Results 101-120 of 14,767 for speaker:Michael McGrath in 'Written Answers'

Written Answers — Department of Finance: Tax Exemptions (16 Apr 2024)

Michael McGrath: I propose to take Questions Nos. 228, 229, 233 and 236 to 239, inclusive, 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...

Written Answers — Department of Finance: Tax Code (16 Apr 2024)

Michael McGrath: At the outset, the Deputy 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: Currency Circulation (16 Apr 2024)

Michael McGrath: Where a business places no restrictions on the means of payment it is prepared to accept, it must accept cash as legal tender when offered by a customer to settle a debt that has arisen. If a business specifies payment must be in a form other than cash, the customer cannot subsequently claim a legal right to pay in cash. This can be achieved by, for example, placing a sign stating,...

Written Answers — Department of Finance: Covid-19 Pandemic Supports (16 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: Departmental Reports (16 Apr 2024)

Michael McGrath: As the Deputy is aware the Housing for All Investment Workstream, chaired by the Department of Finance, was established to support the delivery of the Government's Housing for All plan. A key commitment of the Investment Workstream has been to advance the understanding of the funding landscape for the residential development. In 2023, the Department published a comprehensive report on the...

Written Answers — Department of Finance: Departmental Reviews (16 Apr 2024)

Michael McGrath: As the Deputy is aware, in July 2023, I announced an extension to the Ireland Strategic Investment Fund (ISIF) funding programme to deliver new homes, with a new €400 million allocation for equity-based investments in new housing projects. This allocation builds on ISIF’s existing housing related commitments of €1.2 billion which has supported the delivery of 11,250...

Written Answers — Department of Finance: Housing Schemes (11 Apr 2024)

Michael McGrath: The Help to Buy (HTB) scheme assists first-time purchasers with the deposit they need to buy or build a new house or apartment. The scheme provides for a refund of Income Tax and Deposit Interest Retention Tax (DIRT) paid in the State over the previous four years, subject to certain conditions being met. One of the key policy aims of the HTB scheme is to incentivise the construction of...

Written Answers — Department of Finance: Pension Provisions (11 Apr 2024)

Michael McGrath: The well-established policy objective for tax relief on pension contributions is to encourage individuals to save for retirement; to help meet a targeted level of supplementary pension coverage and income replacement; and to assist in preventing an over-reliance on State support for citizens in later life, particularly given emerging demographic developments. Accordingly, pensions have...

Written Answers — Department of Finance: Tax Yield (11 Apr 2024)

Michael McGrath: I am advised by Revenue that traders are not required to identify the VAT yield generated from the supply of specific goods and services on their VAT returns. Therefore, it is not possible to provide the value of VAT collected with respect to petrol and diesel using information provided on tax returns. However, using Revenue’s excise clearances volumes and available third party data...

Written Answers — Department of Finance: Tax Exemptions (11 Apr 2024)

Michael McGrath: The Residential Zoned Land Tax (RZLT) was introduced in Finance Act 2021. It is a new tax 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 being developed forward for housing. The tax is an action...

Written Answers — Department of Finance: Inflation Rate (10 Apr 2024)

Michael McGrath: Inflation reached multi-decade highs in 2022, averaging 8.1 per cent with a peak of 9.6 per cent in June 2022 (as measured by the HICP). Whilst the initial driver of this inflationary pressure was a surge in global energy prices, it subsequently became increasingly broad-based as price pressures spread throughout the economy. Since then, significant progress has been made in reducing...

Written Answers — Department of Finance: Legislative Process (10 Apr 2024)

Michael McGrath: The Future Ireland Fund and Infrastructure, Climate and Nature Fund Bill 2024 was published on 25 March 2024. The Infrastructure, Climate and Nature Fund (ICN Fund) is one of the two new funds being established under this Bill. From 2026, it will be possible to draw down from the fund to support State expenditure in certain circumstances. The rationale for allowing access to the ICN Fund...

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

Michael McGrath: The Deputy should note at the outset that all energy products used for motor or heating purposes are subject to excise duty. Liquid fuels and natural gas used as a propellant are chargeable to Mineral Oil Tax. Natural gas used for all other fuel purposes is subject to Natural Gas Carbon Tax. Solid fuels, including coal, peat and peat products, are subject to Solid Fuel Carbon Tax. Mineral Oil...

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

Michael McGrath: I am advised that my Department does not produce projections for gross trading profits or the usage of capital allowances. Detailed data on the calculation of corporation tax liabilities, including on these metrics, is published by the Revenue Commissioners. This can be found on Revenue’s website at: www.revenue.ie/en/corporate/information-about-revenue/statis...

Written Answers — Department of Finance: Financial Services (10 Apr 2024)

Michael McGrath: The Financial Services and Pensions Ombudsman (FSPO) plays a vital role for consumers of financial services in Ireland, as part of a robust financial consumer protection framework. It is an independent, impartial, fair and free service that helps resolve complaints against financial service providers. The statutory functions of the FSPO are set out in the Financial Services and Pensions...

Written Answers — Department of Finance: Climate Action Plan (10 Apr 2024)

Michael McGrath: The Deputy should note that Government policy with regard to greenhouse gas emissions and taxation is based on the polluter-pays principle, whereby high emission energy products, fuels or vehicles are subject to the highest levels of taxation. National taxation measures are reviewed and examined as part of the annual budgetary cycle and policy options are published in the Tax Strategy Group...

Written Answers — Department of Finance: Insurance Industry (10 Apr 2024)

Michael McGrath: Insurance reform is a key priority for this Government and is being delivered via the Action Plan for Insurance Reform. As per the most recent Action Plan Implementation Report, published in February 2024, the vast bulk of the actions it contains are now either delivered or initiated. The importance that Government places on the Action Plan is evidenced by the fact that implementation is...

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

Michael McGrath: I propose to take Questions Nos. 19 and 34 together. Mortgage Interest Tax Relief (MITR) is available to 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 the interest paid in 2023 over interest...

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

Michael McGrath: I am advised by Revenue that it is not possible to provide the Deputy with an estimate of unclaimed tax allowances and other benefits. Any overpayments due to PAYE taxpayers can only be quantified when they submit their Income Tax Returns at the end of the year and claim any additional credits or reliefs that may be due. At the end of every year, Revenue makes an Employment Detail...

Written Answers — Department of Finance: Banking Sector (10 Apr 2024)

Michael McGrath: Throughout recent changes to the banking sector, including the departure of two banks from the Irish market, the existing robust financial consumer protection framework has supported consumers of financial services in Ireland. Notwithstanding the strong consumer protection framework in Ireland, the retail banking sector is subject to ongoing change. While some of this is driven by statutory...