Results 181-200 of 27,727 for speaker:Michael McGrath

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Future Ireland Fund and Infrastructure, Climate and Nature Fund Bill 2024: Committee Stage (Resumed) (8 May 2024)

Michael McGrath: I thank the Deputies for their contributions. First, I wish to make the point that the area of housing will benefit from the infrastructure, climate and nature fund. We have to learn the lessons from what happened in recent decades, when investment in housing and other areas of critical public infrastructure was cut from peak to trough by approximately 60% because the funding was not there....

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Future Ireland Fund and Infrastructure, Climate and Nature Fund Bill 2024: Committee Stage (Resumed) (8 May 2024)

Michael McGrath: That is correct. There could be a circumstance in which in one year it could be up to 47.5%.

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Future Ireland Fund and Infrastructure, Climate and Nature Fund Bill 2024: Committee Stage (Resumed) (8 May 2024)

Michael McGrath: Yes. It is section 26, subsection (3): The Minister shall, in preparing his or her report under this section, have regard to— (a) the report received from the Fiscal Council ... and (c) such other matters as the Minister considers appropriate. He or she will then reach his or her own conclusion. The wording is "have regard to", that is, consider.

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Future Ireland Fund and Infrastructure, Climate and Nature Fund Bill 2024: Committee Stage (Resumed) (8 May 2024)

Michael McGrath: I thank the Deputy. As he said, the fiscal council shall report not later than 30 September. There is a requirement to publish it in each year in which the Minister receives a report. It shall publish it on a website. It is not defined in legislation exactly but I think it should be published quickly.

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Future Ireland Fund and Infrastructure, Climate and Nature Fund Bill 2024: Committee Stage (Resumed) (8 May 2024)

Michael McGrath: I suspect it will publish it immediately anyway. I have no issue with that.

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Future Ireland Fund and Infrastructure, Climate and Nature Fund Bill 2024: Committee Stage (Resumed) (8 May 2024)

Michael McGrath: Yes, 30 September is the deadline but IFAC will be aware of the timing in the context of the calendar and I am sure it will provide it earlier. That is the deadline for it to be considered in the context of the budget. I have no doubt it will be earlier. That is a point we can take up administratively with IFAC, that such a report would come as early as possible to allow full consideration.

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Future Ireland Fund and Infrastructure, Climate and Nature Fund Bill 2024: Committee Stage (Resumed) (8 May 2024)

Michael McGrath: Yes, agreed.

Written Answers — Department of Finance: Tax Data (8 May 2024)

Michael McGrath: I am advised by Revenue that, based on stamp duty returns for 2023, the latest year for which fully analysed data is available, the estimated cost of abolishing stamp duty for first-time buyers of residential properties valued at less than €400,000 is in the order of €33 million. It is not possible to extract an estimate for houses only as apartments and houses are not...

Written Answers — Department of Finance: Revenue Commissioners (8 May 2024)

Michael McGrath: Revenue has advised me that it currently has a total of 330 Clerical Officers (COs) and 91 Executive Officers (EOs) providing the full range of PAYE services. Of those officers, approximately 190 COs are on phone duties with the remainder working on correspondence received online or via the postal system. The EOs are allocated to support the phones and correspondence in a similar proportion,...

Written Answers — Department of Finance: Illicit Trade (8 May 2024)

Michael McGrath: I am advised by Revenue that electronic cigarettes, vapes and electronic liquids are not excisable products within the meaning of section 97 of Finance Act 2001 and section 71 of Finance Act 2005. The European Union (Manufacture, Presentation and Sale of Tobacco and Related Products) Regulations 2016 (S.I. No. 271 of 2016) is the primary source of regulation of such products, in respect of...

Written Answers — Department of Finance: Illicit Trade (8 May 2024)

Michael McGrath: I am advised by Revenue that x-ray scanners, which are an integral component of its response framework targeting fraud, illicit trade, smuggling and organised crime, are just one component of a suite of resources, detection equipment and technologies deployed by them, in addition to the application of the comprehensive legal framework as set out in relevant tax and customs legislation....

Written Answers — Department of Finance: Departmental Staff (8 May 2024)

Michael McGrath: I wish to advise the Deputy that neither my Department, nor any of the bodies under the aegis of my Department, has any staff suspended from work on full pay pending disciplinary investigations.

Written Answers — Department of Finance: European Union (8 May 2024)

Michael McGrath: My Department does not have responsibility for the management of specific EU funds and programmes, which are managed individually by Departments with the relevant lead policy responsibilities. In this regard, I understand the Deputy has submitted a similar question to a number of Departments. My Department is primarily responsible for the management of Ireland’s contribution to the...

Written Answers — Department of Finance: Tax Data (8 May 2024)

Michael McGrath: I propose to take Questions Nos. 156 and 157 together. The Universal Social Charge (USC) was designed and incorporated into the Irish taxation system in 2011 to replace the Health and Income Levies. Its primary purpose was to widen the tax base and to provide a steady income to the Exchequer to provide funding for public services. It is a more sustainable charge than those it replaced and...

Written Answers — Department of Finance: Tax Code (8 May 2024)

Michael McGrath: The VAT treatment of goods and services is subject to EU VAT law, with which Irish VAT law must comply. As the Deputy will be aware, Irish VAT law permits flat-rate farmers to reclaim VAT they incur on some particular business expenditure, as set out in the 2012 Refund Order. The Refund Order is permitted under EU law, subject to certain conditions, including that its scope is not...

Written Answers — Department of Finance: Tax Code (8 May 2024)

Michael McGrath: I am advised by Revenue that the VAT rating of goods and services is subject to EU VAT law, with which Irish VAT law must comply. In general, the VAT Directive provides that all goods and services are liable to VAT at the standard rate unless they are exempt from VAT or fall within Annex III of the Directive, in which case lower VAT rates may apply subject to certain rules. Currently Ireland...

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Future Ireland Fund and Infrastructure, Climate and Nature Fund Bill 2024: Committee Stage (Resumed) (8 May 2024)

Michael McGrath: Section 33 provides for the amendment of the National Treasury Management Agency Act 1990. That Act is a foundation for the NTMA. It does two things. It increases the size of the board of the NTMA by two members and enables the establishment and dissolution of subcommittees by relevant committees of the NTMA. These changes expand the governance capacity of the NTMA, ensuring increased...

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Future Ireland Fund and Infrastructure, Climate and Nature Fund Bill 2024: Committee Stage (Resumed) (8 May 2024)

Michael McGrath: Following the commencement of the Act, the payments from the National Reserve Fund will be transferred to each of the funds. It is envisaged that this would be a quick and swift operation. It is intended that following the transfers from the National Reserve Fund to the two new funds, the fund would be subsequently dissolved. The NTMA would then submit the final set of annual accounts to...

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Future Ireland Fund and Infrastructure, Climate and Nature Fund Bill 2024: Committee Stage (Resumed) (8 May 2024)

Michael McGrath: Before the summer recess.

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Future Ireland Fund and Infrastructure, Climate and Nature Fund Bill 2024: Committee Stage (Resumed) (8 May 2024)

Michael McGrath: It is approximately €6.1 billion.