Results 1,821-1,840 of 27,945 for speaker:Michael McGrath

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

Michael McGrath: I am advised by Revenue that the VAT registration thresholds are subject to the requirements of EU VAT law, with which Irish VAT law must comply. Ireland’s threshold for a business supplying services is €37,500 and our threshold for a business supplying goods is €75,000. Businesses whose annual turnover is below these levels are not obliged to register for VAT, although...

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

Michael McGrath: The Department of Finance has not engaged the named company.

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

Michael McGrath: As the Deputy will be aware, the VAT treatment of goods and services is subject to EU VAT law, with which Irish VAT law must comply. In accordance with the EU VAT Directive farmers can elect whether or not to register for VAT in respect of their farming business. Farmers who register for VAT have an entitlement to reclaim VAT on costs incurred in relation to the agricultural business....

Written Answers — Department of Finance: EU Funding (7 Nov 2023)

Michael McGrath: The annual net contribution of Ireland to the EU Budget (payments) and income (receipts), from 2013 until 2021 is outlined in full inTable 1below. Table 2 outlines Ireland’s actual gross contribution (payment) for 2022 together with current forecasts for the gross contribution (payment) for the remaining years until the end of the current Multiannual Financial Framework period which...

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

Michael McGrath: I propose to take Questions Nos. 326 and 335 to 337, inclusive, together. The ‘National Public Procurement Policy Framework’ issued by the Office of Government Procurement (OGP) in November 2019, sets out the procurement procedures to be followed by government departments and state bodies in accordance with EU rules and national guidelines. In addition, my Department has...

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

Michael McGrath: The Deputy will recall that a Government decision was taken for Ireland to sign up to a global agreement on a two-pillared solution at the OECD Inclusive Framework to address the tax challenges associated with the digitalisation of the economy in October 2021. Pillar Two of that agreement sees the implementation of a global minimum tax of 15%. This decision was not taken lightly and came on...

Written Answers — Department of Finance: Financial Services (7 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: Financial Services (7 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. The Central Bank of Ireland is one of three Competent Authorities in Ireland...

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

Michael McGrath: The Central Bank of Ireland is responsible for regulating the provision of mortgage and other credit by regulated financial services providers. As regulator, the Central Bank sets out macro prudential and consumer protection requirements which have the objective of protecting overall financial stability and the interests of consumers. In line with this mandate, the Central Bank has specified...

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

Michael McGrath: Section 118(5G) of the Taxes Consolidation Act 1997 (TCA) provides for the Cycle to Work scheme. This scheme offers an exemption from benefit-in-kind (BIK) where an employer purchases a bicycle and/or associated safety equipment for one of their employees (or directors) to use, in whole or in part, to travel to work. Associated safety equipment includes helmets, lights, bells, mirrors and...

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

Michael McGrath: The Help-to-Buy (HTB) incentive is an income tax relief designed to assist first-time buyers with obtaining the deposit required to purchase or build their first home. With a view towards increasing the supply of new housing, the relief is only available for ‘new builds’. Broadly, the relief takes the form of a rebate of income tax, including DIRT, paid over the previous four...

Written Answers — Department of Finance: Revenue Commissioners (7 Nov 2023)

Michael McGrath: Revenue is a fully integrated tax and customs administration and, as a result, I am advised that it is not possible to disaggregate the resources deployed at any given time to combat smuggling activities. Over the last ten years, Revenue has had approximately 2,000 staff engaged on activities that are directly dedicated to targeting and confronting non-compliance, in all its forms. These...

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

Michael McGrath: Capital Acquisitions Tax (CAT) is the tax that applies to gifts and inheritances. In the case of an interest-free loan, the person who receives the loan is deemed to take a gift for CAT purposes in each year they have the benefit of the loan. The gift is the interest-free element of the loan rather than the loan itself. The person will self-assess the value of this gift in determining whether...

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

Michael McGrath: The policy responsibility for the matter of politically exposed persons, or PEPs, rests primarily with the Minister for Justice, but clearly, rules in relation to customer due diligence in respect of any individual, often arise to be applied by financial institutions. The Criminal Justice (Money Laundering and Terrorist Financing) Act 2010 is the relevant piece of Irish legislation which...

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Finance (No. 2) Bill 2023: Committee Stage (7 Nov 2023)

Michael McGrath: I thank the Chair, all the committee officials and my colleagues on the committee. I look forward to our engagement in the next few days. I thank my team for all the work that has been done in advance.

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Finance (No. 2) Bill 2023: Committee Stage (7 Nov 2023)

Michael McGrath: I thank the Deputy. One has to consider the personal tax package in the round, including all its elements and the combined impact of all the measures. Over the last months, when I was considering what I would consider to be a fair and balanced personal tax package, we built it around three key pillars. One was the changes to the tax credits. We increased them by more than we did in...

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Finance (No. 2) Bill 2023: Committee Stage (7 Nov 2023)

Michael McGrath: I thank the Deputies. The point I am making is that looking at the combined effect of all of the changes and what it means for somebody in 2024, the effective rate of tax following budget 2024 for a person on €35,000 is going to be 16.2%. For somebody earning €75,000, it is essentially twice that rate at 32.3% and that increases further to more than 40%. For somebody on say...

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Finance (No. 2) Bill 2023: Committee Stage (7 Nov 2023)

Michael McGrath: We capped the gain at €70,000 so there is no additional gain beyond that. Often in debates, somebody on €150,000 or €200,000 gets quoted, not the person on €70,000. The Deputy can see from the distributional table the maximum gain is just under €900. As to who gains the most, I would look at the percentage change in somebody’s income. The...

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Finance (No. 2) Bill 2023: Committee Stage (7 Nov 2023)

Michael McGrath: I am happy to own the budget because I think we have got the balance right. We are examining one section of the Finance (No. 2) Bill but the budget has to be looked at in the round, including the impact on different types of households and people with different income levels, elements of the cost-of-living package on the social welfare side and changes to the cost of accessing public...

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Finance (No. 2) Bill 2023: Committee Stage (7 Nov 2023)

Michael McGrath: What is indisputable is that the budget is progressive. I believe it is fair. The Deputy wants to isolate one specific aspect of the budget-----