Results 61-80 of 14,680 for speaker:Michael McGrath in 'Written Answers'

Written Answers — Department of Finance: Departmental Properties (9 Apr 2024)

Michael McGrath: I wish to advise the Deputy that my Department is provided with accommodation by the OPW and does not own or lease any properties.

Written Answers — Department of Finance: European Investment Bank (9 Apr 2024)

Michael McGrath: At the outset, the Deputy should note that as Minister for Finance, I have no role in the draw-down of any loans that have been agreed between the European Investment Bank (EIB) and borrowers here in Ireland. This is a commercial matter between the EIB and its borrowers, and neither I, nor my Department, have information in relation to loans drawn down in Ireland that the Deputy is seeking....

Written Answers — Department of Finance: Vacant Properties (9 Apr 2024)

Michael McGrath: The Living City Initiative (LCI) is a modest, targeted, measure which is aimed at very specific areas in urgent need of regeneration, it is provided for under sections 372AAA to 372AAD of the Taxes Consolidation Act 1997. It offers income or corporation tax relief for qualifying expenditure incurred in the refurbishment and conversion of qualifying residential and commercial buildings located...

Written Answers — Department of Finance: Vacant Properties (9 Apr 2024)

Michael McGrath: The Vacant Homes Tax (VHT) as announced in Budget 2023, aims to increase the supply of homes for rent or purchase to meet demand. Legislative provision for the tax was made in the Finance Act 2022. A residential property is in the scope of VHT, if it has been occupied as a dwelling for less than 30 days in a chargeable period. The first chargeable period for VHT commenced on 1 November...

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

Michael McGrath: I am aware of the contents of the Committee on Budgetary Oversight’s Report on Section 481 Film Tax Credit and that its recommendations cover a number of themes and policy areas for which responsibility lies across a number of Departments, and indeed, recommendations for action by the Committee itself. With regard to the recommendations wholly or partially directed to my...

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

Michael McGrath: Revenue has primary responsibility for the detection, interception and seizure of prohibited and restricted products, including controlled drugs, at points of entry into the State including our territorial waters and adjacent seas. It maintains an enforcement presence at strategic locations and places particular emphasis on developing an intelligence-based focus at both national and regional...

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

Michael McGrath: Help to Buy (HTB) is a scheme to assist first-time purchasers with the deposit they need to buy or build a new house or apartment. The incentive offers a refund on Income Tax and Deposit Interest Retention Tax (DIRT) paid in the State over the previous four years, subject to limits outlined in Section 477C of the Taxes Consolidation Act 1997. An increase in the supply of new housing...

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

Michael McGrath: Finance Act 1999 provides for the application of excise duty in the form of Mineral Oil Tax (MOT) to liquid fuels. MOT applies volumetrically which means that the amount of MOT charged is independent of the cost price of the fuel concerned. MOT comprises a carbon (MOTCC) and a non-carbon component (MOTNC). The carbon component, or carbon charge, is more commonly referred to as carbon tax. The...

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

Michael McGrath: The Disabled Drivers and 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 as defined, as a driver or as a passenger and also to certain charitable organisations. In order to qualify for relief, the applicant must hold a Primary...

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

Michael McGrath: Section 22 of Finance Act 2022 removed the difference in treatment between PRSAs and occupational pension schemes in relation to the funding rules, by abolishing the Benefit-in-Kind (BIK) charge on employer contributions to an employee’s PRSA. In addition, employer contributions to an employee’s PRSA are no longer counted towards an employee’s age related and salary...

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

Michael McGrath: In July 2023 my Department published a paper examining the Potential Fiscal Impacts of the Transition to a Lower Carbon Economy in Ireland. The paper examined the potential fiscal impacts of current domestic climate action policies including commitments in the Climate Action Plan 2023 and the Programme for Government and is available online :...

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

Michael McGrath: There is a robust consumer protection framework in place in relation to mortgages and other credit agreements. This regulatory consumer protection framework provides the same protections for all consumers, regardless of the regulated entity with whom they are dealing such as a bank, a retail credit firm or a credit servicing firm. This framework seeks to ensure that all Central Bank...

Written Answers — Department of Finance: Departmental Advertising (9 Apr 2024)

Michael McGrath: The work of the Department of Finance does not involve paid advertising campaigns on any media platforms or formats.

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

Michael McGrath: As the Deputy will be aware the 9 per cent VAT rate applied on a temporary basis to the hospitality and tourism sectors until 31 August 2023 when it reverted to the 13.5 per cent rate. The 9 per cent 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...

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

Michael McGrath: As the Deputy may be aware, in Section 38 of Finance Act 2018 a partial repayment of Vehicle Registration Tax (VRT) was removed. It reflected the VRT charged on the VAT element of the vehicle. The relief was a legacy from 1993 when vehicle excise duty was being replaced by VRT, to ease the transition for car leasing and hire companies, by ensuring their costs didn’t increase under the...

Written Answers — Department of Finance: Tax Reliefs (9 Apr 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 longer than anticipated to get to this point. In this regard four Expression of Interest campaigns had to be run over 18 months to source the legislatively required five members....

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

Michael McGrath: The labour market continued to perform robustly throughout 2023, with the level of employment reaching a record high of 2.71 million in the fourth quarter. The continued momentum in the labour market has been remarkable with almost 90,000 jobs added over the course of last year and around 330,000 added since just before the pandemic. In line with this, the unemployment rate averaged 4.3 per...

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

Michael McGrath: I am advised by Revenue that an amended Tax Credit Certificate, confirming tax credit and rate band allocations for 2024, was issued to the person concerned on 29 March 2024. Revenue have further advised that a refund of Income Tax/Universal Social Charge (USC) due for 2024, will issue in their upcoming payroll. Should the person concerned require any further clarification they can...

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

Michael McGrath: Capital Acquisitions Tax (CAT) is the tax that applies to gifts and inheritances. The relationship between the person who provides a gift or inheritance (the disponer) and the person who receives a gift or inheritance (the beneficiary) determines the maximum tax-free threshold (Group threshold) below which CAT does not arise. Any prior gifts or inheritances received by a beneficiary since...

Written Answers — Department of Finance: Capital Expenditure Programme (9 Apr 2024)

Michael McGrath: Fiscal multipliers are an important consideration when preparing economic projections and estimating the impact of public expenditure on economic growth. However, isolating the multiplier effect is complicated by the nature of public investment. Public investment does not occur in a vacuum, but rather takes place at a particular point in time against the backdrop of a range of economic and...