Results 161-180 of 27,795 for speaker:Michael McGrath

Written Answers — Department of Finance: Tax Reliefs (21 May 2024)

Michael McGrath: The legislation governing the deductibility of expenses incurred in employment is contained in section 114 Taxes Consolidation Act 1997 (TCA). To qualify for tax relief under this section, any expenses of travelling (and subsistence relating to that travel) must be necessarily incurred in the performance of the duties of the relevant employment. For all other expenses, they must be wholly,...

Written Answers — Department of Finance: Primary Medical Certificates (21 May 2024)

Michael McGrath: The position in relation to the Deputy's question is as follows. As of 13 May 2024 there are 708 appellants on the waiting list. 321 appellants have been assessed since the appeals process recommenced and, of these, 203 were successful. The Board has prioritised the waiting list using clinically-based criteria. They are working to address the backlog as quickly as possible. Given the...

Written Answers — Department of Finance: Tax Data (21 May 2024)

Michael McGrath: I am informed by Revenue that its annual research paper on Corporation Tax includes the most recent sectoral information in respect of Corporation Tax receipts and is available on Revenue’s website at www.revenue.ie/en/corporate/documents/research/ct-analysis-2 024.pdf. The Deputy’s attention is drawn to Figure 3 in the paper, which notes the value of chemical and pharmaceutical...

Written Answers — Department of Finance: Economic Growth (21 May 2024)

Michael McGrath: Despite facing a number of economic headwinds over recent years, the available evidence suggests the economy is in reasonable shape, at least in aggregate terms. The brightest spot in the Irish economy is undoubtedly in the labour market. At the end of last year, well over 2.7 million people were in employment – a record level. As a result, the unemployment rate has remained low...

Written Answers — Department of Finance: Tax Code (21 May 2024)

Michael McGrath: I propose to take Questions Nos. 232 and 234 together. Taxation remains one of the most effective policy levers available to any Government, and each EU Member State has developed a tax mix appropriate to their particular economy. Ireland has always maintained that tax competition is an important policy tool, particularly for smaller Member States, provided that competition is fair and...

Written Answers — Department of Finance: Foreign Direct Investment (21 May 2024)

Michael McGrath: Ireland’s long-standing reputation as a stable and pro-enterprise jurisdiction is reflected in the continued investment into the Irish economy. The latest figures show the stock of foreign direct investment (FDI) in Ireland stood at almost €1.3 trillion at the end of 2023. It is important, given the impact of FDI on the domestic economy, that Ireland maintains its...

Written Answers — Department of Finance: Tax Reliefs (21 May 2024)

Michael McGrath: Income tax on both PAYE employees and self-employment income is calculated by reference to the same rate bands, which will vary depending on the personal circumstances of the individual. A range of tax credits may also apply, again depending on the personal circumstances of the individual. Income up to a certain limit is taxed at the ‘standard rate’ of income tax, which is...

Written Answers — Department of Finance: Financial Services (21 May 2024)

Michael McGrath: The authorisation and broader regulatory requirements applicable to regulated financial service providers operating in Ireland is dependent on the nature of the regulated activities carried out and as such regulated financial service providers may be subject to authorisation and regulatory requirements under different regimes. The Central Bank of Ireland is responsible for the...

Written Answers — Department of Finance: Tax Code (21 May 2024)

Michael McGrath: My Department publishes the Annual Taxation Report each year to provide a structural analysis of the Irish tax system so as to identify emerging fiscal imbalances. The latest version of the report, published in 2023, examined vulnerabilities in the corporation tax base, highlighting the concentration of this revenue stream amongst both a small number of firms – with over half the...

Written Answers — Department of Finance: Enterprise Policy (21 May 2024)

Michael McGrath: As the Deputy is aware, supporting SMEs and farm borrowers has been a cornerstone policy for Government. It is important that all viable SMEs have access to an adequate amount of credit from various sources. To support SMEs in this regard, the Government has implemented several initiatives to enhance the availability of credit. In terms of monitoring the working capital requirements for...

Written Answers — Department of Finance: Gambling Sector (16 May 2024)

Michael McGrath: I propose to take Questions Nos. 148 to 157, inclusive, together. An operator of gaming machines must apply annually to the District Court for a certificate in respect of a gaming licence. This is required for each premises where it is intended to make gaming machines available for play. Where the District Court grants this certificate, the operator must then apply to Revenue for a Gaming...

Written Answers — Department of Finance: Universal Social Charge (16 May 2024)

Michael McGrath: I propose to take Questions Nos. 158 and 159 together. I am advised by Revenue of the estimated costs for the proposals outlined by the Deputy on a first and full year basis. They are shown in the below table. As a reduced rate of USC of 2% currently applies for those aged over 70 years with income of €60,000 or less and for those who hold a full medical card with income of...

Written Answers — Department of Finance: Tax Exemptions (16 May 2024)

Michael McGrath: As the Deputy will be aware, the age exemption applies for any year of assessment where an individual is aged 65 years or over and his or her total income does not exceed €18,000 per annum. Where an individual is a married person or civil partner and is jointly assessed to tax, the age exemption will apply where either individual is aged 65 or over and where the couple’s total...

Written Answers — Department of Finance: Insurance Industry (16 May 2024)

Michael McGrath: As Minister for Finance, I am responsible for the development of the legal framework governing financial regulation. As the Deputy will appreciate, I am unable to comment on individual cases and media reports relating to same. As the Deputy will be aware, the duties of insurers are outlined in Section 16 of the Consumer Insurance Contracts Act 2019, which requires that an insurer shall...

Future Ireland Fund and Infrastructure, Climate and Nature Fund Bill 2024: Report and Final Stages (15 May 2024)

Michael McGrath: No alternative sovereign wealth fund has actually been tabled by the Opposition party in question.

Future Ireland Fund and Infrastructure, Climate and Nature Fund Bill 2024: Report and Final Stages (15 May 2024)

Michael McGrath: The Bill that the Government has brought forward has been widely commended by the Irish Fiscal Advisory Council, the Central Bank of Ireland, the European Commission, the OECD and a list of ratings agencies and other independent experts, both domestic and international. I agree with Deputy Doherty about the risk of using windfall corporate tax receipts inappropriately. We will not do...

Future Ireland Fund and Infrastructure, Climate and Nature Fund Bill 2024: Report and Final Stages (15 May 2024)

Michael McGrath: I thank Deputies on all sides of the House for their co-operation in the consideration of this Bill on Second Stage, in the really good engagement we had on Committee Stage and again today on Report Stage. To those who say they are in favour in principle of a sovereign wealth fund but are against the specific one brought forward by the Government after a huge amount of work, I say, "Please...

Future Ireland Fund and Infrastructure, Climate and Nature Fund Bill 2024: Report and Final Stages (15 May 2024)

Michael McGrath: I am well able to acknowledge the scale of the challenge and Deputy Gould should have the good grace to acknowledge where progress is being made. Progress is being made not just in Cork but all over the country. I will let the Deputy speak to Niall Ó Donnabháin, Brian Geaney or whoever in Cork City Council. They will take him through the numbers. The council is making progress,...

Future Ireland Fund and Infrastructure, Climate and Nature Fund Bill 2024: Report and Final Stages (15 May 2024)

Michael McGrath: Of course we need to do more, but if the Deputy looks at-----

Future Ireland Fund and Infrastructure, Climate and Nature Fund Bill 2024: Report and Final Stages (15 May 2024)

Michael McGrath: HAP is State-supported housing. We can dance on a pinhead about what it is. Of course it is not council housing, but it is State-supported housing in that the State is paying. It is not the ideal. We want people to be in secure affordable homes with long-term secure tenure. That is the State's objective and why we have gone back to building at real scale. A total of 800 social housing...