Results 1-20 of 6,136 for at speaker:Michael McGrath

Written Answers — Department of Finance: Tax Exemptions (16 May 2024)

Michael McGrath: ...if the individual has a qualifying child. The thresholds are increased by €575 in respect of both the first and second child, and €830 in respect of each subsequent child. It is important to note that marginal relief may be available where the individual’s or couple’s income exceeds the relevant exemption limit but is less than twice that amount. Where...

Written Answers — Department of Finance: Insurance Industry (16 May 2024)

Michael McGrath: As Minister for Finance, I am responsible for the development of the legal framework governing financial regulation. As the Deputy will appreciate, I am unable to comment on individual cases and media reports relating to same. As the Deputy will be aware, the duties of insurers are outlined in Section 16 of the Consumer Insurance Contracts Act 2019, which requires that an insurer shall...

Future Ireland Fund and Infrastructure, Climate and Nature Fund Bill 2024: Report and Final Stages (15 May 2024)

Michael McGrath: The Bill that the Government has brought forward has been widely commended by the Irish Fiscal Advisory Council, the Central Bank of Ireland, the European Commission, the OECD and a list of ratings agencies and other independent experts, both domestic and international. I agree with Deputy Doherty about the risk of using windfall corporate tax receipts inappropriately. We will not do...

Future Ireland Fund and Infrastructure, Climate and Nature Fund Bill 2024: Report and Final Stages (15 May 2024)

Michael McGrath: .... They will take him through the numbers. The council is making progress, even on a like-for-like basis. I knew all about social housing. I was delighted to grow up in a social house. It was a great opportunity and community and I owe the State a huge amount. I know what it is about and the opportunity that it provides for individuals and families. The Government has gone back to...

Future Ireland Fund and Infrastructure, Climate and Nature Fund Bill 2024: Report and Final Stages (15 May 2024)

Michael McGrath: Of course we need to do more, but if the Deputy looks at-----

Future Ireland Fund and Infrastructure, Climate and Nature Fund Bill 2024: Report and Final Stages (15 May 2024)

Michael McGrath: HAP is State-supported housing. We can dance on a pinhead about what it is. Of course it is not council housing, but it is State-supported housing in that the State is paying. It is not the ideal. We want people to be in secure affordable homes with long-term secure tenure. That is the State's objective and why we have gone back to building at real scale. A total of 800 social housing...

Future Ireland Fund and Infrastructure, Climate and Nature Fund Bill 2024: Report and Final Stages (15 May 2024)

Michael McGrath: I thank Deputy Doherty for tabling these amendments and all the other Deputies for their contributions. We had a good discussion of this issue on Committee Stage. We do not agree entirely, that is for sure, but I set out then and am happy to set out now the reasons we are adopting the approach we are. I reiterate at the outset that housing will benefit from the establishment of the...

Future Ireland Fund and Infrastructure, Climate and Nature Fund Bill 2024: Report and Final Stages (15 May 2024)

Michael McGrath: ...lengthy discussion on the different sections, the purpose of setting up these two new funds and the different perspectives on how the funds might be managed. I thank the Members for their co-operation in facilitating the swift progression of this legislation. Section 7 is an important section of the Bill and it is appropriate that we discussed it at length on Committee Stage. As I...

Written Answers — Department of Finance: Insurance Industry (15 May 2024)

Michael McGrath: As the Deputy will appreciate, neither I, nor the Central Bank of Ireland, can direct the pricing or provision of insurance products. This position is reinforced by the EU Single Market framework for insurance (the Solvency II Directive). Notwithstanding this, reforming the insurance sector is a key policy objective for the Government. Through the comprehensive Action Plan for Insurance...

Written Answers — Department of Finance: Financial Services (14 May 2024)

Michael McGrath: I note the Deputy's query in relation to individual savings schemes. It is important to highlight the existing tax free savings products which are available in Ireland and provide and efficient and attractive way for people to save. The National Treasury Management Agency (NTMA), through State Savings products, offers a wide range of tax free savings products to the general public,...

Written Answers — Department of Finance: Tax Code (14 May 2024)

Michael McGrath: I am advised by Revenue that the VAT rating of goods and services is subject to EU VAT law, with which Irish VAT law must comply. In general, the VAT Directive provides that all goods and services are liable to VAT at the standard rate unless they are exempt from VAT or fall within Annex III of the Directive, in which case lower VAT rates may apply subject to certain rules. Currently Ireland...

Written Answers — Department of Finance: Regulatory Bodies (14 May 2024)

Michael McGrath: The Financial Services and Pensions Ombudsman (FSPO) is an independent, impartial, fair and free service that helps resolve complaints against financial service and pension providers from consumers and small businesses. I approved the FSPO'S Workforce Plan in December 2023, which increased the sanctioned staff complement in the FSPO from 90.2 to 128. I have been informed that arising...

Written Answers — Department of Finance: Tax Data (14 May 2024)

Michael McGrath: ...impacted by Covid-19 trading restrictions. The scheme allowed businesses to temporarily ‘park’ eligible taxes on an interest-free basis. After the interest-free period, a low interest rate of 3per cent was to be applied, however, in February 2024, I announced the reduction of the interest rate applicable to warehoused debt to 0 per cent. Businesses had until 1 May 2024 to...

Written Answers — Department of Finance: Tax Data (14 May 2024)

Michael McGrath: I am advised by Revenue that the Mineral Oil Tax (MOT) receipts, broken out by Non-Carbon Component (NCC) and Carbon Component (CC), and estimated VAT receipts collected on Marked Gas Oil (MGO) or green diesel, in each of the past ten years, are shown in the following table. In relation to VAT, I am further advised by Revenue that traders are not required to identify the VAT yield generated...

Written Answers — Department of Finance: Tax Exemptions (14 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 VAT Directive provides that all goods and services are liable to VAT at the standard rate unless they are exempt from VAT or fall within Annex III of the Directive, in which case lower VAT rates may apply subject to certain rules. Currently Ireland has a standard VAT rate of...

Written Answers — Department of Finance: Primary Medical Certificates (14 May 2024)

Michael McGrath: At the outset, the Deputy should note that my Department and I share concerns that the Disabled Drivers and Disabled Passengers Scheme (DDS) is no longer fit-for-purpose. Consequently, my Department had a significant input into the final report of the National Disability & Inclusion Strategy (NDIS) Transport Working Group's review of mobility and transport supports including the...

Written Answers — Department of Finance: Insurance Industry (9 May 2024)

Michael McGrath: At the outset, it is important to note that neither I, nor the Central Bank of Ireland, can direct the pricing or provision of insurance products, as this is a commercial matter which individual companies assess on a case-by-case basis. This position is reinforced by the EU Single Market framework for insurance (the Solvency II Directive). Regarding motor insurance, it is understood that...

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

Michael McGrath: The tax treatment of maintenance payments varies depending on: Whether the maintenance arrangement in place is legally enforceable or voluntary, Whether the maintenance payment is made for the benefit of the other party to the relationship or a child, and The basis of assessment applicable to the couple. Where the payment is legally enforceable and is made for the benefit of the other...

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

Michael McGrath: .... The Housing Finance Agency (HFA) is classified as a non-commercial agency within the general government sector. On this basis, the revenue and expenditure of the HFA are included in the calculation of the general government balance. As the nature of the HFA’s activity is to borrow or raise funds to on-lend to local authorities, the voluntary housing sector and Higher...

Committee on Budgetary Oversight: Stability Programme Update: Discussion (8 May 2024)

Michael McGrath: I thank the Chair and colleagues for being here. I am pleased to be here with my colleague, the Minister, Deputy Donohoe, and our respective officials today to discuss the stability programme update. As members are aware, the document was published in draft form on 23 April this year. In accordance with our legal requirements, the final version of the document was submitted to European...