Results 1,801-1,820 of 27,945 for speaker:Michael McGrath

Written Answers — Department of Finance: Tax Data (7 Nov 2023)

Michael McGrath: As the Deputy is aware, the Vacant Homes Tax is a new measure announced in Budget 2023, which aims to increase the supply of homes for rent or purchase to meet demand. Legislative provision for the tax was made in the Finance Act 2022. The first chargeable period commenced on 1 November 2022. The first self-assessed returns are due on 7 November this year and the tax will be payable on 1...

Written Answers — Department of Finance: Tax Credits (7 Nov 2023)

Michael McGrath: The position is that where a couple is cohabiting, rather than married or in a civil partnership, they are treated as separate and unconnected individuals for the purposes of income tax. Each partner is a separate entity for tax purposes, therefore, cohabiting couples cannot file joint assessment tax returns or share their tax credits and tax bands in the same manner as married couples. ...

Written Answers — Department of Finance: Tax Data (7 Nov 2023)

Michael McGrath: I propose to take Questions Nos. 292 and 301 together. 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...

Written Answers — Department of Finance: Artificial Intelligence (7 Nov 2023)

Michael McGrath: I can confirm to the Deputy that Cybersecurity Guidance from the National Cyber Security Centre (NCSC) in relation to Generative AI issued to Government departments, including my department, during the year. A National AI Strategy, “AI – Here for Good”, prepared by the Department of Enterprise, Trade and Employment was also published in 2021. The NCSC guidance referred...

Written Answers — Department of Finance: Tax Code (7 Nov 2023)

Michael McGrath: I am advised by Revenue that the 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. If the relevant threshold is exceeded,...

Written Answers — Department of Finance: Insurance Coverage (7 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. Within this context, it should be noted that the provision of insurance cover and the price at which it is offered is a commercial matter for insurance companies providing the service and is based on an assessment of the...

Written Answers — Department of Finance: Tax Yield (7 Nov 2023)

Michael McGrath: I propose to take Questions Nos. 297 and 298 together. I am advised by Revenue that the receipts from Betting Duty in each of the years 2019 to 2022 are available on the Revenue website at:www.revenue.ie/en/corporate/information-about-revenue/sta tistics/excise/receipts-volume-and-price/betting-duty-receip ts.aspx The provisional Betting Duty receipts for January to October 2023 are...

Written Answers — Department of Finance: Housing Policy (7 Nov 2023)

Michael McGrath: The Central Statistics Office (CSO) compiles monthly statistics on the volume of purchases of residential property, together with the monthly Residential Property Price Index (RPPI). The latest RPPI statistics available are for August 2023 and provide statistics on the average prices paid for a residential property in the 12 months to August 2023. In Dublin, the average price of a home in the...

Written Answers — Department of Finance: Tax Code (7 Nov 2023)

Michael McGrath: Based on further clarification sought from the Deputy, I understand this question relates to the treatment of cohabiting couples for tax and social welfare purposes. Therefore, on that basis, the position is that where a couple is cohabiting, rather than married or in a civil partnership, they are treated as separate and unconnected individuals for the purposes of income tax. Each partner...

Written Answers — Department of Finance: Tax Credits (7 Nov 2023)

Michael McGrath: I propose to take Questions Nos. 302 to 304, inclusive, 307, 308 and 317 together. Section 473B of the Taxes Consolidation Act 1997 provides for the rent tax credit. This credit is available for the years of assessment 2022 to 2025. Subject to a number of conditions, the rent tax credit is broadly available in the following three circumstances:1. where the claimant makes a qualifying...

Written Answers — Department of Finance: Tax Exemptions (7 Nov 2023)

Michael McGrath: The position is that 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 income...

Written Answers — Department of Finance: Ministerial Staff (7 Nov 2023)

Michael McGrath: Since taking up my role as Minister for Finance on 17 December 2022 I have received two Statements of Interests for the purposes of Section 19 from my special advisers.

Written Answers — Department of Finance: Departmental Advertising (7 Nov 2023)

Michael McGrath: The amount of advertising spend by my Department in the timeline specified is in the table below. Year Media Outlet/Local Publication Advertising Spend 2020 Seachtain €815.07 2021 Irish Times €6352.50 Irish Independent ...

Written Answers — Department of Finance: Tax Credits (7 Nov 2023)

Michael McGrath: Finance Act 2022 introduced the Rent Tax Credit, which is provided for in section 473B of the Taxes Consolidation Act 1997. This is an income tax credit of up to €500 per year (or up to €1,000 for jointly assessed couples) which may be claimed in respect of qualifying rent paid in 2022 and 2023. Budget 2024 increased this credit to €750 per year (or up to €1,500...

Written Answers — Department of Finance: Tax Data (7 Nov 2023)

Michael McGrath: I propose to take Questions Nos. 311 to 314, inclusive, together. The Tax Debt Warehousing scheme has offered valuable and practical liquidity support to businesses during the COVID pandemic and continues to support businesses as they recover from the impacts of the pandemic and increased energy prices. It has assisted businesses with their cash-flow during difficult trading periods,...

Written Answers — Department of Finance: Official Engagements (7 Nov 2023)

Michael McGrath: I propose to take Questions Nos. 315 and 316 together. On 17th May 2023, officials from my Department met Rahav Shalom Revivo, Head of Financial-Cyber Innovation and International Engagement at the Israeli Ministry of Finance to discuss cyber security in the financial sector. The regulatory landscape for financial services in Israel and Ireland was discussed and Ms Shalom Revivo provided an...

Written Answers — Department of Finance: Business Regulation (7 Nov 2023)

Michael McGrath: As the Deputy will be aware, where a business places no restrictions on the means of payment it is prepared to accept, it must accept cash as legal tender when offered by a customer to settle a debt that has arisen. If a business specifies payment must be in a form other than cash, the customer cannot subsequently claim a legal right to pay in cash. This can be achieved by, for example,...

Written Answers — Department of Finance: Banking Sector (7 Nov 2023)

Michael McGrath: The Government approved the publication of the Retail Banking Review and the implementation of its recommendations on 29 November 2022. Each recommendation identifies the body or bodies responsible for delivery of that recommendation and in some cases contain timelines for delivery of the recommendation, where appropriate. It is for the relevant bodies to consider and implement the...

Written Answers — Department of Finance: Financial Services (7 Nov 2023)

Michael McGrath: The Deputy will be aware that I cannot comment on individual cases or particular arrangements that may be agreed between a borrower and a regulated entity in order to address a specific repayment difficulty. There is a robust consumer protection framework in place in Ireland. This framework provides the same protections for borrowers, regardless of the regulated entity with whom they...

Written Answers — Department of Finance: Budget 2024 (7 Nov 2023)

Michael McGrath: For a person who is a first-time buyer, single and earning €35,000 per year, the following changes made in Budget 2024 may be of relevance: 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...