Results 121-140 of 27,625 for speaker:Michael McGrath

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Future Ireland Fund and Infrastructure, Climate and Nature Fund Bill 2024: Committee Stage (1 May 2024)

Michael McGrath: I have not yet given consideration to the level of detail that will go into the letter of expectations. I will consult on that issue within the Department and across the Government. I would be happy to take the views of the Oireachtas on board and perhaps give the committee an opportunity to input into that before I would finalise such a letter. I have an open mind on the level of detail....

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Future Ireland Fund and Infrastructure, Climate and Nature Fund Bill 2024: Committee Stage (1 May 2024)

Michael McGrath: Environmental, social and governance risks. They are a broad range.

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Future Ireland Fund and Infrastructure, Climate and Nature Fund Bill 2024: Committee Stage (1 May 2024)

Michael McGrath: What I said was that a letter of expectation would issue from me as Minister to the NTMA as regards its investment strategy, which it would then take on board in finalising the strategy, given that the strategy has to come before the Minister and gets put before the Government for consideration and noting.

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Future Ireland Fund and Infrastructure, Climate and Nature Fund Bill 2024: Committee Stage (1 May 2024)

Michael McGrath: Because we are not dealing with the individual ESG risks, of which there are many, in the primary legislation. What we are doing here is setting out the overall framework, the investment policy and then the strategy and setting out how the strategy will ultimately be developed and agreed. It will have to take into account the ESG risks that are set out, but there will be the letter of...

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Future Ireland Fund and Infrastructure, Climate and Nature Fund Bill 2024: Committee Stage (1 May 2024)

Michael McGrath: Yes, we are mirroring the provisions in the ISIF legislation in terms of the text referring to ESG, but it is not intended to be an exhaustive consideration of ESG risks. That will be considered by the NTMA, having regard to the legislation, and then it will devise an investment strategy that will come to the Minister.

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Future Ireland Fund and Infrastructure, Climate and Nature Fund Bill 2024: Committee Stage (1 May 2024)

Michael McGrath: There is not a statutory review period but our expectation would be for this to happen approximately every three years.

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Future Ireland Fund and Infrastructure, Climate and Nature Fund Bill 2024: Committee Stage (1 May 2024)

Michael McGrath: I do not want to be overly prescriptive in the review of an investment strategy, which is a considerable body of work. We want the National Treasury Management Agency, NTMA, to make decisions which it believes will maximise the financial return to the State from the investment it makes. I believe a review is appropriate but prescribing the precise period in legislation for when it would...

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Future Ireland Fund and Infrastructure, Climate and Nature Fund Bill 2024: Committee Stage (1 May 2024)

Michael McGrath: I certainly recognise that that is an environmental, social and governance, ESG, risk that we would need to take on board in order to address the precise wording and it is one that would require consideration and legal advice. I would not recognise that as being an explicit ESG risk.

Petrol and Diesel Excise Rate Increases: Motion [Private Members] (30 Apr 2024)

Michael McGrath: I move: To delete all the words after "Dáil Éireann" and substitute the following: "notes that: — the volatility in fuel prices experienced now and over the last two years is due to a variety of geopolitical issues, including conflict in the Middle East and Ukraine, none of which the Government has control or influence over; — crude oil is an internationally...

Written Answers — Department of Finance: Vehicle Registration Tax (30 Apr 2024)

Michael McGrath: Imported vehicles which have been registered previously in another jurisdiction and imported into Ireland are registered with and pay VRT to the Revenue Commissioners. The Minister for Finance can outline the numbers of Ukrainian vehicles that have re-registered in Ireland in this way since 2022. Once an imported vehicle is re-registered in Ireland it is immediately treated the same way...

Written Answers — Department of Finance: Ports Policy (30 Apr 2024)

Michael McGrath: I am advised by Revenue that x-ray scanners, which are an integral component of its 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 as set out in relevant tax and customs legislation....

Written Answers — Department of Finance: Pension Provisions (30 Apr 2024)

Michael McGrath: The Deputy has raised the important matter of plans designed to incentive young people to invest in retirement. Supplementary pensions have their own special treatment within the tax system to encourage these preparations, referred to as an exempt-exempt-taxed or EET system. Contributions to pensions, within certain limits, are exempted from income tax, pension fund gains are exempted from...

Written Answers — Department of Finance: Tax Reliefs (30 Apr 2024)

Michael McGrath: Section 473A of the Taxes Consolidation Act (TCA) 1997 provides for tax relief at the standard rate of income tax (20%) in respect of “qualifying fees” paid by an individual for a third level education course, subject to the terms and conditions set out in the legislation. “Qualifying fees” broadly means tuition fees in respect of an approved course at an...

Written Answers — Department of Finance: Customs and Excise (30 Apr 2024)

Michael McGrath: I propose to take Questions Nos. 227 and 235 together. The Finance Act 1999 provides for the application of excise duty, in the form of Mineral Oil Tax (MOT), to liquid fuels used for motor or heating purposes. MOT comprises a carbon component, or carbon charge, which is usually referred to as carbon tax. MOT also comprises a non-carbon component which is often referred to as...

Written Answers — Department of Finance: Broadband Infrastructure (30 Apr 2024)

Michael McGrath: I can advise the Deputy that the Data and Telephony, which is voice over IP (VOIP), communication lines for my Department are fibre optic communication lines. There are 36 copper communication lines in operation across my Department and the Department of Public Expenditure, NDP Delivery and Reform (as part of a shared services arrangement whereby my Department pays the monthly costs)....

Written Answers — Department of Finance: Tax Rebates (30 Apr 2024)

Michael McGrath: As the Deputy will be aware, the VAT treatment of goods and services is subject to the requirements of EU VAT law with which Irish VAT law must comply. Under the EU VAT Directive it is not possible for Ireland to introduce a VAT refund scheme for first time buyers of homes.

Written Answers — Department of Finance: Business Supports (30 Apr 2024)

Michael McGrath: Section 28B of the Emergency Measures in the Public Interest (Covid-19) Act 2020 provided for the Employment Wage Subsidy Scheme (EWSS), which was an economy-wide enterprise support provided to eligible businesses in respect of eligible employees. Eligibility to EWSS was based on the employer demonstrating that its business was likely to experience a 30 per cent reduction in turnover or...

Written Answers — Department of Finance: Tax Credits (30 Apr 2024)

Michael McGrath: The position is that the tax code provides for a number of tax measures for those aged 65 and over. This includes section 464 Taxes Consolidation Act 1997 which provides for the Age Tax Credit for individuals aged 65 or over. The credit is due in the year that an individual reaches the age of 65 and is granted for the full tax year. The current value of the tax credit is €245 per...

Written Answers — Department of Finance: Tax Rebates (30 Apr 2024)

Michael McGrath: I am advised by Revenue that the current timeline for processing claims in respect of refunds under the Value-Added Tax (Refund of Tax) (Flat-rate Farmers) Order 2012, is running at just under 3-weeks. This timeline reflects a significant reduction in wait times which were running at 6-weeks in January, February and March of this year. Claimants should ensure that all information...

Written Answers — Department of Finance: Tax Reliefs (30 Apr 2024)

Michael McGrath: I am advised by Revenue that the Disabled Drivers and Disabled Passengers (Tax Concessions) Regulations, S.I. No. 353 of 1994 (as amended) provides for the repayment or remission of VAT and Vehicle Registration Tax (VRT) on the purchase of an adapted vehicle for the transport of a person with specific severe and permanent physical disabilities. An organisation can qualify for tax relief...