Results 161-180 of 27,464 for speaker:Michael McGrath

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...

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

Michael McGrath: I have now formally appointed all five members to the new Disabled Drivers Medical Board of Appeal (DDMBA) and appeal hearings recommenced in the first half of December 2023. I appreciate that it has taken longer than anticipated to get to this point. In this regard four Expression of Interest campaigns had to be run over 18 months to source the legislatively required five members....

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

Michael McGrath: The labour market continued to perform robustly throughout 2023, with the level of employment reaching a record high of 2.71 million in the fourth quarter. The continued momentum in the labour market has been remarkable with almost 90,000 jobs added over the course of last year and around 330,000 added since just before the pandemic. In line with this, the unemployment rate averaged 4.3 per...

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

Michael McGrath: I am advised by Revenue that an amended Tax Credit Certificate, confirming tax credit and rate band allocations for 2024, was issued to the person concerned on 29 March 2024. Revenue have further advised that a refund of Income Tax/Universal Social Charge (USC) due for 2024, will issue in their upcoming payroll. Should the person concerned require any further clarification they can...

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

Michael McGrath: Capital Acquisitions Tax (CAT) is the tax that applies to gifts and inheritances. The relationship between the person who provides a gift or inheritance (the disponer) and the person who receives a gift or inheritance (the beneficiary) determines the maximum tax-free threshold (Group threshold) below which CAT does not arise. Any prior gifts or inheritances received by a beneficiary since...

Written Answers — Department of Finance: Capital Expenditure Programme (9 Apr 2024)

Michael McGrath: Fiscal multipliers are an important consideration when preparing economic projections and estimating the impact of public expenditure on economic growth. However, isolating the multiplier effect is complicated by the nature of public investment. Public investment does not occur in a vacuum, but rather takes place at a particular point in time against the backdrop of a range of economic and...

Written Answers — Department of Finance: Economic Growth (9 Apr 2024)

Michael McGrath: Developments in labour demand and labour supply underpin the employment projections my Department publishes in the Budget and Stability Programme Update each year. In broad terms, economic growth and employment have generally moved in tandem with one another, with higher levels of output typically leading to higher levels of employment and this is the driving force in the modelling that...

Written Answers — Department of Finance: Economic Growth (9 Apr 2024)

Michael McGrath: My Department’s projections for tax revenue are based on the relevant macroeconomic indicators across each tax head: for example, personal income tax is grown in line with forecasts for wage and employment growth for the coming years. The projections also take into account other factors that can impact on receipts, such as policy measures, once-off factors and specialist judgement. The...

Written Answers — Department of Finance: Income Inequality (9 Apr 2024)

Michael McGrath: In February 2015 the Central Bank introduced macro-prudential residential mortgage lending measures. These measures introduced, for the first time in the regulatory framework, specified loan to income and loan to value limits on residential mortgage lending. Subject to a certain level of discretion available to lenders, the current specified loan to income limit is four times gross income...

Written Answers — Department of Finance: Revenue Commissioners (9 Apr 2024)

Michael McGrath: I am advised that Revenue only refers outstanding tax liabilities to its enforcement agents, including Sheriffs, as a last resort. Before any such action is taken, Revenue makes every effort to engage with the taxpayer to resolve the situation. The important message for taxpayers who receive final demands is to engage with Revenue at the earliest opportunity so that a mutually acceptable...

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

Michael McGrath: 667D of the Taxes Consolidation Act 1997 provides for a tax credit for Succession Farm Partnerships. The measure came into effect in 2017. To avail of the tax credit, the farm partnership must be entered onto the register of Succession Farm Partnerships, maintained by the Minister for Agriculture, Food and the Marine. Each partner in a registered Succession Farm Partnership is entitled to...

Written Answers — Department of Finance: Primary Medical Certificates (9 Apr 2024)

Michael McGrath: The Disabled Drivers & 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 who also meet the medical criteria, as a driver or as a passenger and also to certain organisations. In order to qualify for relief, the applicant must...

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

Michael McGrath: As the Deputy will be aware, with effect from 1 January 2009, income tax relief in respect of qualifying health expenses, with the exception of relief in respect of nursing home expenditure, has been granted at the standard rate of tax. Prior to that date, tax relief was available at the taxpayer's marginal rate of income tax. The decision to standardise health expenses relief was to widen...

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

Michael McGrath: I am advised by Revenue that approved affordable housing purchasers are liable for stamp duty on the acquisition of their approved affordable housing. Stamp duty is charged at the standard rates applying on the acquisition of residential property, which are 1% on values up to €1 million and 2% on values exceeding €1 million. If, however, the housing is purchased directly from a...

Written Answers — Department of Finance: Banking Sector (9 Apr 2024)

Michael McGrath: I propose to take Questions Nos. 311 and 312 together. The regulation of gambling is the responsibility of my colleague the Minister for Justice, who is bringing the Gambling Regulation Bill 2022 through the Oireachtas. The Bill sets out the framework and legislative basis for the establishment of a new, independent statutory body – Údarás Rialála Cearrbhachais na...