Results 121-140 of 1,019 for long speaker:Michael McGrath

Written Answers — Department of Finance: Departmental Properties (10 Oct 2023)

Michael McGrath: ...In relation to the bodies under the aegis of my Department, the National Asset Management Agency (NAMA) advises that it owns loans and does not own properties. NAMA has confirmed that the Agency no longer has security over any property in Co. Clare. NAMA also advises that National Asset Residential Property Services owns a total of 37 property units in Co. Clare (see table below), which...

Ceisteanna Eile - Other Questions: Economic Policy (5 Oct 2023)

Michael McGrath: ...objective of the review is to ensure that Ireland’s funds sector framework is up to date and fit for purpose in the years ahead, that we can maintain our globally competitive position by supporting long-term growth and a sustainable and resilient market and that the sector continues to support national and regional economic growth, as well as job creation. In addition to the funds...

Ceisteanna Eile - Other Questions: Tax Yield (5 Oct 2023)

Michael McGrath: ...and put €6 billion of windfall receipts away. In addition, €2.25 billion in windfall receipts will also be made available over the period 2024 to 2026 to fund capital projects. This will allow us to take advantage of these temporary receipts to build long-lasting improvements to our society and economy. Work is also under way on proposals for a long-term savings fund which...

Ceisteanna Eile - Other Questions: Mortgage Interest Rates (5 Oct 2023)

Michael McGrath: ...market interest rates, at least for the period that the interest rate is fixed. The review noted that there have been innovations in recent years in the mortgage market, from the introduction of long-term fixed rates, mainly by non-bank players. The review also included the recommendation targeted at the retail banking sector to review its existing mortgage product suite to identify...

Ceisteanna Eile - Other Questions: Mortgage Interest Rates (5 Oct 2023)

Michael McGrath: I would welcome the introduction of more long-term fixed rate mortgages in Ireland in terms of the offering by the lenders. It de-risks a mortgage for a borrower if they can know with certainty what their repayments are going to be for the next five, ten or 15 years. It offers them certainty and there is real value in that. It is also important to highlight the role the credit unions are...

Ceisteanna ar Sonraíodh Uain Dóibh - Priority Questions: European Union (5 Oct 2023)

Michael McGrath: ...here than in almost any other member state. In summary, we are among member states that believe this specific proposal fails the tests set by EU leaders on own resources when they agreed to the long-term EU budget in July 2020. Any proposals, they said, should deliver “simplicity, transparency and equity, including fair burden-sharing”. The new own resource proposals are...

Ceisteanna ar Sonraíodh Uain Dóibh - Priority Questions: Fuel Prices (5 Oct 2023)

Michael McGrath: As the Deputy is aware, it is a long-standing practice of the Minister for Finance not to specifically comment on individual measures that may be part of the budget. With regard to kerosene used for home heating purposes, mineral oil tax and VAT at a rate of 13.5% are applied. Kerosene is also subject to the National Oil Reserves Agency, NORA, levy at a rate of 2 cent per litre. Mineral...

Ceisteanna ar Sonraíodh Uain Dóibh - Priority Questions: Tax Code (5 Oct 2023)

Michael McGrath: ...important to point to its work. I earlier referred to the remittance basis of tax, which concerns how non-domiciled Irish residents are taxed on their worldwide income. The current rules permit long-term non-domiciled residents to avail of the remittance basis of tax, even though these individuals may have significant ties to the State. The Commission on Taxation and Welfare, which the...

Written Answers — Department of Finance: Tax Yield (5 Oct 2023)

Michael McGrath: ...significant portion of carbon tax revenue is allocated for expenditure on targeted welfare measures and energy efficiency measures, which not only support the most vulnerable households in society but also in the long term, provides support against fuel price impacts by reducing our reliance on fossil fuels. In 2023, the additional revenue allocated for expenditure was €623m. This...

Written Answers — Department of Finance: Tax Code (5 Oct 2023)

Michael McGrath: ...group thresholds, gifts and inheritances generally, the treatment of foster children and reductions in the availability of agricultural and business relief. My Department will, over the medium to long term consider the wider range of issues highlighted by the COTW. In particular, the recommendation’s regarding specific reliefs will be considered as each of these reliefs falls...

Written Answers — Department of Finance: Interest Rates (5 Oct 2023)

Michael McGrath: ...their mortgage or mortgage provider. It will now be necessary for the industry to demonstrate that they are delivering for borrowers in difficulty with supports and certainty, and developing long-term sustainable solutions for borrowers. I would also encourage consumers to use the different tools available to see if they are getting the best possible value. on their financial...

Written Answers — Department of Finance: Tax Code (5 Oct 2023)

Michael McGrath: ...IMF, the OECD and the ESRI. It is my view a broad-based, progressive income tax system, where the majority of income earners make some contribution but according to their means, is the most fair and sustainable income tax system in the long term. As such, I have no plans to abolish the USC for individuals earning less than €100,000 per annum.

Written Answers — Department of Finance: Fiscal Policy (5 Oct 2023)

Michael McGrath: ...(Amendment) Act 2021 is the legally binding framework with clear targets and commitments set in law to ensure we achieve our national, EU and international climate obligations in the near and long term. Additionally, the sectoral emissions ceilings (SEC) agreed by Government in July 2022, further cements the emissions targets for each sector as we work towards halving emissions by 2030....

Written Answers — Department of Finance: Housing Schemes (5 Oct 2023)

Michael McGrath: ...Plan’ which was published in 2021, and includes an initiative for 2021-2023 to “Address fair access for cancer survivors to financial services (including insurance), via a code of conduct and a reflection on long-term solutions”. Through ‘Europe’s Beating Cancer Plan’, the Commission will closely examine practices in the area of financial services...

Written Answers — Department of Finance: Official Engagements (5 Oct 2023)

Michael McGrath: ...The Dialogue provides a forum for participants to engage in an open and inclusive exchange on the competing economic and social goals of the Government, with this year’s Dialogue focussing on the medium to long-term. As in previous years, the Dialogue was structured around plenary sessions, with smaller breakout sessions on specific themes. I chaired a break-out session on...

Written Answers — Department of Finance: Fiscal Policy (5 Oct 2023)

Michael McGrath: ...both elements of Pillar One and Ireland remain actively engaged in the negotiations to resolve these open issues. I look forward to completing the implementation of this significant agreement. Our long-standing position is that the international tax system needs to keep pace with changes in how business is now being conducted globally and global implementation of the agreement will...

Written Answers — Department of Finance: Tax Code (5 Oct 2023)

Michael McGrath: ..., the Commission on Taxation and Welfare has recommended that the overall level of revenues raised from tax and PRSI must increase materially as a share of national income to meet the medium- to long-term threats to fiscal sustainability. However, as the Commission’s recommendations are significant and wide ranging, it is important to allow sufficient time for detailed...

Written Answers — Department of Finance: Fiscal Policy (5 Oct 2023)

Michael McGrath: ...rapidly ageing population, which is expected to constrain the supply capacity of the economy. In recognition of the burden this will place on public finances, work is well underway on the establishment of a long-term savings vehicle. My Department has published a paper titled “Future-proofing the Public Finances – the Next Steps”, which highlights some of the...

Written Answers — Department of Finance: Job Creation (5 Oct 2023)

Michael McGrath: ...we can control so that Ireland retains its competitive advantage. This includes future-proofing our strong regulatory and legal landscape, promoting our reputation as a stable economy in which to make long-term and job-rich investments, the likes of which we have seen most recently in the pharma, med-tech and semiconductor sectors. We will also need to continue to invest directly in...

Written Answers — Department of Finance: Tax Code (5 Oct 2023)

Michael McGrath: ...both elements of Pillar One and Ireland remain actively engaged in the negotiations to resolve these open issues. I look forward to completing the implementation of this significant agreement. Our long-standing position is that the international tax system needs to keep pace with changes in how business is now being conducted globally and global implementation of the agreement will...