Results 21-40 of 14,661 for speaker:Michael McGrath in 'Written Answers'

Written Answers — Department of Finance: Tax Code (10 Apr 2024)

Michael McGrath: I propose to take Questions Nos. 28 and 30 together. As I set out in my response to an earlier question from the Deputy on this subject, the Government is acutely aware that the bulk purchase of homes deeply affects aspiring owner-occupiers and first time buyers, and has introduced numerous measures to address this. This has been addressed both through disincentivising bulk purchases, and...

Written Answers — Department of Finance: Tax Yield (10 Apr 2024)

Michael McGrath: I propose to take Questions Nos. 29 and 37 together. Overall, tax revenues in the first three months of the year were a continuation of what we saw over the second half of last year: steady growth in our income tax and VAT receipts but with notable volatility in corporation tax. Tax revenues of €20.1 billion were collected in the first of the quarter of the year, €0.3...

Written Answers — Department of Finance: General Government Debt (10 Apr 2024)

Michael McGrath: The Department’s latest assessment of public indebtedness in Ireland is set out in the Annual Report on Public Debt in Ireland for 2023, published in February. As highlighted in this report, gross public debt fell to an estimated 76 per cent of GNI* at end-2023, a significant reduction from its peak of 166 per cent of GNI* in 2012. The stock of public debt fell from €236...

Written Answers — Department of Finance: Business Supports (10 Apr 2024)

Michael McGrath: The Tax Debt Warehousing scheme has provided vital and practical liquidity support to businesses by assisting them with their cash-flow during difficult trading periods. The Scheme allowed businesses to temporarily defer VAT and Employer PAYE, certain self-assessed income tax liabilities, and Temporary Wage Subsidy Scheme and Employment Wage Subsidy Scheme overpayments on an interest-free...

Written Answers — Department of Finance: Tax Yield (10 Apr 2024)

Michael McGrath: I am advised by Revenue that net tax receipts by sector to year 2022 are available on the Revenue website www.revenue.ie/en/corporate/documents/statistics/receipts/ne t-receipts-by-sector.pdf. These tax receipts are presented according to the taxpayers’ primary economic activity classification (NACE). It should be noted that the sectoral breakdown cannot be taken as the exact tax...

Written Answers — Department of Finance: Tax Code (10 Apr 2024)

Michael McGrath: The Domicile Levy was introduced in the Finance Act 2010 to ensure that Irish-domiciled individuals who meet certain criteria make a contribution to the exchequer, irrespective of where they are resident for tax purposes. The purpose of the levy is to ensure that individuals with substantial income and assets located in the State make some sort of contribution to the exchequer. The...

Written Answers — Department of Finance: Flexible Work Practices (10 Apr 2024)

Michael McGrath: As the Deputy will be aware, the issue of cross border workers and the availability of remote working options has potential tax implications not only for this country but also on an international level. It is a very complex matter on which the State cannot move unilaterally. Discussions in relation to global mobility and the tax policy implications for cross border workers are ongoing at both...

Written Answers — Department of Finance: Housing Schemes (10 Apr 2024)

Michael McGrath: 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. The Help to Buy scheme has been a significant support for first...

Written Answers — Department of Finance: Fuel Prices (10 Apr 2024)

Michael McGrath: At the outset, the Deputies should note that both I and the Government are conscious of the implications of fuel costs for all sectors of society. This is reflected in the fact that in 2022 in light of the acute impact rising prices were having on households and business, the Government provided for excise rate reductions in the order of 21, 16 and 5.4 cent per litre on petrol, auto diesel...

Written Answers — Department of Finance: Departmental Schemes (10 Apr 2024)

Michael McGrath: My officials have been in contact with the individual in question many times, through written and telephone correspondence. They have advised the individual that the Department and I share concerns that the Disabled Drivers and Disabled Passengers Scheme (DDS) is no longer fit-for-purpose. The Government is considering proposals to replace the DDS. They have also advised the...

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

Michael McGrath: I propose to take Questions Nos. 271 and 314 together. In 2022 in light of the acute impact rising prices were having on households and business, the Government provided for excise rate reductions in the order of 21, 16 and 5.4 cent per litre on petrol, auto diesel and Marked Gas Oil (MGO) respectively. These temporary reductions were due to end initially on 31 August 2022 but following...

Written Answers — Department of Finance: EU Agreements (9 Apr 2024)

Michael McGrath: The annual contribution of Ireland to the EU Budget from 2013 until 2023 is outlined in Table 1 below: Table 1. EU Budget payments 2013-2023 Year Payments to EU Budget €m 2013 1,726 2014 1,686 2015 1,952 2016 2,023 2017 2,016 ...

Written Answers — Department of Finance: EU Agreements (9 Apr 2024)

Michael McGrath: My Department collects data on Ireland’s EU Budget receipts, from relevant Government Department's, for the previous year on an annual basis for publication in the Department of Finance Budgetary Statistics and EU Transactions Reports. This operational data may be subject to revision and any updates which may be required are reflected in subsequent publication releases....

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

Michael McGrath: As Minister for Finance, I am responsible for the development of the legal and policy framework governing financial regulation. As the Deputy will appreciate, I am unable to comment on individual cases, nor can I intervene in disputes that individuals may have with an insurance provider, including in the one specified. In situations where a person is not satisfied with the service of an...

Written Answers — Department of Finance: Illicit Trade (9 Apr 2024)

Michael McGrath: I am advised that Revenue has primary responsibility for the prevention, detection, interception and seizure of controlled drugs intended to be smuggled or illegally imported into, or exported from, the State. Revenue’s drugs interdiction strategy supports the Government’s strategic approach to the misuse of drugs under the National Drugs Strategy 2017-2025. The Government...

Written Answers — Department of Finance: Financial Irregularities (9 Apr 2024)

Michael McGrath: I propose to take Questions Nos. 276 and 310 together. In November 2022 the Court of Justice of the European Union ruled, in Joined Cases C-37/20 and C-601/20, that a provision of the EU AML directive, under which information on the beneficial ownership of corporate and other legal entities, held in central registers, must be provided to the general public, is invalid. The Court found that...

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

Michael McGrath: An individual who is resident or ordinarily resident, but not domiciled in the State, is taxable on the remittance basis of tax in respect of foreign income and gains. Such individuals pay tax on: (1) Income and gains arising in Ireland, (2) Foreign income which they “remit” or bring into the State, and (3) Foreign gains which they remit into the State where the...

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

Michael McGrath: An individual who is resident or ordinarily resident, but not domiciled in the State, is taxable on the remittance basis of tax in respect of foreign income and gains. Such individuals pay tax on: (1) Income and gains arising in Ireland, (2) Foreign income which they “remit” or bring into the State, and (3) Foreign gains which they remit into the State where the gain...

Written Answers — Department of Finance: Tax Credits (9 Apr 2024)

Michael McGrath: Mortgage Interest Tax Relief is available for home owners with an outstanding mortgage balance on their principal private residence of between €80,000 and €500,000 on 31 December 2022. It is available at the standard rate of income tax and is based on the increase in interest paid in 2023 over interest paid in 2022. The value of the relief will be equal to the lesser of...

Written Answers — Department of Finance: Tax Code (9 Apr 2024)

Michael McGrath: The Government remains committed to the environmental rationale behind the current emissions-based vehicle benefit-in-kind (BIK) regime, which has been in operation since 1 January 2023. Since this date, the amount taxable as BIK continues to be determined by the car’s Original Market Value (OMV) and the annual business kilometres driven, while new CO2 emissions-based bands determine...