Results 81-100 of 27,432 for speaker:Michael McGrath

Ceisteanna ar Sonraíodh Uain Dóibh - Priority Questions: Fuel Prices (10 Apr 2024)

Michael McGrath: When the Government introduced the reduction in excise in the early part of 2022, prices were between €2.10 and €2.20 per litre. Every reduction comes at a cost to taxpayers generally. Well over €1 billion has been provided by way of revenue foregone by the Exchequer to fund the reduction in excise, which was always intended to be temporary. What we did was split the...

Ceisteanna ar Sonraíodh Uain Dóibh - Priority Questions: Fuel Prices (10 Apr 2024)

Michael McGrath: I propose to take Questions Nos. 1 and 3 together. At the outset, the Deputy should note that the Government and I are conscious of the implications of fuel costs for all sectors of society. This is reflected in the fact that in 2022, in light of the acute impact rising prices were having on households and businesses, the Government provided for excise rate reductions of 21 cent, 16 cent...

Written Answers — Department of Finance: Inflation Rate (10 Apr 2024)

Michael McGrath: Inflation reached multi-decade highs in 2022, averaging 8.1 per cent with a peak of 9.6 per cent in June 2022 (as measured by the HICP). Whilst the initial driver of this inflationary pressure was a surge in global energy prices, it subsequently became increasingly broad-based as price pressures spread throughout the economy. Since then, significant progress has been made in reducing...

Written Answers — Department of Finance: Legislative Process (10 Apr 2024)

Michael McGrath: The Future Ireland Fund and Infrastructure, Climate and Nature Fund Bill 2024 was published on 25 March 2024. The Infrastructure, Climate and Nature Fund (ICN Fund) is one of the two new funds being established under this Bill. From 2026, it will be possible to draw down from the fund to support State expenditure in certain circumstances. The rationale for allowing access to the ICN Fund...

Written Answers — Department of Finance: Tax Yield (10 Apr 2024)

Michael McGrath: The Deputy should note at the outset that all energy products used for motor or heating purposes are subject to excise duty. Liquid fuels and natural gas used as a propellant are chargeable to Mineral Oil Tax. Natural gas used for all other fuel purposes is subject to Natural Gas Carbon Tax. Solid fuels, including coal, peat and peat products, are subject to Solid Fuel Carbon Tax. Mineral Oil...

Written Answers — Department of Finance: Tax Data (10 Apr 2024)

Michael McGrath: I am advised that my Department does not produce projections for gross trading profits or the usage of capital allowances. Detailed data on the calculation of corporation tax liabilities, including on these metrics, is published by the Revenue Commissioners. This can be found on Revenue’s website at: www.revenue.ie/en/corporate/information-about-revenue/statis...

Written Answers — Department of Finance: Financial Services (10 Apr 2024)

Michael McGrath: The Financial Services and Pensions Ombudsman (FSPO) plays a vital role for consumers of financial services in Ireland, as part of a robust financial consumer protection framework. It is an independent, impartial, fair and free service that helps resolve complaints against financial service providers. The statutory functions of the FSPO are set out in the Financial Services and Pensions...

Written Answers — Department of Finance: Climate Action Plan (10 Apr 2024)

Michael McGrath: The Deputy should note that Government policy with regard to greenhouse gas emissions and taxation is based on the polluter-pays principle, whereby high emission energy products, fuels or vehicles are subject to the highest levels of taxation. National taxation measures are reviewed and examined as part of the annual budgetary cycle and policy options are published in the Tax Strategy Group...

Written Answers — Department of Finance: Insurance Industry (10 Apr 2024)

Michael McGrath: Insurance reform is a key priority for this Government and is being delivered via the Action Plan for Insurance Reform. As per the most recent Action Plan Implementation Report, published in February 2024, the vast bulk of the actions it contains are now either delivered or initiated. The importance that Government places on the Action Plan is evidenced by the fact that implementation is...

Written Answers — Department of Finance: Tax Reliefs (10 Apr 2024)

Michael McGrath: I propose to take Questions Nos. 19 and 34 together. Mortgage Interest Tax Relief (MITR) is available to home owners with an outstanding mortgage balance on their principal private residence of between €80,000 and €500,000 on 31 December 2022. It is available at the standard rate of income tax and is based on the increase in the interest paid in 2023 over interest...

Written Answers — Department of Finance: Tax Credits (10 Apr 2024)

Michael McGrath: I am advised by Revenue that it is not possible to provide the Deputy with an estimate of unclaimed tax allowances and other benefits. Any overpayments due to PAYE taxpayers can only be quantified when they submit their Income Tax Returns at the end of the year and claim any additional credits or reliefs that may be due. At the end of every year, Revenue makes an Employment Detail...

Written Answers — Department of Finance: Banking Sector (10 Apr 2024)

Michael McGrath: Throughout recent changes to the banking sector, including the departure of two banks from the Irish market, the existing robust financial consumer protection framework has supported consumers of financial services in Ireland. Notwithstanding the strong consumer protection framework in Ireland, the retail banking sector is subject to ongoing change. While some of this is driven by statutory...

Written Answers — Department of Finance: Banking Sector (10 Apr 2024)

Michael McGrath: You will be aware that the Retail Banking Review, published in November 2022, made two clear recommendations regarding payments: (1) for my Department to develop Access to Cash legislation and prepare a related Heads of a Bill in 2023; and (2) for my Department to lead on the development of a National Payments Strategy (NPS) in 2024. I published the terms of reference for the National...

Written Answers — Department of Finance: Banking Sector (10 Apr 2024)

Michael McGrath: I propose to take Questions Nos. 23 and 39 together. The Department of Finance's Retail Banking Review, published in November 2022, concluded that cash, despite a decline in its usage, remains an important element of the payments system and the broader economy and it is essential that cash remains readily available to customers through ATMs and other means across the country. The...

Written Answers — Department of Finance: Tax Credits (10 Apr 2024)

Michael McGrath: I propose to take Questions Nos. 24 and 41 together. The Rent Tax Credit, as provided for in section 473B of the Taxes Consolidation Act 1997 (TCA 1997), was introduced by the Finance Act 2022 and may be claimed in respect of qualifying rent paid in 2022 and subsequent years to end-2025. I am advised by Revenue that the Rent Tax Credit statistics currently available refer only to claims...

Written Answers — Department of Finance: Vacant Properties (10 Apr 2024)

Michael McGrath: The Deputy will be aware that it is a long-standing practice of the Minister for Finance not to comment, in advance of the Budget, on any tax matters that might be the subject of Budget decisions. The Government is acutely aware of the difficulties in the housing market and the challenges this presents for many people and families at the moment. The need to address vacancy and to ensure...

Written Answers — Department of Finance: Fuel Prices (10 Apr 2024)

Michael McGrath: The price of diesel and petrol are an important cost for households and businesses in the Irish economy. In this context, my Department monitors and analyses these price dynamics closely on an ongoing basis. From exceptionally low levels during the pandemic, wholesale oil prices rose steadily as Covid-19 restrictions eased. Following Russia’s invasion of Ukraine in February 2022,...

Written Answers — Department of Finance: Business Supports (10 Apr 2024)

Michael McGrath: As the Deputy will be aware, the 9 per cent VAT rate applied on a temporary basis to the hospitality and tourism sectors until 31 August 2023 when it reverted to the 13.5 per cent rate. The 9 per cent rate was introduced on 1 November 2020 in recognition of the fact that the tourism and hospitality sectors were among those most impacted by the public health restrictions put in place...

Written Answers — Department of Finance: Tax Code (10 Apr 2024)

Michael McGrath: I propose to take Questions Nos. 28 and 30 together. As I set out in my response to an earlier question from the Deputy on this subject, the Government is acutely aware that the bulk purchase of homes deeply affects aspiring owner-occupiers and first time buyers, and has introduced numerous measures to address this. This has been addressed both through disincentivising bulk purchases, and...

Written Answers — Department of Finance: Tax Yield (10 Apr 2024)

Michael McGrath: I propose to take Questions Nos. 29 and 37 together. Overall, tax revenues in the first three months of the year were a continuation of what we saw over the second half of last year: steady growth in our income tax and VAT receipts but with notable volatility in corporation tax. Tax revenues of €20.1 billion were collected in the first of the quarter of the year, €0.3...