Results 161-180 of 14,758 for speaker:Michael McGrath in 'Written Answers'

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...

Written Answers — Department of Finance: Company Law (9 Apr 2024)

Michael McGrath: I am assuming that the Deputy is referring specifically to companies that derive profit from activities in illegal Israeli settlements, as defined by the database maintained by the United Nations Human Rights Council. On the 20th of March 2024, the Director of the Ireland Strategic Investment Fund (ISIF) attended the Committee on Finance, Public Expenditure and Reform, and Taoiseach...

Written Answers — Department of Finance: Transport Policy (9 Apr 2024)

Michael McGrath: As the Deputy will be aware, 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: EU Directives (9 Apr 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: Employment Schemes (9 Apr 2024)

Michael McGrath: I propose to take Questions Nos. 317 to 319, inclusive, together. Section 28B of the Emergency Measures in the Public Interest (Covid-19) Act 2020 provided for the Employment Wage Subsidy Scheme (EWSS) which was an economy-wide enterprise support for eligible businesses in respect of eligible employees. The EWSS was a unique scheme which was developed and operated in exceptional...

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

Michael McGrath: I propose to take Questions Nos. 320 and 322 together. Economic growth across Ireland, the EU and the Eurozone was somewhat subdued in 2023. Irish modified domestic demand – my preferred measure of the domestic economy – grew modestly by ½ a per cent in 2023. GDP in both the EU and Eurozone similarly grew by ½ a per cent last year, with the German economy notably...

Written Answers — Department of Finance: Prize Bonds (9 Apr 2024)

Michael McGrath: In response to the Deputy's question the NTMA have supplied me with the attached table setting out the total number of prizes won by prize bond holders on a monthly basis in each of the past two years to date. The number of prizes is determined by the interest rate applied to the value of the Prize Bonds outstanding. The NTMA also informs me that the Prize Bond winners are selected in a...

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

Michael McGrath: It is my understanding that it is difficult to obtain reliable data to compare the cost of insurance here to that in other European jurisdictions. I am informed that international organisations, such as the OECD and Eurostat, do not publish comparative data on the cost of insurance between countries. It should also be noted that while EIOPA – the European Insurance and Occupational...

Written Answers — Department of Finance: House Prices (9 Apr 2024)

Michael McGrath: My Department continues to monitor all aspects of the housing market, including the rate of property price inflation. As of January 2024, annual property price inflation was 5.4 per cent. The Government’s primary response to mitigating residential price inflation is to increase supply. I am encouraged by the momentum in housing delivery at present. Last year, there were 32,695...

Written Answers — Department of Finance: Brexit Issues (9 Apr 2024)

Michael McGrath: My Government colleagues and I have remained alert to the challenges and the potential economic impacts arising from Brexit, including paying particular attention to the effective implementation of the Trade and Cooperation Agreement (TCA) and to the Withdrawal Agreement, which includes the Protocol on Ireland and Northern Ireland. Building on its early and extensive contingency planning...

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

Michael McGrath: My Department produces, and publishes, two set of macroeconomic projections each year – its spring forecasts (set out in the annual Stability Programme Update) and its autumn forecasts (set out in the Economic and Fiscal Outlook that accompanies the Budget). Under European law, both sets of forecasts are subject to independent endorsement by the Irish Fiscal Advisory Council. In...

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

Michael McGrath: The Government is aware of the pressure that the rising interest rate environment may have on borrowers. I convened a meeting with lenders active in the mortgage market on 31 August of last year. The Central Bank of Ireland, the Insolvency Service of Ireland, the Citizens Information Board and Money Advice and Budgeting Service also attended. Following this meeting, on 6 September the...

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

Michael McGrath: Small and medium-sized enterprises (SMEs) play a significant role in the Irish economy, representing 99.8% of the total enterprise population in 2021. Additionally, they contributed to 69.2% of the total persons employed in 2021. Their key role in Ireland's economy is why my Department conducts the SME Credit Demand Survey and has been doing so biannually since 2011. The SME Credit Demand...

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

Michael McGrath: The charging of fees is a commercial decision for regulated entities, within the parameters of the regulatory framework. Under Section 149 of the Consumer Credit Act, 1995 (as amended) (the Act), credit institutions (which includes all banks operating in the Republic of Ireland and retail credit firms since 2022) must notify the Central Bank if they wish to introduce any new customer...