Results 341-360 of 14,758 for speaker:Michael McGrath in 'Written Answers'

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

Michael McGrath: Section 81AA of the Stamp Duties Consolidation Act 1999 provides for a relief from stamp duty in respect of transfers of agricultural land to young trained farmers, where certain conditions are met. The main conditions for the relief are that the individual acquiring the land (the “transferee”): is under 35 years of age on the date of execution of the deed of transfer of the...

Written Answers — Department of Finance: Revenue Commissioners (14 Feb 2024)

Michael McGrath: The Revenue Commissioners have advised me that the correct contact details are available on its website. Typically, this site is returned to an online search request for contact details of Revenue, however it is important to note that Revenue has no control over the details returned by a search engine. To find the correct contact details for their query, customers should select the...

Written Answers — Department of Finance: Departmental Data (14 Feb 2024)

Michael McGrath: I am advised by Revenue that for 2021 (the latest year for which fully analysed data are available), there were 5,530 taxpayer units recorded as computing their assessable profits in accordance with Section 657 of the Taxes Consolidation Act 1997, which provides for the Income Averaging mechanism. I am further advised that the number of taxpayer units who declared themselves as a farmer...

Written Answers — Department of Finance: Referendum Campaigns (14 Feb 2024)

Michael McGrath: The Department of the Taoiseach issues guidance to all Ministers and Government Departments in respect of the application of the principles of the various Court judgments relevant to the Government’s role in referendum campaigns (these are generally referred to as the ‘McKenna/McCrystal principles’). The guidance note is based on advice received from the Attorney...

Written Answers — Department of Finance: Fiscal Data (14 Feb 2024)

Michael McGrath: On foot of the Dáil approving a 9-month timed amendment to Dáil second stage of the Deputy’s own party Private Members Illegal Israeli Settlements Bill last May, that stage of the legislative process is expected to expire on 17 February next. Under current Oireachtas Standing Orders the timing of the next steps in dealing with the Bill are a matter for the Oireachtas. Of...

Written Answers — Department of Finance: Insurance Coverage (14 Feb 2024)

Michael McGrath: As the Minister for Finance overseeing the legal framework governing financial services regulation, including the insurance sector, I must emphasise that the provision of insurance cover, particularly in the area of travel insurance, is primarily a commercial matter determined by insurers. Accordingly, the EU Solvency II Directive dictates that neither the Government nor the Central Bank can...

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

Michael McGrath: As the Deputy is aware all motor vehicles in the State must be registered within 30 days of their date of entry into the State at which point Vehicle Registration Tax (VRT) is charged. In certain cases, a full or partial exemption from VRT may apply, if the person registering the vehicle is transferring their residence to the State. In order to qualify for Transfer of Residence (TOR) relief,...

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

Michael McGrath: I am advised by Revenue that its approach to enforcement of the law relating to Vehicle Registration Tax (VRT) is that in each instance where a failure to comply with the relevant legal requirements is detected, the matter is dealt with in a manner that is fair and proportionate in the circumstances of the particular case. Section 5.4.2 of the VRT Enforcement Manual gives examples of the...

Written Answers — Department of Finance: Housing Schemes (13 Feb 2024)

Michael McGrath: The General Escape Clause (GEC) of the Stability and Growth Pact was activated in March 2020. The clause allows for a temporary departure from the normal operation of the fiscal rules in a situation where there is a severe economic downturn in the EU. By activating this clause, the European Commission allowed EU Member States to temporarily deviate from their budgetary requirements in order...

Written Answers — Department of Finance: Tax Rebates (13 Feb 2024)

Michael McGrath: I propose to take Questions Nos. 223 and 235 together. The Tax Debt Warehousing scheme was introduced in May 2020 to provide a vital liquidity support to businesses from the outset of the COVID-19 pandemic. As a further measure of support in light of the challenging economic situation that businesses continue to face, a significant extension to the scheme in October 2022 means that businesses...

Written Answers — Department of Finance: Housing Schemes (13 Feb 2024)

Michael McGrath: I propose to take Questions Nos. 224 and 225 together. The Help to Buy Scheme was introduced in 2017 with the purpose of assisting first-time buyers with the deposit required to purchase or self-build a new house or apartment to live in as their home. The relief is only available in respect of new builds, with a view to increasing the supply of new housing and stimulating demand. To...

Written Answers — Department of Finance: Departmental Data (13 Feb 2024)

Michael McGrath: The application of the 10% rate of stamp duty to certain acquisitions of residential property is provided for in section 31E of the Stamp Duties Consolidation Act 1999, as introduced by the Finance (Covid-19 and Miscellaneous Provisions) Act 2021. I am advised by Revenue that the available information in respect of tax collected under this provision is the number of properties and associated...

Written Answers — Department of Finance: Motor Fuels (13 Feb 2024)

Michael McGrath: As the Deputy will be aware, in 2022 in light of the acute impact rising prices were having on households and business, Government provided for excise rate reductions in the order of 21, 16 and 5.4 cent per litre on petrol, diesel and Marked Gas Oil (MGO) respectively. These temporary reductions were due to end initially on 31 August 2022 but following review and monitoring of fuel prices...

Written Answers — Department of Finance: Electric Vehicles (13 Feb 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. In general, the EU VAT Directive provides that all goods and services are liable to VAT at the standard rate, unless they fall within categories of goods and services specified in Annex III of the VAT Directive, in respect of which Member States may apply a lower rate of...

Written Answers — Department of Finance: Tax and Social Welfare Codes (13 Feb 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. In general, the EU VAT Directive provides that all goods and services are liable to VAT at the standard rate, unless they fall within the categories of goods and services specified in Annex III of the VAT Directive, in respect of which Member States may apply a lower rate...

Written Answers — Department of Finance: Departmental Policies (13 Feb 2024)

Michael McGrath: As Minister for Finance, I have no direct role or responsibility in respect of taking measures such as those to which the Deputy refers. However, I have asked government colleagues for information to help address some of the matters raised. I am informed by my colleague, the Tánaiste and Minister for Foreign Affairs, that Ireland and the EU distinguish between the territory of the...

Written Answers — Department of Finance: Tax and Social Welfare Codes (13 Feb 2024)

Michael McGrath: As part of Budget 2024 I announced the intention to increase the section 481 per project cap from €70 million to €125 million, subject to receipt of the necessary European Commission approval. I believe the proposed increase to €125 million will strike an appropriate balance between providing a sufficient increase to attract big budget films, while also being mindful of...

Written Answers — Department of Finance: Motor Industry (13 Feb 2024)

Michael McGrath: I am advised by Revenue that a temporary £1,000 vehicle registration tax scrappage repayment scheme was introduced in the Finance Act, 1995. Under the scheme, a person who, between 1 July 1995 and 31 December 1996 (extended until 31 December 1997), scrapped a car which was ten years old or more, and at the same time bought and registered a new car, was eligible to claim a repayment of...

Written Answers — Department of Finance: Mortgage Interest Rates (13 Feb 2024)

Michael McGrath: The Government is acutely aware of the changed interest rate environment and the impact this is having on some mortgage borrowers. In response, I met with the mortgage industry including the Banking and Payments Federation Ireland (BPFI), CEOs and senior representatives of all the main mortgage lenders and servicers on 31 August 2023. At that meeting I emphasised that banks and all other...

Written Answers — Department of Finance: Tax Reliefs (13 Feb 2024)

Michael McGrath: The legislation governing the deductibility of expenses incurred in employment is contained in section 114 of the Taxes Consolidation Act 1997. To qualify for tax relief under this section, any travelling expenses must be necessarily incurred in the performance of the duties of the relevant employment. For all other expenses, they must be wholly, exclusively and necessarily incurred in the...