Results 321-340 of 14,758 for speaker:Michael McGrath in 'Written Answers'

Written Answers — Department of Finance: Currency Circulation (20 Feb 2024)

Michael McGrath: You will be aware that the Retail Banking Review, published in November 2022, made two clear recommendations regarding payments: (1) for my Department to develop Access to Cash legislation and prepare a related Heads of a Bill in 2023; and (2) for my Department to lead on the development of a National Payments Strategy (NPS) in 2024. I published the terms of reference for the NPS in June...

Written Answers — Department of Finance: National Asset Management Agency (20 Feb 2024)

Michael McGrath: I wish to advise the Deputy that 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. By virtue of Sections 99 and 202 of the NAMA Act, NAMA is legally precluded from disclosing...

Written Answers — Department of Finance: Housing Schemes (20 Feb 2024)

Michael McGrath: The Help to Buy scheme (HTB) assists first-time buyers with the deposit required to purchase or self-build a new house or apartment to live in as their home providing for a refund of Income Tax and Deposit Interest Retention Tax (DIRT) paid by the applicant(s) over the previous four tax years. Eligibility of the applicant, together with the maximum potential relief available is determined at...

Written Answers — Department of Finance: Financial Services (20 Feb 2024)

Michael McGrath: I propose to take Questions Nos. 210 and 211 together. The Consumer Protection (Regulation of Credit Servicing Firms) Act 2015 made the activity of credit servicing a regulated activity and, as such, within the regulatory mandate of the Central Bank. Credit servicing includes the management and administration of credit agreements. Because credit servicing is a regulated activity, the...

Written Answers — Department of Finance: Financial Services (20 Feb 2024)

Michael McGrath: I propose to take Questions Nos. 212 to 214, inclusive, together. The Financial Services and Pensions Ombudsman (FSPO) plays a vital role for consumers of financial services in Ireland, as part of a robust financial consumer protection framework. The statutory functions of the FSPO are set out in the Financial Services and Pensions Ombudsman Act 2017. This governing legislation empowers the...

Written Answers — Department of Finance: Middle East (20 Feb 2024)

Michael McGrath: The NTMA inform me that the Ireland Strategic Investment Fund (ISIF) constructs its portfolio within the legislative framework set for it by the Oireachtas and will align it with any changes it makes. ISIF endeavours to be a responsible investor, actively integrating ESG factors into its decision-making processes with a view to enhancing the overall outcomes for the Fund and ultimately its...

Written Answers — Department of Finance: Tax Residency (20 Feb 2024)

Michael McGrath: I understand that the query relates to the Irish tax treatment of both a US social security disability pension and a US occupational pension and the treatment of both under the Ireland-US Double Taxation Treaty (“DTT”). From the information provided, both the social security disability pension and a US occupational pension are subject to tax in the USA. I am advised by the...

Written Answers — Department of Finance: Tax Code (20 Feb 2024)

Michael McGrath: I propose to take Questions Nos. 217 and 218 together. In respect of both of these questions, I assume the Deputy is referring to Capital Acquisitions Tax (CAT), which is a tax on gifts and inheritances payable by the beneficiary of that gift or inheritance. In relation to the CAT thresholds, I am advised by Revenue that it is the relationship between the person providing a gift or...

Written Answers — Department of Finance: Primary Medical Certificates (20 Feb 2024)

Michael McGrath: The Deputy will be aware that the final report of the National Disability Inclusion Strategy (NDIS) Transport Working Group's review of mobility and transport supports including the Disabled Drivers and Disabled Passenger’s Scheme (DDS), endorsed proposals for a modern, fit-for-purpose vehicle adaptation scheme in line with international best practice that would replace the DDS. ...

Written Answers — Department of Finance: Student Accommodation (20 Feb 2024)

Michael McGrath: The NTMA have informed me that the Ireland Strategic Investment Fund (ISIF) is a commercial investor in a range of businesses, platforms and projects which support the delivery of new homes in Ireland. These investments are in private market commercial operations, typically featuring a significant quantum of third-party investment that deliver a range of housing tenures including...

Written Answers — Department of Finance: Tax Credits (20 Feb 2024)

Michael McGrath: Based on Revenue’s latest Ready Reckoner (post-Budget 2024), the estimated cost to the Exchequer of increasing the blind person’s tax credit from €1,650 to €1,950 per annum for a single person and from €3,300 to €3,900 per annum for married couples or civil partners, is approximately €0.3 million on a first year basis and €0.4 million on...

Written Answers — Department of Finance: Tax Yield (20 Feb 2024)

Michael McGrath: I am advised by Revenue that the estimated full year yield from the proposed changes to the local property tax rates outlined in the question is in the table below. The latest full year data available for estimating the cost of proposed policy changes is in respect of 2022 figures. € million Applying rate of 0.1029% to the portion below...

Written Answers — Department of Finance: Tax Code (20 Feb 2024)

Michael McGrath: As the Deputy will be aware the 9% VAT rate applied on a temporary basis to the hospitality and tourism sectors until 31 August 2023 when it reverted to the 13.5% rate. The 9% rate was introduced on 1 November 2020 in recognition of the fact that the tourism and hospitality sectors were among those most impacted by the public health restrictions put in place throughout the pandemic. The...

Written Answers — Department of Finance: Tax Reliefs (20 Feb 2024)

Michael McGrath: Part 16 of the Taxes Consolidation Act 1997 (TCA 1997) provides relief for investment in corporate trades (Part 16 reliefs). The Part 16 reliefs are the Employment Investment Incentive (EII), Start-Up Relief for Entrepreneurs (SURE) and Start-Up Capital Incentive (SCI). The reliefs help provide SMEs and start-ups with alternative funding sources. The Part 16 reliefs are State aid and come...

Written Answers — Department of Finance: Tax Rebates (20 Feb 2024)

Michael McGrath: I am advised that Revenue has received a claim for refund under the Value-Added Tax (Refund of Tax) (Flat-rate Farmers) Order 2012 from the person (details supplied). The claim was returned to the claimant for further information and was resubmitted to Revenue on 2 February 2024. The peak filing period for these claims is between mid-November (the Income Tax filing period) and late...

Written Answers — Department of Finance: Departmental Schemes (15 Feb 2024)

Michael McGrath: The Deputy will be aware that the final report of the National Disability Inclusion Strategy (NDIS) Transport Working Group's review of mobility and transport supports including the Disabled Drivers and Disabled Passenger’s Scheme (DDS), endorsed proposals for a modern, fit-for-purpose vehicle adaptation scheme in line with international best practice that would replace the DDS. ...

Written Answers — Department of Finance: Vehicle Registration Tax (15 Feb 2024)

Michael McGrath: I am advised by Revenue that each application for exemption or relief from Vehicle Registration Tax (VRT) under the Vehicle Registration Tax (Permanent Reliefs) Regulations 1993 is considered on a case-by-case basis. Such applications may, where appropriate, include the consideration of ‘normal residence’ criteria as defined in the Regulations. A taxpayer has the right to...

Written Answers — Department of Finance: Departmental Schemes (15 Feb 2024)

Michael McGrath: I have now formally appointed all five members to the new Disabled Drivers Medical Board of Appeal (DDMBA) and appeal hearings recommenced in the first half of December 2023. I appreciate that it has taken far longer than anticipated to get to this point. In this regard four Expression of Interest campaigns have had to be run over 18 months to source the legislatively required five...

Written Answers — Department of Finance: Departmental Schemes (15 Feb 2024)

Michael McGrath: The Deputy will be aware that the final report of the National Disability Inclusion Strategy (NDIS) Transport Working Group's review of mobility and transport supports including the Disabled Drivers and Disabled Passenger’s Scheme (DDS), endorsed proposals for a modern, fit-for-purpose vehicle adaptation scheme in line with international best practice that would replace the DDS. ...

Written Answers — Department of Finance: Tax Exemptions (15 Feb 2024)

Michael McGrath: I propose to take Questions Nos. 183 to 188, inclusive, together. The Finance Act 2022 removed the difference in treatment of PRSAs and occupational pension schemes for funding purposes, by abolishing the BIK charge on employer contributions to an employee’s PRSA, and not counting employer contributions to an employee’s PRSA towards that employee’s age related and salary...