Results 25,681-25,700 of 27,945 for speaker:Michael McGrath

Committee on Budgetary Oversight: Pre-Budget Engagement (Resumed): Ministers for Finance and Public Expenditure, NDP Delivery and Reform (27 Sep 2023)

Michael McGrath: Yes, the Minister, Deputy Donohoe, and I are working actively on that at the moment. We see it as a very important part of the overall picture and an opportunity to help future-proof the future of the country's finances. We acknowledge the need to spend more in capital and we will do that but we have to take the opportunity that is afforded to us now from receipts that are unreliable. They...

Committee on Budgetary Oversight: Pre-Budget Engagement (Resumed): Ministers for Finance and Public Expenditure, NDP Delivery and Reform (27 Sep 2023)

Michael McGrath: As the Deputy is aware, we published a scoping paper earlier this year. The Central Bank kindly hosted an event that various contributors who have expert knowledge in this area attended and spoke at, and gave evidence of the international experience. We have been looking at different models around the world to see what we can learn from that to help influence and shape our own plans in...

Committee on Budgetary Oversight: Pre-Budget Engagement (Resumed): Ministers for Finance and Public Expenditure, NDP Delivery and Reform (27 Sep 2023)

Michael McGrath: Absolutely. The Deputy is spot-on. We have to ensure that we invest through the cycle in the future, and that we get away from the peaks and troughs, feast or famine approach. The Deputy is right. People who are deciding on careers and on where they want to base themselves into the future need to have an assurance that there will be a sustained level of public capital investment over the...

Committee on Budgetary Oversight: Pre-Budget Engagement (Resumed): Ministers for Finance and Public Expenditure, NDP Delivery and Reform (27 Sep 2023)

Michael McGrath: I thank the Deputy. We are collecting revenue from the banks every year in the form of the bank levy. The bank levy is due to end in law at the end of this year but I have made it known publicly that it will be continued into 2024. I am taking the opportunity of the budgetary context to examine the appropriate scope of the levy and its amount. I will lay out on budget day what the...

Committee on Budgetary Oversight: Pre-Budget Engagement (Resumed): Ministers for Finance and Public Expenditure, NDP Delivery and Reform (27 Sep 2023)

Michael McGrath: This is a tax that is due to come into effect on 1 January. The legislation is in place and is being given effect to. Part of that involves many landowners engaging with their local authority and subsequently by appeal to An Bord Pleanála, if they believe they should be outside the scope of the tax or if they are seeking to have their land dezoned. In the lead-up to the budget, and...

Committee on Budgetary Oversight: Pre-Budget Engagement (Resumed): Ministers for Finance and Public Expenditure, NDP Delivery and Reform (27 Sep 2023)

Michael McGrath: I thank the Deputy. We have enjoyed a fine close-up view of him for the past few minutes and he is coming across loud and clear. As he will expect, as Minister for Finance, I cannot get into detail on any individual tax issue so close to budget day. The residential zoned land tax was introduced as an activation measure. The point has been made by many, in addition to the points the Deputy...

Committee on Budgetary Oversight: Pre-Budget Engagement (Resumed): Ministers for Finance and Public Expenditure, NDP Delivery and Reform (27 Sep 2023)

Michael McGrath: The figures are included in the budgetary numbers we publish.

Committee on Budgetary Oversight: Pre-Budget Engagement (Resumed): Ministers for Finance and Public Expenditure, NDP Delivery and Reform (27 Sep 2023)

Michael McGrath: No, I think the Minister, Deputy Donohoe, covered it very well.

Committee on Budgetary Oversight: Pre-Budget Engagement (Resumed): Ministers for Finance and Public Expenditure, NDP Delivery and Reform (27 Sep 2023)

Michael McGrath: While we are seeing inflation fall and the environment change in that respect, I do not believe the changes in the inflationary environment and, in particular, the price levels people are seeing warrant our going from the level of support offered through one-off measures last year to zero this year. That is where the Government and I disagree with the council. We believe that some additional...

Committee on Budgetary Oversight: Pre-Budget Engagement (Resumed): Ministers for Finance and Public Expenditure, NDP Delivery and Reform (27 Sep 2023)

Michael McGrath: We have yet to design the investment strategy. We will engage with and rely on the advice of the NTMA, which has considerable expertise in this regard. It is not a short-term fund. It is a fund with a medium- to long-term focus. That will be reflected in the investment strategy to give us the best possible chance of earning the maximum return that we can because those resources will come...

Committee on Budgetary Oversight: Pre-Budget Engagement (Resumed): Ministers for Finance and Public Expenditure, NDP Delivery and Reform (27 Sep 2023)

Michael McGrath: I envisage that the Minister, Deputy Donohoe, and I will bring the heads of a Bill to Government very shortly.

Committee on Budgetary Oversight: Pre-Budget Engagement (Resumed): Ministers for Finance and Public Expenditure, NDP Delivery and Reform (27 Sep 2023)

Michael McGrath: 2022 is historic so we have the figure and it is €22.6 billion. The forecast for 2023 is €24.3 billion, which is 7% growth.

Committee on Budgetary Oversight: Pre-Budget Engagement (Resumed): Ministers for Finance and Public Expenditure, NDP Delivery and Reform (27 Sep 2023)

Michael McGrath: I will see what is available. Revenue publishes an enormous volume of material on corporate tax and the basis of the receipts that are collected so I believe we do have that and we will make that available.

Committee on Budgetary Oversight: Pre-Budget Engagement (Resumed): Ministers for Finance and Public Expenditure, NDP Delivery and Reform (27 Sep 2023)

Michael McGrath: Yes.

Committee on Budgetary Oversight: Pre-Budget Engagement (Resumed): Ministers for Finance and Public Expenditure, NDP Delivery and Reform (27 Sep 2023)

Michael McGrath: We published the projected general government balances out to 2026 in the SPU in April. We will update those on budget day. Please bear in mind that we had forecast that there would be more than €16 billion for 2024. Now, because we are making provision for non-core expenditure for 2024, which would not have been baked into the SPU, the Deputy will have seen in the summer economic...

Written Answers — Department of Finance: Housing Schemes (27 Sep 2023)

Michael McGrath: The Rent a Room scheme was introduced in Finance Act 2001 as an incentive to encourage individuals to let rooms in their principal private residence as residential accommodation in order to bring about an increase in the availability of rental accommodation. In accordance with section 216A of the Taxes Consolidation Act 1997, an individual who lets a room or rooms in her or his sole or main...

Written Answers — Department of Finance: Customs and Excise (27 Sep 2023)

Michael McGrath: I am advised by Revenue that the estimated costs of not proceeding with the legislated increases in Mineral Oil Tax (MOT) rates for petrol and diesel, scheduled to take effect on 31 October 2023, in 2023 and 2024, are shown in the following table. Year Fuel Type MOT €m VAT €m Total €m 2023 Petrol ...

Written Answers — Department of Finance: Media Sector (27 Sep 2023)

Michael McGrath: I am aware of Recommendations 7 and 8 as made by the Oireachtas Committee on Budgetary Oversight as part of its examination of the section 481 film tax credit. In relation to Recommendation 7 regarding intellectual property rights and Recommendation 8 regarding compliance with relevant copyright legislation, I would note that copyright law falls within the remit of the Department of the...

Written Answers — Department of Finance: Tax Code (27 Sep 2023)

Michael McGrath: As the Deputy may be aware, for Capital Acquisitions Tax (CAT) purposes, the relationship between the deceased person (i.e. the disponer) and the person who receives the gift or inheritance (i.e. the beneficiary) determines the maximum amount, known as the “Group threshold”, below which CAT does not arise. The Group A threshold (currently €335,000) applies, inter alia,...

Written Answers — Department of Finance: Tax Data (27 Sep 2023)

Michael McGrath: I propose to take Questions Nos. 63 and 64 together. I am advised by Revenue that the numbers and amounts collected from the domicile levy for the years 2019 to 2021 are outlined in the table below. This represents the latest data currently available. Year Number of cases Amount €m 2021 13 €1.6 2020...