Results 1,581-1,600 of 27,945 for speaker:Michael McGrath

Written Answers — Department of Finance: Interest Rates (15 Nov 2023)

Michael McGrath: The formulation and implementation of monetary policy is an independent matter for the European Central Bank (ECB). The level of official interest rates influences the overall level of interest rates throughout the economy but other factors, such as the cost of funds, capital requirements, loan default risk, operational costs, expected return and competition, will also have a bearing on the...

Written Answers — Department of Finance: Housing Schemes (15 Nov 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 on Income Tax and Deposit Interest Retention Tax paid in the State over the previous four years, subject to limits outlined in the legislation. Section 477C of the Taxes Consolidation Act 1997 outlines the definitions and...

Written Answers — Department of Finance: Revenue Commissioners (15 Nov 2023)

Michael McGrath: I am advised by Revenue that Income Tax Returns for the years 2021 and 2022 were originally filed online by the taxpayer concerned on 27 June 2023, during which bank details were provided and confirmed by said taxpayer. These bank details were also confirmed by the taxpayer on the 10 July 2023 when they filed an amended Income Tax Return for 2022. The resulting overpayments in relation to...

Written Answers — Department of Finance: Housing Schemes (14 Nov 2023)

Michael McGrath: Through Home Building Finance Ireland (HBFI), the Government is supporting access to debt finance for residential development. By the end of June 2023, HBFI had approved total loan approvals to €1.44bn, an increase of 15% on the €1.25bn at the end of 2022, to support the delivery of 6,357 new homes in 117 developments in 22 counties. Social or affordable housing accounts...

Written Answers — Department of Finance: Insurance Industry (14 Nov 2023)

Michael McGrath: I note that the details supplied relate to an increase in the cost of a motor insurance policy. As the Deputy will appreciate, I am unable to comment on individual cases. Moreover, neither the Minister for Finance, nor the Central Bank of Ireland, can direct the pricing or provision of insurance products. This position is reinforced by the EU framework for insurance (the Solvency II...

Written Answers — Department of Finance: Tax Code (14 Nov 2023)

Michael McGrath: My Department and Revenue have, for some time, been aware of issues arising from contractual arrangements within the General Practitioner (GP) community whereby some GPs treat income under their General Medical Services (GMS) contract as income of a GP practice in which they are a partner or an employee, rather than income of that individual GP. Revenue issued a guidance note to tax...

Written Answers — Department of Finance: Debt Restructuring (14 Nov 2023)

Michael McGrath: I would advise anyone in financial distress to first contact their lender, either bank or non-bank, to explore all options for resolving their financial situation. The Credit Review was established to assist those SMEs and farm borrowers that have had credit applications of up to €3 million refused or indeed an existing credit facility withdrawn or amended by the participating bank....

Written Answers — Department of Finance: Tax Reliefs (14 Nov 2023)

Michael McGrath: As the Deputy will be aware, Finance (No. 2) Bill 2023 introduces the new Mortgage Interest Tax Relief that I announced on Budget day. The relief will be a temporary one-year tax credit for taxpayers who have made mortgage interest payments in respect of a qualifying loan for a principal private residence, where a number of conditions are satisfied. Subject to enactment of the legislation,...

Written Answers — Department of Finance: Ukraine War (14 Nov 2023)

Michael McGrath: The Deputy may wish to note that EU sanctions have direct effect in all Member States of the EU, and they are legally binding on all natural and legal persons. As such, a natural or legal person who contravenes a provision of an EU sanctions regulation would be guilty of an offence and liable to prosecution. Ireland has strongly supported sanctions in response to Russia’s unjust and...

Written Answers — Department of Finance: Tax Collection (14 Nov 2023)

Michael McGrath: The Tax Debt Warehousing scheme allowed for the deferral of the payment of VAT, PAYE (Employer) and certain self-assessed income tax labilities, including TWSS and EWSS overpayments. It provided a vital liquidity support to businesses during the COVID-19 pandemic and continues to support businesses as they recover from the impacts of the pandemic and the current energy crisis. The scheme...

Written Answers — Department of Finance: Departmental Correspondence (14 Nov 2023)

Michael McGrath: I am happy to inform the Deputy that a substantive reply has been issued in response to this correspondence.

Written Answers — Department of Finance: Departmental Schemes (14 Nov 2023)

Michael McGrath: The Disabled Drivers & Disabled Passengers Scheme (DDS), as provided by SI 353/1994 Disabled Drivers and Disabled Passengers (Tax Concessions) Scheme, provides relief from Vehicle Registration Tax (VRT) and VAT on the use of an adapted car, as well as an exemption from motor tax and an annual fuel grant. The scheme is open to those who hold a Primary Medical Certificate (or Board...

Written Answers — Department of Finance: World Bank (14 Nov 2023)

Michael McGrath: As the Deputy may be aware, Mr Ajay Banga was appointed as 14thpresident of the World Bank Group on 2ndJune 2023. Whilst I have written to Mr Banga to congratulate him on his appointment as World Group Bank President and to wish him success in the role, I have not since had the opportunity to formally meet with him. The Deputy may be interested to learn that I did briefly meet with Mr Banga...

Written Answers — Department of Finance: Revenue Commissioners (14 Nov 2023)

Michael McGrath: I am advised by Revenue that mobile x-ray scanners, which are an integral component of Revenue’s response framework targeting fraud, illicit trade, smuggling and organised crime, are just one component of a suite of resources, detection equipment and technologies deployed by them, in addition to the application of the comprehensive legal framework in place as set out in relevant tax...

Written Answers — Department of Finance: State Assets (14 Nov 2023)

Michael McGrath: The NTMA have advised me that the data requested is not yet available. The most recently published data in respect of the Discretionary portfolio is in ISIF’s mid-year update available at isif.ie/uploads/publications/MidYearUpdate2023.pdf. As at 30 June 2023, the Discretionary portfolio was valued* at €8.5 billion, of which the Irish portfolio was valued at €3.6...

Written Answers — Department of Finance: Home Schooling (14 Nov 2023)

Michael McGrath: Revenue have advised me that it welcomes the important Supreme Court judgement recently delivered on employed versus self-employed individuals. The judgement brings welcome clarity to what is a complex area, particularly on the key factors to be considered when classifying an individual’s employment status for income tax purposes. It remains the case, as outlined in the reply to the...

Written Answers — Department of Finance: EU Funding (14 Nov 2023)

Michael McGrath: Ireland received a total of €2.492 billion on 30 March 2021 under the SURE EU programme. SURE, which stands for Support to mitigate Unemployment Risks in an Emergency, was a specific financial instrument created by the European Union to protect jobs and workers’ incomes in the context of the COVID-19 pandemic. The European Commission provided low cost loans to nineteen...

Written Answers — Department of Finance: State Assets (14 Nov 2023)

Michael McGrath: In its role as Ireland’s National Promotional Bank, the SBCI’s mandate is to deliver financial supports to Irish SMEs and address failures in the credit market. The SBCI began lending in March 2015. By the end of June 2023, the SBCI had succeeded in supported lending in excess of €3.6 billion to 54,448 SMEs from all sectors of the Irish economy and across a wide...

Written Answers — Department of Finance: Revenue Commissioners (14 Nov 2023)

Michael McGrath: I propose to take Questions Nos. 133 and 135 together. Section 28B of the Emergency Measures in the Public Interest (Covid-19) Act 2020 provides for the Employment Wage Subsidy Scheme (EWSS), which was an economy-wide enterprise support provided to eligible businesses in respect of eligible employees. The administration of the EWSS was placed under the care and management of Revenue. As the...

Written Answers — Department of Finance: Revenue Commissioners (14 Nov 2023)

Michael McGrath: I propose to take Questions Nos. 134 and 136 together. The Temporary Wage Subsidy Scheme (TWSS) operated from March to August 2020 and provided subsidies totalling €2.85 billion to over 67,000 employers to assist in maintaining the employment of over 689,000 employees. I am advised that the scheme provided for payments based on specified percentages of an employee’s average...