Results 1-20 of 27,727 for speaker:Michael McGrath

Written Answers — Department of Finance: Tax Reliefs (22 May 2024)

Michael McGrath: From 1 January 2023, new rates of benefit-in-kind (BIK) were applied to the provision of an employer provided car, which take into account the CO2 emissions of the car. As a consequence, lower rates of tax will generally apply to cars that are more environmentally friendly. Employer provided car The amount taxable as a BIK remains determined by the cars original market value (OMV) and...

Written Answers — Department of Finance: Vehicle Registration Tax (22 May 2024)

Michael McGrath: Under the Finance Act 1992, Vehicle Registration Tax (VRT) is assessed on a vehicle at the time of its registration, and the way the tax is computed depends on the category of vehicle involved. VRT on Category A vehicles (generally passenger vehicles) is assessed based on the value of the vehicle and its emissions levels for carbon dioxide (CO2 ) and nitrogen oxide (NOx). The VRT on...

Written Answers — Department of Finance: Tax Code (22 May 2024)

Michael McGrath: Capital Acquisitions Tax (CAT) is a tax on gifts and inheritances that is payable by the person receiving the gift or inheritance (the beneficiary) and is calculated by reference to the value of the property received. Where a person receives gifts or inheritances that are in excess of the relevant CAT tax-free threshold (Group threshold), CAT at a rate of 33% applies on the excess. The...

Written Answers — Department of Finance: Tax Code (22 May 2024)

Michael McGrath: I note the Deputy's query in relation to the taxation of investments and specifically about non-Irish residents investing in funds that are domiciled here. The normal tax treatment afforded to Irish collective investment fund is that funds invested are allowed to grow on a tax-free basis within the fund. The income is taxed at the level of the investor rather than the fund, as is...

Written Answers — Department of Finance: Tax Exemptions (22 May 2024)

Michael McGrath: 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 professionals registered under the Medical Practitioners Act 2007, the Nurses and Midwives Act 2011, and those engaged in a regulated...

Written Answers — Department of Finance: Tax Yield (22 May 2024)

Michael McGrath: I propose to take Questions Nos. 56 to 58, inclusive, together. I am advised by Revenue that the amount generated by the local property tax and the number of properties, per Local Authority area, in 2023, are available in Table 2 of the Property Tax Statistics publication for January 2024, which is available on the Revenue website at:...

Written Answers — Department of Finance: Tax Code (22 May 2024)

Michael McGrath: The Government is 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 temporary cuts in excise rates which, inclusive of VAT amounted to 21 cents, 16 cents and 5.4 cents per litre on petrol, auto-diesel and marked gas...

Ceisteanna Eile - Other Questions: Inflation Rate (21 May 2024)

Michael McGrath: The dynamics of energy prices have been key in driving the headline inflation rate over recent years. The initial driver of inflation was a surge in energy prices that followed the Russian invasion of Ukraine. This substantially disrupted the supply of energy, in particular of natural gas, of which Russia was a large exporter to Europe. Wholesale gas prices peaked at £4 per therm in...

Ceisteanna Eile - Other Questions: Inflation Rate (21 May 2024)

Michael McGrath: I thank the Deputies. We are at a point in the budgetary cycle where we have published the stability programme update. We will have the national economic dialogue next month and then we will have the summer economic statement and will consider all of the issues that the Deputies have raised in deciding on the budgetary parameters. Then, more particularly when deciding on the individual...

Ceisteanna Eile - Other Questions: Banking Sector (21 May 2024)

Michael McGrath: In short, the answer is "yes, Deputy". The access to cash legislation is at a very advanced stage of preparation. We need to consult the European Central Bank because some of the matters in the Bill are relevant to the functions of the ECB but I expect we will be sending a copy of the Bill to it in the next number of weeks. In essence the Bill will provide for the registration and...

Ceisteanna Eile - Other Questions: Economic Data (21 May 2024)

Michael McGrath: I propose to take Questions Nos. 69 and 237 together. The economic performance across the EU and Ireland was somewhat subdued last year amid weak global trade and GDP growth. In 2023, GDP grew by a modest 0.4% in the euro area and EU, while Irish GDP recorded a contraction of 3.2%. GDP growth in the euro area and Ireland is projected to pick up this year, though remaining below...

Ceisteanna Eile - Other Questions: Economic Data (21 May 2024)

Michael McGrath: We monitor inflation at the headline level but also the components of inflation quite closely, as would be expected. Every time a publication is issued by the Central Statistics Office and Eurostat, it is examined by officials in my Department, who report to me, give me a summary of them and their interpretation of the underlying trends. Of course, there is a difference between the...

Ceisteanna Eile - Other Questions: Economic Data (21 May 2024)

Michael McGrath: The truth is that GDP is measured in Ireland in exactly the same way as in every other European country, but because we have a very large multinational sector, we believe it is important to have other measures of the economy as well. This is why we have MDD and GNI* and we publish all this information regularly. The agreed international measure of economic performance, though, whether that...

Ceisteanna Eile - Other Questions: Inflation Rate (21 May 2024)

Michael McGrath: I propose to take Questions Nos. 70, 90 and 238 together. Inflation reached multidecade highs in 2022, averaging 8.1%, with a peak of 9.6% in June 2022, as measured using the harmonised method of the harmonised index of consumer prices, HICP. While the initial driver of this inflationary pressure was a surge in global energy prices, it subsequently became increasingly broad-based as...

Ceisteanna Eile - Other Questions: Small and Medium Enterprises (21 May 2024)

Michael McGrath: The Deputy's question is about interest rates facing SMEs. The changes in the interest rates being paid by SMEs were directly linked to the monetary policy environment, the ten successive interest rate increases we had from the ECB which worked their way through the system, in particular in respect of floating rate charges, variable rate loan products and then when it came to the re-pricing...

Ceisteanna Eile - Other Questions: Small and Medium Enterprises (21 May 2024)

Michael McGrath: I thank Deputy O'Sullivan for the question. SMEs are the lifeblood of the Irish economy and they account for 99.8% of all businesses in Ireland, along with 69.2% of all employment in the business economy. Recognising the importance of SMEs to Ireland, my Department has regularly carried out SME credit demand surveys since 2011. These surveys are critical tools to understand how the sector...

Ceisteanna Eile - Other Questions: Small and Medium Enterprises (21 May 2024)

Michael McGrath: I thank Deputy O'Sullivan. Overall the credit demand survey for 2023 paints a complex picture. It is multifaceted because, of course, SMEs operate in a range of sectors. Overall the results of the survey once again underline the resilience in the face of economic challenges. There is a steady demand for credit. It also highlights evolving investment patterns, one of which Deputy...

Ceisteanna ar Sonraíodh Uain Dóibh - Priority Questions: National Treasury Management Agency (21 May 2024)

Michael McGrath: The factual position is that ISIF is statutorily independent and subject to oversight by its investment committee and the NTMA's board. Under statute, I, as Minister for Finance, do not have a role in ISIF's implementation of its investment strategy. The investment strategy does operate within an ESG framework, which the Deputy has correctly highlighted. This is not the only ESG issue it...

Ceisteanna ar Sonraíodh Uain Dóibh - Priority Questions: Customs and Excise (21 May 2024)

Michael McGrath: The Deputy will be aware that we are having this debate because the Government cut excise duty back in 2022. That was the right decision at the time. The restoration that has taken place since has been on a phased basis and one final phase of that restoration was due. I have given a commitment to the House on a number of occasions that this will be kept under review. Luckily I did not...

Ceisteanna ar Sonraíodh Uain Dóibh - Priority Questions: Customs and Excise (21 May 2024)

Michael McGrath: As I said, it is just as well I did not take the Deputy's advice-----