Results 161-180 of 14,686 for in 'Written Answers' speaker:Michael McGrath

Written Answers — Department of Finance: Tax Collection (7 Mar 2024)

Michael McGrath: Finance Act 2000 introduced the gross roll-up taxation regime for investments in domestic funds (in section 58) and for investments in life policies (in section 53). While Finance Act 1990 had introduced anti-avoidance rules that are known as the “offshore funds” regime, Finance Act 2001 (section 72) amended the offshore funds regime to provide for gross roll-up in certain...

Written Answers — Department of Finance: Tax Reliefs (7 Mar 2024)

Michael McGrath: As the Deputy will appreciate, the introduction of any new tax expenditure measure takes place in the context of the annual Budget and Finance Bill process. Proposals for tax expenditure measures are assessed in accordance with my Department's Tax Expenditure Guidelines. These make clear that any policy proposal which involves tax expenditures should only occur in limited circumstances where...

Written Answers — Department of Finance: Tax Collection (7 Mar 2024)

Michael McGrath: I am advised by Revenue, that Revenue is precluded under Section 851A of the Taxes Consolidation Act 1997 from commenting on the tax affairs of an individual, business or entity. Revenue is, therefore, not in a position to comment on the specific case or details referred to in this question.

Written Answers — Department of Finance: Tax Yield (7 Mar 2024)

Michael McGrath: As the Deputy will be aware the pension fund levy was introduced at a time when the economy was in very serious difficulties. It was charged on the market value of assets in pension schemes held on 30 June in each year at a rate of 0.6% (2011 to 2013), 0.75% (2014) and 0.15% (2015). The levy was discontinued from 2016. Liability for the levy rested with trustees of pension schemes and...

Written Answers — Department of Finance: Tax Reliefs (7 Mar 2024)

Michael McGrath: The Drivers and Passengers with Disabilities Scheme (DPDS) is provided for by Section 92 of the Finance Act 1989 and associated regulations and provides for repayment or remission of VAT and Vehicle Registration Tax (VRT), up to a certain limit, on the purchase or adaption of a vehicle for the transport of a person with specific severe and permanent physical disabilities. The Scheme is...

Written Answers — Department of Finance: Tax Credits (7 Mar 2024)

Michael McGrath: Further to my previous reply, the Deputy may wish to note that Rent Tax Credit (RTC) claims are made in relation to a particular year of tax assessment. I previously provided a table setting out the numbers of taxpayer units claiming RTC, broken down by year of assessment and by county as at 22 February 2024. For ease of reference, I am again providing this table below. Taxpayers have up to...

Written Answers — Department of Finance: Customs and Excise (7 Mar 2024)

Michael McGrath: I am advised by Revenue that from a Customs perspective, the temporary admission procedure can be used to import goods from outside the European Union for display at exhibitions or fairs. Under this procedure non-Union goods intended for re-export and subject to a specific use while in the EU can be temporarily imported with total relief from import duties. This procedure can be used...

Written Answers — Department of Finance: Tax Reliefs (7 Mar 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. Mortgage Interest Tax Relief 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...

Written Answers — Department of Finance: Departmental Schemes (6 Mar 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 (6 Mar 2024)

Michael McGrath: I am informed by the Revenue Commissioners that for the tax year 2003 and earlier years claims for tax incentive schemes on property were aggregated in tax returns with other claims and could not be distinguished from other reliefs claimed. Accordingly, the specific information on costs for 2003 and earlier years are not available. I am also advised by the Revenue Commissioners that data...

Written Answers — Department of Finance: Departmental Staff (6 Mar 2024)

Michael McGrath: All lump sum payments to civil servants retiring from the Department of Finance are paid from Vote 12 Superannuation and Retired Allowances overseen by the Minister for Public Expenditure, NDP Delivery and Reform subject to normal eligibility requirements. Ministerial personal staff employed on temporary contracts are entitled to severance/ex-gratia payments, including statutory...

Written Answers — Department of Finance: Departmental Staff (6 Mar 2024)

Michael McGrath: In the years from 2019 to date, my Department and the bodies under the aegis of my Department did not grant any exit, severance or redundancy packages of €200,000 and above.

Written Answers — Department of Finance: Revenue Commissioners (6 Mar 2024)

Michael McGrath: I am advised by Revenue that, in compliance with section 851A of the Taxes Consolidation Act 1997 (TCA), it is not permitted to disclose details relating to the tax affairs of any individual taxpayer or taxable entity, except in certain limited circumstances provided for in law, for example in the case of tax settlements meeting the criteria for publication under section 1086 of the TCA. ...

Written Answers — Department of Finance: Banking Sector (6 Mar 2024)

Michael McGrath: As Minister for Finance, I have no role in commercial and operational decisions in any particular bank, even one in which the State has a shareholding. Decisions in this regard are the sole responsibility of the board and management of the banks, which must be run on an independent and commercial basis. This independence is protected by a Relationship Framework which is a legally binding...

Written Answers — Department of Finance: Tax Code (6 Mar 2024)

Michael McGrath: I am advised by Revenue that rental income from Irish-situate property is normally taxable under what is known as Case V of Schedule D of the Taxes Consolidation Act 1997 (TCA) and that Ireland retains taxing rights on income from “immovable property” located in the State under Article 6 of the Double Taxation Agreement between Ireland and the United States of America....

Written Answers — Department of Finance: Departmental Staff (6 Mar 2024)

Michael McGrath: I wish to inform the Deputy that the details of exit packages paid to staff as requested are set out below: In 2016, 2018 and 2019 no exit packages were paid to staff. 2017: Special Adviser; Redundancy of €24,576 Civilian Driver; Redundancy of €7,944 and Severance of €15,921.68 Civilian Driver; Redundancy of €,7944 and Severance of €15,971.62 2020:...

Written Answers — Department of Finance: Customs and Excise (6 Mar 2024)

Michael McGrath: Where a country is not a member of the European Union, it must be treated as a ‘third country’ for VAT and customs purposes. The UK’s relationship with the European Union is somewhat more complicated, in that while most of the UK is outside of the European Union with regards to VAT and customs, Northern Ireland remains within the European Union from the perspective of the...

Written Answers — Department of Finance: Tax Reliefs (5 Mar 2024)

Michael McGrath: In relation to the Deputy’s question regarding tax reliefs in respect of student fees and rent paid for third level education in the UK, the following matters are relevant. Section 473A of the Taxes Consolidation Act 1997 provides for tax relief on third-level tuition fees where an individual incurs “qualifying fees” in respect of an “approved course”. ...

Written Answers — Department of Finance: Financial Services (5 Mar 2024)

Michael McGrath: I am aware of the matter that the Deputy has raised. I have not received any correspondence from the Central Bank on this matter. I have been informed by the Central Bank that it does not have any details of the number of Irish investors in this fund. Investors should be aware that the value of their investments may go down as well as up and the Investor Compensation Scheme - which deals...

Written Answers — Department of Finance: Tax Credits (5 Mar 2024)

Michael McGrath: The rent tax credit was introduced by Finance Act 2022 and will be available in respect of qualifying payments made during the 2022 to 2025 years of assessment inclusive. There is nothing in the arrangements in place for the rent tax credit that seeks to expressly exclude those in receipt of State Pensions from qualifying for the relief. While it is not possible to determine why this the...