: Insurance Coverage (23 Nov 2023)

Michael McGrath: As Minister for Finance, I have policy responsibility for the development of the legal framework governing financial services regulation, including for the insurance sector. It should be noted that the provision of insurance cover and the price at which it is offered is a commercial matter for those providers and is based on an assessment of the risks they are willing to accept. Therefore,...

Written Answers — Department of Finance: Insurance Industry (23 Nov 2023)

Michael McGrath: I welcome the commencement of the information sharing arrangements between An Garda Síochána and the Motor Insurance Bureau of Ireland (MIBI) which will help make our roads safer. The Irish Motor Insurance Database (IMID) will provide a resource for An Garda Síochána to combat uninsured driving, enabling it to verify to see if a vehicle is insured and if the driver is...

Written Answers — Department of Finance: Interest Rates (23 Nov 2023)

Michael McGrath: The Government fully recognises the difficulties that increasing interest rates, and the rise in the cost of living more generally, is causing for some mortgage borrowers. In view of this, on 31 August 2023 I met with the mortgage industry including the Banking and Payments Federation Ireland, CEOs and senior representatives of all the main mortgage lenders and servicers. The Central Bank...

Written Answers — Department of Finance: Financial Irregularities (23 Nov 2023)

Michael McGrath: Investment fraud is where criminals pose as investment managers to deceive someone into investing money in schemes and projects that do not exist. This type of fraud usually involves a level of social engineering, where victims are manipulated into making real-time payments to fraudsters, and in some cases can be carried out through authorised push payments. These type of frauds are called...