Results 141-160 of 27,458 for speaker:Michael McGrath

Written Answers — Department of Finance: Tax Data (9 Apr 2024)

Michael McGrath: An individual who is resident or ordinarily resident, but not domiciled in the State, is taxable on the remittance basis of tax in respect of foreign income and gains. Such individuals pay tax on: (1) Income and gains arising in Ireland, (2) Foreign income which they “remit” or bring into the State, and (3) Foreign gains which they remit into the State where the...

Written Answers — Department of Finance: Tax Data (9 Apr 2024)

Michael McGrath: An individual who is resident or ordinarily resident, but not domiciled in the State, is taxable on the remittance basis of tax in respect of foreign income and gains. Such individuals pay tax on: (1) Income and gains arising in Ireland, (2) Foreign income which they “remit” or bring into the State, and (3) Foreign gains which they remit into the State where the gain...

Written Answers — Department of Finance: Tax Credits (9 Apr 2024)

Michael McGrath: Mortgage Interest Tax Relief is available for 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 interest paid in 2023 over interest paid in 2022. The value of the relief will be equal to the lesser of...

Written Answers — Department of Finance: Tax Code (9 Apr 2024)

Michael McGrath: The Government remains committed to the environmental rationale behind the current emissions-based vehicle benefit-in-kind (BIK) regime, which has been in operation since 1 January 2023. Since this date, the amount taxable as BIK continues to be determined by the car’s Original Market Value (OMV) and the annual business kilometres driven, while new CO2 emissions-based bands determine...

Written Answers — Department of Finance: Official Travel (9 Apr 2024)

Michael McGrath: I wish to advise the Deputy that the information he has requested is provided below in tabular format. Please note that some details (invoices & credits) are yet to be received for the St. Patrick’s Day Programme visits and the Diplomatic visit to London. Date From Date To Ministerial Visit Attendees Travel Costs ...

Written Answers — Department of Finance: Departmental Properties (9 Apr 2024)

Michael McGrath: I wish to advise the Deputy that my Department is provided with accommodation by the OPW and does not own or lease any properties.

Written Answers — Department of Finance: European Investment Bank (9 Apr 2024)

Michael McGrath: At the outset, the Deputy should note that as Minister for Finance, I have no role in the draw-down of any loans that have been agreed between the European Investment Bank (EIB) and borrowers here in Ireland. This is a commercial matter between the EIB and its borrowers, and neither I, nor my Department, have information in relation to loans drawn down in Ireland that the Deputy is seeking....

Written Answers — Department of Finance: Vacant Properties (9 Apr 2024)

Michael McGrath: The Living City Initiative (LCI) is a modest, targeted, measure which is aimed at very specific areas in urgent need of regeneration, it is provided for under sections 372AAA to 372AAD of the Taxes Consolidation Act 1997. It offers income or corporation tax relief for qualifying expenditure incurred in the refurbishment and conversion of qualifying residential and commercial buildings located...

Written Answers — Department of Finance: Vacant Properties (9 Apr 2024)

Michael McGrath: The Vacant Homes Tax (VHT) as announced in Budget 2023, 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. A residential property is in the scope of VHT, if it has been occupied as a dwelling for less than 30 days in a chargeable period. The first chargeable period for VHT commenced on 1 November...

Written Answers — Department of Finance: Tax Credits (9 Apr 2024)

Michael McGrath: I am aware of the contents of the Committee on Budgetary Oversight’s Report on Section 481 Film Tax Credit and that its recommendations cover a number of themes and policy areas for which responsibility lies across a number of Departments, and indeed, recommendations for action by the Committee itself. With regard to the recommendations wholly or partially directed to my...

Written Answers — Department of Finance: Illicit Trade (9 Apr 2024)

Michael McGrath: Revenue has primary responsibility for the detection, interception and seizure of prohibited and restricted products, including controlled drugs, at points of entry into the State including our territorial waters and adjacent seas. It maintains an enforcement presence at strategic locations and places particular emphasis on developing an intelligence-based focus at both national and regional...

Written Answers — Department of Finance: Tax Reliefs (9 Apr 2024)

Michael McGrath: Help to Buy (HTB) is a scheme to assist first-time purchasers with the deposit they need to buy or build a new house or apartment. The incentive offers a refund on Income Tax and Deposit Interest Retention Tax (DIRT) paid in the State over the previous four years, subject to limits outlined in Section 477C of the Taxes Consolidation Act 1997. An increase in the supply of new housing...

Written Answers — Department of Finance: Tax Data (9 Apr 2024)

Michael McGrath: Finance Act 1999 provides for the application of excise duty in the form of Mineral Oil Tax (MOT) to liquid fuels. MOT applies volumetrically which means that the amount of MOT charged is independent of the cost price of the fuel concerned. MOT comprises a carbon (MOTCC) and a non-carbon component (MOTNC). The carbon component, or carbon charge, is more commonly referred to as carbon tax. The...

Written Answers — Department of Finance: Tax Code (9 Apr 2024)

Michael McGrath: The Disabled Drivers and Disabled Passengers Scheme provides relief from VRT and VAT on an adapted car, as well as an exemption from motor tax and an annual fuel grant. The Scheme is open to severely and permanently disabled persons as defined, as a driver or as a passenger and also to certain charitable organisations. In order to qualify for relief, the applicant must hold a Primary...

Written Answers — Department of Finance: Tax Code (9 Apr 2024)

Michael McGrath: Section 22 of Finance Act 2022 removed the difference in treatment between PRSAs and occupational pension schemes in relation to the funding rules, by abolishing the Benefit-in-Kind (BIK) charge on employer contributions to an employee’s PRSA. In addition, employer contributions to an employee’s PRSA are no longer counted towards an employee’s age related and salary...

Written Answers — Department of Finance: Tax Data (9 Apr 2024)

Michael McGrath: In July 2023 my Department published a paper examining the Potential Fiscal Impacts of the Transition to a Lower Carbon Economy in Ireland. The paper examined the potential fiscal impacts of current domestic climate action policies including commitments in the Climate Action Plan 2023 and the Programme for Government and is available online :...

Written Answers — Department of Finance: Financial Services (9 Apr 2024)

Michael McGrath: There is a robust consumer protection framework in place in relation to mortgages and other credit agreements. This regulatory consumer protection framework provides the same protections for all consumers, regardless of the regulated entity with whom they are dealing such as a bank, a retail credit firm or a credit servicing firm. This framework seeks to ensure that all Central Bank...

Written Answers — Department of Finance: Departmental Advertising (9 Apr 2024)

Michael McGrath: The work of the Department of Finance does not involve paid advertising campaigns on any media platforms or formats.

Written Answers — Department of Finance: Tax Code (9 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 throughout...

Written Answers — Department of Finance: Tax Code (9 Apr 2024)

Michael McGrath: As the Deputy may be aware, in Section 38 of Finance Act 2018 a partial repayment of Vehicle Registration Tax (VRT) was removed. It reflected the VRT charged on the VAT element of the vehicle. The relief was a legacy from 1993 when vehicle excise duty was being replaced by VRT, to ease the transition for car leasing and hire companies, by ensuring their costs didn’t increase under the...