Results 361-380 of 14,758 for in 'Written Answers' speaker:Michael McGrath

Written Answers — Department of Finance: Pension Provisions (13 Feb 2024)

Michael McGrath: I propose to take Questions Nos. 236 and 237 together. It is a general principle of taxation that, in the absence of a specific exemption, income from all sources is subject to tax. A charge to tax under schedule E is imposed in respect of certain Social Welfare payments by virtue of section 126 of the Taxes Consolidation Act 1997. That section specifically applies tax to the widows...

Written Answers — Department of Finance: National Asset Management Agency (13 Feb 2024)

Michael McGrath: As the Deputy may be aware, NAMA does not typically own or control properties; rather NAMA owns loans for which 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, and these parties are responsible for the sale of secured properties. I am advised that NAMA retains a...

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

Michael McGrath: I propose to take Questions Nos. 239 and 242 together. 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...

Written Answers — Department of Finance: State Assets (13 Feb 2024)

Michael McGrath: I have been informed by the National Treasury Management Agency (NTMA) that the Exchequer does not currently hold any US Treasury Bonds. The NTMA also informs me that the Ireland Strategic Investment Fund (ISIF) does hold US Treasury Bonds as Sovereign Bonds are a key part of any large globally diversified portfolio. The most recently published details of ISIF’s holdings are...

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

Michael McGrath: Finance Act 1999 provides for the application of excise duty in the form of Mineral Oil Tax (MOT) to liquid fuels used for motor or heating purposes. MOT comprises a carbon and a non-carbon component. The carbon component, or carbon charge, is more commonly referred to as carbon tax. The non-carbon component of MOT is often referred to as “excise”, “fuel excise”,...

Written Answers — Department of Finance: Tax Code (8 Feb 2024)

Michael McGrath: I propose to take Questions Nos. 159 to 161, inclusive, together. The Residential Zoned Land Tax (RZLT) is a new tax introduced in Finance Act 2021 which seeks to increase housing supply by encouraging the activation of development on lands which are suitably zoned and appropriately serviced. It aims to bring those lands which have benefitted from investment in services and are capable of...

Written Answers — Department of Finance: Tax Reliefs (8 Feb 2024)

Michael McGrath: I assume that the Deputy’s question relates to PAYE taxpayers. I am advised by Revenue that, where an income tax return is not completed, it is not possible for Revenue to know if a taxpayer may be due additional credits or reliefs. Therefore, it is not possible to provide the Deputy with an estimated amount of unclaimed tax reliefs in each of the years requested. Some taxpayers may...

Written Answers — Department of Finance: Tax Credits (8 Feb 2024)

Michael McGrath: I propose to take Questions Nos. 163 and 164 together. The Blind Person’s Tax Credit was last increased in Budget 2008 from €1,760 to €1,830 for single persons and from €3,520 to €3,660 for a married couples or civil partners. It should be noted that as part of the suite of measures to deliver fiscal consolidation in Budget 2011, the Blind...

Written Answers — Department of Finance: Tax Rebates (8 Feb 2024)

Michael McGrath: I am advised that Revenue has received four separate claims for refunds under the Value-Added Tax (Refund of Tax) (Flat-rate Farmers) Order 2012 from the person concerned. The peak filing period for these claims is between mid-November (the Income Tax filing period) and late January, hence Revenue has experienced a large volume of claims and is currently addressing a 6-week backlog. The...

Written Answers — Department of Finance: Financial Services (8 Feb 2024)

Michael McGrath: The Financial Services and Pensions Ombudsman (FSPO) plays a vital role in the financial consumer protection framework in Ireland. The FSPO is committed to providing a receptive service that is delivered in an accessible and inclusive manner, responsive to the needs of its customers. The FSPO adheres to ‘Our Public Service’, a framework developed by the Department of Public...

Written Answers — Department of Finance: Financial Services (8 Feb 2024)

Michael McGrath: Consumers can make a complaint against a “financial service provider", as defined in section 2 of the Financial Services and Pensions Ombudsman Act, 2017, as amended (the “2017 Act”). This definition includes a “regulated financial service provider” within the meaning of section 2(1) of the Central Bank Act 1942, as amended. The functions and powers of...

Written Answers — Department of Finance: Financial Services (8 Feb 2024)

Michael McGrath: The majority of staff employed with the Financial and Pension Services Ombudsman (FSPO) are deemed to handle complaints, primarily as assigned case owners. The exceptions to this are staff working in support areas such as Corporate Services, HR and ICT. Complaint handlers, as at year end, 31 December 2019, 2020, 2021, 2022 and 2023 - 2019 2020 2021 ...

Written Answers — Department of Finance: Financial Services (8 Feb 2024)

Michael McGrath: On receipt by the Financial Services and Pensions Ombudsman (FSPO), all new complaints are reviewed and registered within two business days. Where the initial review identifies the complaint as “complete” with all relevant information on hand, and compliance steps verified, the file is prepared for referral to the Dispute Resolution Service. Where the initial review identifies...

Written Answers — Department of Finance: Tax Code (7 Feb 2024)

Michael McGrath: Capital Acquisitions Tax (CAT) is a tax on gifts and inheritances that is payable by the beneficiary of a gift or inheritance on the value of the property received. It is the relationship between the person providing the gift or inheritance (the disponer) and the person receiving the benefit (the beneficiary) that determines the tax-free threshold (Group threshold) below which CAT does not...

Written Answers — Department of Finance: Tax Code (7 Feb 2024)

Michael McGrath: I propose to take Questions Nos. 99 and 100 together. The Agri-Climate Rural Environment Scheme (ACRES) is an income support paid to farmers. ACRES payments will be subject to tax as income and will generally be taxed under Schedule D Case I as a receipt of a trade of farming. In the case of individual farmers, an ACRES payment will be subject to income tax and USC. In general,...

Written Answers — Department of Finance: Legislative Measures (7 Feb 2024)

Michael McGrath: Given that it seeks to amend the NTMA Acts in relation to investments made by the Ireland Strategic Investment Fund the Illegal Israeli Settlements Divestment Bill 2023 is under my Department’s responsibility. There has been engagement between my officials and officials of the Department of Foreign Affairs on the Bill since its publication in March last year. Such engagements have...

Written Answers — Department of Finance: Tax Code (7 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: Banking Sector (7 Feb 2024)

Michael McGrath: The sourcing and issuing of cheque books to their customers is an operational matter for the banks concerned and is, therefore, not a matter in which the Minister has a statutory function. However, a recommendation of the Retail Banking Review, which was published in November 2022, was that the Department of Finance should lead on the preparation of a new National Payments Strategy (NPS) to...

Written Answers — Department of Finance: Student Accommodation (7 Feb 2024)

Michael McGrath: The NTMA has 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: Official Travel (7 Feb 2024)

Michael McGrath: It is not possible for my Department to provide this information in the time available. I will make arrangements to provide this information to the Deputy as soon as possible in line with Standing Orders.