Results 61-80 of 14,767 for in 'Written Answers' speaker:Michael McGrath

Written Answers — Department of Finance: Tax Code (23 Apr 2024)

Michael McGrath: Ireland’s taxation of fuel is governed by European Union law as set out in Directive 2003/96/EC, commonly known as the Energy Tax Directive (ETD). The ETD prescribes minimum tax rates for fuel with which all Member States must comply. ETD provisions on mineral oils are transposed into national law in Finance Act 1999 (as amended). Finance Act 1999 provides for the application of...

Written Answers — Department of Finance: Banking Sector (23 Apr 2024)

Michael McGrath: To January 2024, the State has recovered €6.24bn of our investment in AIB by way of the IPO of AIB in 2017, the ongoing AIB trading plan, the four share sales during 2022 and 2023 and the two share buybacks which together, have reduced our shareholding from 99% to below 39% today. DATE SHARE SALE NO. SHARES SOLD AVERAGE PRICE GROSS PROCEEDS...

Written Answers — Department of Finance: Tax Data (23 Apr 2024)

Michael McGrath: As the Deputy is aware, 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: Tax Exemptions (23 Apr 2024)

Michael McGrath: I propose to take Questions Nos. 200, 207 and 212 together. As the Deputies will be aware, the VAT rating of goods and services is subject to the requirements of EU VAT law with which Irish VAT law must comply. Under our legislation the provision of medical care services by recognised medical professionals are exempt from VAT. This includes health professionals registered under the...

Written Answers — Department of Finance: Insurance Coverage (23 Apr 2024)

Michael McGrath: I propose to take Questions Nos. 201 to 203, inclusive, together. As the Minister for Finance overseeing the legal framework governing financial services regulation, including the insurance sector, I fully understand the concerns of those who find it difficult to obtain flood cover when taking out a home insurance policy. Current Government policy in relation to flood insurance...

Written Answers — Department of Finance: Financial Services (23 Apr 2024)

Michael McGrath: I note the Deputy's query in relation to the introduction of a scheme in Ireland similar to the UK ISA scheme. The introduction of a new financial services product on the lines of the UK ISA would need to be considered in the wider policy context. The introduction of a similar type scheme would need to comply with EU financial services legislative and regulatory requirements and the tax...

Written Answers — Department of Finance: Tax Reliefs (23 Apr 2024)

Michael McGrath: I propose to take Questions Nos. 205 and 206 together. I am advised by Revenue that the number of help-to-buy claims approved since 1 July 2020, broken down by county, are as set out in the table below, along with the number of applicants associated with these claims. These figures include data in relation to both purchases and self-builds. Also included is the ‘Number of Claims by...

Written Answers — Department of Finance: Tax Reliefs (23 Apr 2024)

Michael McGrath: The legislation governing the deductibility of expenses incurred in employment is contained in section 114 of the Taxes Consolidation Act 1997 (TCA). 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...

Written Answers — Department of Finance: Tax Exemptions (23 Apr 2024)

Michael McGrath: Finance Act 2021 introduced Part 22A Residential Zoned Land Tax (RZLT) into the Taxes Consolidation Act 1997. The RZLT is designed to prompt residential development by owners of land that is zoned for residential or mixed-use (including residential) purposes and that is serviced. RZLT is an annual tax, calculated at a rate of 3% of the market value of the land within its scope. The tax...

Written Answers — Department of Finance: State Claims Agency (23 Apr 2024)

Michael McGrath: In responding to the Deputy's question the NTMA have informed me that the information contained within the table at the link below was extracted from the National Incident Management System (NIMS). The NTMA notes that claims numbers may differ slightly from previous reports due to claim reclassifications in the intervening period and that coverage does not include Property Damage Recovery...

Written Answers — Department of Finance: Primary Medical Certificates (23 Apr 2024)

Michael McGrath: My Department and I share concerns that the Disabled Drivers and Disabled Passengers Scheme (DDS) is no longer fit-for-purpose and believe it should be replaced with a needs-based, grant-led approach for necessary vehicle adaptations that could serve to improve the functional mobility of the individual. However this is very much a matter for Government as whilst my Department has...

Written Answers — Department of Finance: Departmental Bodies (23 Apr 2024)

Michael McGrath: The Deputy should note that 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 took longer than anticipated to recruit a new Board. In this regard four Expression of Interest campaigns had to be run over 18 months to source the legislatively...

Written Answers — Department of Finance: EU Directives (23 Apr 2024)

Michael McGrath: This issue arose after amendments were agreed to the VAT Directive in February 2020 to create a new record keeping obligation for payment service providers established in the EU. The purpose of the new requirements is to allow Member States to collect payment data from payment service providers to assist tax administrations in tackling cross-border VAT fraud associated with eCommerce. Two...

Written Answers — Department of Finance: State Bodies (23 Apr 2024)

Michael McGrath: The NTMA have informed me that ISIF publishes a detailed list of individual investments in its portfolio each year in the NTMA annual report. The 2022 annual report is the most recent list of individual investments that has been published, detailing the position at end 2022. Please see the relevant link: www.ntma.ie/annualreport2022/documents/NTMA-Annual-Report-20 22-English.pdf The...

Written Answers — Department of Finance: State Bodies (23 Apr 2024)

Michael McGrath: I am informed by the Central Bank of Ireland, that they held approximately €17bn of Investment Assets at the end of 2023, mostly invested in government bonds and other high-quality fixed income (bond) instruments issued by multilateral development banks, supranational organisations and government-linked agencies. The Central Bank also holds equity investments, on a ‘passive...

Written Answers — Department of Finance: Insurance Coverage (23 Apr 2024)

Michael McGrath: As Minister for Finance, I have policy responsibility for the development of the legal framework governing financial services regulation, including for the insurance sector. In terms of the challenges associated with obtaining flood cover, please be aware that the provision of such cover is a commercial matter for insurance companies, based on an actuarial assessment of the risks they are...

Written Answers — Department of Finance: Tax Code (18 Apr 2024)

Michael McGrath: I am advised by Revenue that the standard rates of stamp duty applying on the purchase of residential property are 1% on values up to €1 million and 2% on values exceeding €1 million. Section 31E of the Stamp Duties Consolidation Act (SDCA) 1999 provides for a higher 10% rate of stamp duty to be charged on the acquisition of residential properties situated in the State,...

Written Answers — Department of Finance: Tax Exemptions (18 Apr 2024)

Michael McGrath: I propose to take Questions Nos. 150 to 152, inclusive, and 158 together. As the Deputies will be aware, the VAT rating of goods and services is subject to the requirements of EU VAT law with which Irish VAT law must comply. Under our legislation the provision of medical care services by recognised medical professionals are exempt from VAT. This includes health professionals registered...

Written Answers — Department of Finance: Illicit Trade (18 Apr 2024)

Michael McGrath: I propose to take Questions Nos. 153 to 155, inclusive, together. I am advised that Revenue is committed to targeting the illegal importation and exportation of prohibited and restricted goods and implements a range of measures to identify and target illegal smuggling, including duty free tobacco and alcohol in excess of duty-free allowances, and where possible, prosecuting those involved....

Written Answers — Department of Finance: Probate Applications (18 Apr 2024)

Michael McGrath: I thank the Deputy for his question. By way of background, "nomination" is a legally binding agreement under which a credit union member can nominate a third party to be the recipient of the member’s money after their death, up to a limit of €27,000. The effects of nomination are that any amounts up to €27,000 will pass outside the terms of any will. Nomination is a...