Results 1-20 of 14,884 for speaker:Michael McGrath in 'Written Answers'

Written Answers — Department of Finance: Tax Exemptions (28 May 2024)

Michael McGrath: The Vacant Homes Tax (VHT) was announced in Budget 2023 and legislated for in Finance Act 2022. The objective of the vacant homes tax is to increase the supply of homes for rent or purchase by encouraging the owners of vacant, habitable, residential properties to bring those properties back into use. The tax applies to residential properties that are within the scope of local property tax...

Written Answers — Department of Finance: Middle East (28 May 2024)

Michael McGrath: Restrictive measures, or sanctions as they are generally referred, are a tool of the EU's Common Foreign Policy. Ireland does not impose sanctions regimes unilaterally. Ireland implements EU sanctions and it also implements UN sanctions via EU sanctions. EU sanctions have direct effect in all Member States of the EU, and they are legally binding on all natural and legal persons in...

Written Answers — Department of Finance: Tax Exemptions (28 May 2024)

Michael McGrath: Finance Act 2021 introduced Part 22A Residential Zoned Land Tax (RZLT) into the Taxes Consolidation Act 1997. RZLT is designed to prompt residential development by owners of land that is zoned for residential or mixed-use (including residential) purposes and that is serviced, and is not otherwise precluded from development, due to issues such as contamination, etc. RZLT is an annual tax,...

Written Answers — Department of Finance: Tax Data (28 May 2024)

Michael McGrath: Finance Act 2023 introduced amendments to section 599 of the Taxes Consolidation Act 1997 which grants relief from Capital Gains Tax on the disposal by individuals aged 55 and over of qualifying business or farm trade assets to that individual’s child. This relief is known as Retirement Relief. Currently the relief is unrestricted in respect of disposals of qualifying assets by...

Written Answers — Department of Finance: Tax Exemptions (28 May 2024)

Michael McGrath: The VAT treatment of goods and services is subject to EU VAT law, with which Irish VAT law must comply. In general, the Directive provides that all goods and services are liable to VAT which is paid by the final consumer. The Directive allows for certain historic VAT treatments to be maintained under certain conditions, and Ireland has retained the application of a relieving provision, the...

Written Answers — Department of Finance: Housing Schemes (28 May 2024)

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

Written Answers — Department of Finance: Mortgage Interest Rates (28 May 2024)

Michael McGrath: From a consumer protection and macro prudential perspective, there are a number of regulatory measures which apply to the provision of new residential mortgage credit to consumers. These include the European Union (Consumer Mortgage Credit Agreements) Regulations 2016, the Central Bank Consumer Protection Code and the Central Bank macroprudential mortgage lending rules. These measures...

Written Answers — Department of Finance: Tax Exemptions (28 May 2024)

Michael McGrath: I can confirm that I have received a submission in relation to VAT on counsellors and psychotherapists. As the Deputy will be aware, the VAT rating of goods and services is subject to the requirements of EU VAT law with which Irish VAT law must comply. Under our legislation the provision of medical care services by recognised medical professionals are exempt from VAT. This includes health...

Written Answers — Department of Finance: Insurance Coverage (28 May 2024)

Michael McGrath: At the outset, I wish to reassure the Deputy that I recognise the concerns felt by many sport and recreation clubs regarding insurance cover. Officials from my Department have raised the situation with representative groups in the sector and have found that there does not appear to be a widespread market capacity issue. Of particular relevance to the Deputy’s question, last summer,...

Written Answers — Department of Finance: State Bodies (28 May 2024)

Michael McGrath: I propose to take Questions Nos. 172 and 173 together. As the Deputy may be aware, NAMA does not typically own or control properties; rather NAMA owns loans for which the properties act as security. The properties securing NAMA’s loans are owned and controlled by their registered owners or appointed receivers in the case of enforcement. I wish to advise the deputy that by virtue of...

Written Answers — Department of Finance: Housing Schemes (23 May 2024)

Michael McGrath: The Help to Buy (HTB) scheme assists first-time purchasers with the deposit they need to buy or build a new house or apartment. The scheme provides for a refund of Income Tax and Deposit Interest Retention Tax (DIRT) paid in the State over the previous four years, subject to certain conditions being met. Section 477C Taxes Consolidation Act 1997 outlines the definitions and conditions...

Written Answers — Department of Finance: Departmental Expenditure (23 May 2024)

Michael McGrath: I propose to take Questions Nos. 148 to 15, inclusive, together. As the Deputy may be aware, non-voted expenditure is paid out of the Central Fund under specific legislation, rather than being voted annually. It consists of expenditure on items such as the service of the National Debt and contributions to the European Union (EU) Budget or services that have already been provided for in...

Written Answers — Department of Finance: Tax Data (23 May 2024)

Michael McGrath: The Tax Debt Warehousing Scheme was introduced in May 2020 to provide a vital liquidity support to businesses impacted by Covid-19 trading restrictions. The scheme allowed businesses to temporarily ‘park’ eligible taxes, on an interest-free basis, until 1 May 2024. At its peak in January 2022, there was €3.2 billion debt in the warehouse, the vast majority of which...

Written Answers — Department of Finance: Tax Data (23 May 2024)

Michael McGrath: My Department’s projections for taxation revenue are driven by the relevant macroeconomic indicators: for example, forecasts of income tax are related to labour market variables such as wage growth. The projections also account for other factors that can impact on receipts, such as once-off factors, specialist judgement, and policy measures. My Department periodically reviews its...

Written Answers — Department of Finance: Tax Code (23 May 2024)

Michael McGrath: Section 121 of the Taxes Consolidation Act (TCA) 1997 provides that where a car is made available for the private use of an employee then the employee is chargeable to benefit-in-kind tax (BIK). Where such a benefit is provided for an employee by his or her employer, the employer is required to include that notional payment as part of the employee’s emoluments and to deduct tax via...

Written Answers — Department of Finance: Departmental Advertising (23 May 2024)

Michael McGrath: The information requested by the Deputy in relation to the amount spent by my Department on advertising from 2019 to date in 2024 is set out in tabular form below. The Department is not in a position to demarcate online spend from other forms of expenditure, as some advertising will inevitably involve both. Year Amount 2019 Advertising...

Written Answers — Department of Finance: Tax Credits (23 May 2024)

Michael McGrath: There are no specific provisions for indigenous SMEs in the R&D tax credit, and nor are there any restrictions for indigenous SMEs wishing to avail of the scheme. It is available to all firms, within the charge to Irish tax, that undertake qualifying R&D activities. However, I am aware that Revenue issued updated guidance in 2017 with the specific aim to reduce the administrative...

Written Answers — Department of Finance: Banking Sector (23 May 2024)

Michael McGrath: As the Deputy will be aware, drafting of the Access to Cash Bill 2024 is proceeding on a priority basis. The purpose of the General Scheme of the Bill, which I published with Government approval on the 23rd of January, is to establish a framework to provide that any future evolution of the cash infrastructure will be managed in a fair, orderly, transparent, and equitable manner. The Bill...

Written Answers — Department of Finance: Tax Data (23 May 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: Tax Reliefs (23 May 2024)

Michael McGrath: By way of background, prior to 31 December 2022, where the combined contributions by an employer and an employee to a PRSA did not exceed the employee’s annual percentage limit (between 15% and 40% of “net relevant earnings”, varying depending on age, up to a maximum relieved salary of €115,000), the contributions were relieved from tax. However, where the combined...