Results 141-160 of 27,945 for speaker:Michael McGrath

Seanad: Future Ireland Fund and Infrastructure, Climate and Nature Fund Bill 2024: Report and Final Stages (12 Jun 2024)

Michael McGrath: In regard to the value of the spend from the infrastructure, climate and nature fund on climate measures, we have earmarked €3.15 billion. The balance is to underpin the public capital programme and the investment under the national development plan, NDP, which has a whole range of environmental and green tests, as would be expected. It is not the case that the remainder of the fund...

Seanad: Future Ireland Fund and Infrastructure, Climate and Nature Fund Bill 2024: Report and Final Stages (12 Jun 2024)

Michael McGrath: I thank Senator Higgins for these amendments and the work that clearly has gone into them. Several of them were discussed on Committee Stage. In response to amendments Nos. 4 to 6, I would like to make a number of points. The main point to consider is that a finite amount of resources are being deployed from the fund. Adding further objectives would dilute its impact in the existing...

Seanad: Future Ireland Fund and Infrastructure, Climate and Nature Fund Bill 2024: Report and Final Stages (12 Jun 2024)

Michael McGrath: I acknowledge the Senator’s comments. When looking at section 20 objectively, titled “Designated environmental projects”, there are a range of areas where a project that contributes directly or indirectly, or is likely to so contribute, can be designated as a project that can be funded under this fund. For example, the reduction of greenhouse gas emissions in the State...

Seanad: Future Ireland Fund and Infrastructure, Climate and Nature Fund Bill 2024: Report and Final Stages (12 Jun 2024)

Michael McGrath: I thank the Senator for her consideration of the application of the Fossil Fuel Divestment Act to these new funds. I know this was discussed on Committee Stage. The first amendment proposes to remove the mechanism to allow the investment to proceed where the agency is satisfied that it is in line with the achievement of the national climate objectives. Section 31(3) of the Bill and the...

Seanad: Future Ireland Fund and Infrastructure, Climate and Nature Fund Bill 2024: Report and Final Stages (12 Jun 2024)

Michael McGrath: I can put some further information on the record of the House. I note that this de minimis approach has worked well in the experience of ISIF. For example, at the end of 2023, the percentage of fossil fuel exposures in pooled vehicles in which ISIF was an investor ranged from 0% to just under 10%. Further to this, many of the higher exposures relate to emerging markets, for example, India...

Seanad: Future Ireland Fund and Infrastructure, Climate and Nature Fund Bill 2024: Report and Final Stages (12 Jun 2024)

Michael McGrath: I thank the Senator for this amendment, which also formed part of the debate on Committee Stage in the House. I appreciate that the Senator's intention is, primarily at least, to attempt to ensure that State funds are not invested by the NTMA in occupied territories, including the occupied Palestinian territories or Western Sahara and, where they are invested, that the NTMA would divest from...

Seanad: Future Ireland Fund and Infrastructure, Climate and Nature Fund Bill 2024: Report and Final Stages (12 Jun 2024)

Michael McGrath: I thank the Senator. The legislative basis for all of the investments made by ISIF is the NTMA Act 2014. Those investments are provided for within the investment policy and strategy. I have no evidence to suggest that any investment ISIF has in its global portfolio is illegal or does not have a sound legal basis. I wish to be clear on that point. As the Senator has acknowledged, the...

Seanad: Future Ireland Fund and Infrastructure, Climate and Nature Fund Bill 2024: Report and Final Stages (12 Jun 2024)

Michael McGrath: I thank Members of the House for their consideration of the Bill in recent weeks. I thank the House for the broad support - it was not unanimous but there was broad support from the House. It would be remiss of me not to thank the officials in my Department and the Attorney General's office. This was complex legislation. It is unusual that a Bill brought forward can go through the...

Written Answers — Department of Finance: EU Meetings (12 Jun 2024)

Michael McGrath: In the period requested (27 June 2020 – 7 June 2024) the following meetings of the Economic and Financial Affairs Council (ECOFIN) have taken place: - Physical Virtual Total Formal ECOFIN Meetings 27 4 31 Informal ECOFIN Meetings 8 10 18 ...

Written Answers — Department of Finance: Flexible Work Practices (12 Jun 2024)

Michael McGrath: I wish to inform the Deputy that my Department has achieved the Government mandated public sector remote working target of 20%, in line with Government commitments. My Department launched its Blended Working Policy on 1st July 2022, which was developed in line with the key principles and parameters of the Civil Service Blended Working Policy Framework. However, blended and remote working has...

Written Answers — Department of Finance: Tax Reliefs (12 Jun 2024)

Michael McGrath: The Disabled Drivers & 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. Depending on the nature of the Primary Medical Certificate holder as a disabled driver or a disabled passenger, and on the nature of adaptations, the maximum allowable limit of VRT and VAT reliefs provided across four...

Written Answers — Department of Finance: Tax Code (11 Jun 2024)

Michael McGrath: The Help to Buy (“HTB”) incentive, is a scheme administered by Revenue to assist first-time purchasers with the deposit they need to buy or build a new house or apartment to live in as their home. The incentive gives a refund of Income Tax and Deposit Interest Retention Tax (“DIRT”) paid in Ireland over the previous four years, subject to limits outlined in the...

Written Answers — Department of Finance: Tax Forms (11 Jun 2024)

Michael McGrath: I am advised by Revenue that section 469 of the Taxes Consolidation Act 1997 (TCA 1997) provides for tax relief where an individual proves that he or she has incurred costs in respect of qualifying health expenses. Only “health expenses” incurred in the provision of “health care”, which has been carried out or advised by (in certain circumstances) a practitioner,...

Written Answers — Department of Finance: Tax Code (11 Jun 2024)

Michael McGrath: The legislation governing the deductibility of expenses incurred in employment is contained in section 114 Taxes Consolidation Act 1997 (TCA). To qualify for tax relief under this section, any expenses of travelling (and subsistence relating to that travel) must be necessarily incurred in the performance of the duties of the relevant employment. For all other expenses, they must be wholly,...

Written Answers — Department of Finance: Budget 2024 (11 Jun 2024)

Michael McGrath: The Tax Policy Changes document, which was published as part of Budget 2024, set out both the first and full year cost of tax policy measures. Carryover is calculated as the difference between the impact of a measure on a full year and on 2024. The impact of carryover will be reviewed as part of the normal budgetary process, as there are several moving parts to be considered, such as the...

Written Answers — Department of Finance: Tax Code (11 Jun 2024)

Michael McGrath: I am taking this question to refer to the model of Financial Transactions Tax proposed by the European Commission, initially in 2011 and then revised under the EU’s enhanced cooperation procedure in February 2013. The proposed rate on exchanges of shares was 0.1% and the proposed rate for derivative transactions was 0.01%. Ireland already has a tax on financial transactions, a Stamp...

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

Michael McGrath: In October 2021, Ireland, along with more than 135 other countries, signed up to the two-pillar solution to address the tax challenges arising from digitalisation. Discussions remain on-going at the OECD on a number of key elements of Pillar One which, once agreed, would involve a portion of taxable profits from Irish-based multinationals being reassigned to other jurisdictions and,...

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

Michael McGrath: As previously outlined , 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. However in order for them to be exempt, there has to be a formal registration process thus explaining why counsellors and...

Written Answers — Department of Finance: Insurance Coverage (11 Jun 2024)

Michael McGrath: At the outset, I wish to reassure the Deputy that I recognise the concerns felt by some sport and recreation clubs regarding insurance cover. Officials from my Department have engaged with representative groups in the sector and have determined that there does not appear to be a widespread issue with market capacity. Notably, last summer, the rebalancing of the Duty of Care—one of the...

Written Answers — Department of Finance: Departmental Data (11 Jun 2024)

Michael McGrath: I wish to inform the Deputy that my Department has made available training in unconscious bias open to all staff. This comprised a half day workshop on Unconscious Bias which took place in both 2021 and 2022. This training programme aims to assist staff in recognising their biases and assist in the promotion of equality. The training provider was The Hobbs Consultancy and the cost of the...