Results 26,121-26,140 of 27,945 for speaker:Michael McGrath

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Finance (No. 2) Bill 2023: Committee Stage (7 Nov 2023)

Michael McGrath: I am allowed to compare-----

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Finance (No. 2) Bill 2023: Committee Stage (7 Nov 2023)

Michael McGrath: I am allowed to compare-----

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Finance (No. 2) Bill 2023: Committee Stage (7 Nov 2023)

Michael McGrath: Can I clarify whether amendment No. 94 tabled by Deputy O'Callaghan is in order or out of order?

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Finance (No. 2) Bill 2023: Committee Stage (7 Nov 2023)

Michael McGrath: Okay. We did not have that on our list. I am happy to deal with the issue now at the Chair's discretion. It is not directly relevant to the section.

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Finance (No. 2) Bill 2023: Committee Stage (7 Nov 2023)

Michael McGrath: Perhaps I can short-circuit the issue by saying that I intend to bring an amendment on Report Stage to address an issue arising in the tax treatment of certain income of GPs which arises from contractual arrangements with the HSE. I can go into more detail if the committee wishes, but essentially that is what I want to flag.

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Finance (No. 2) Bill 2023: Committee Stage (7 Nov 2023)

Michael McGrath: Yes, in advance of Report Stage, when it is ready, we will share it.

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Finance (No. 2) Bill 2023: Committee Stage (7 Nov 2023)

Michael McGrath: I thank the Deputy for tabling the amendment. On tax treatment of supplementary pensions, as the Deputy is aware, Ireland operates an exempt-exempt tax, EET, system. This means that contributions to pensions are exempted from income tax, subject to age-related percentage and income limitations, as mentioned earlier. Pension fund gains are exempted from income tax but income from pension...

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Finance (No. 2) Bill 2023: Committee Stage (7 Nov 2023)

Michael McGrath: I thank the Deputy. I confirm that I intend to undertake an examination of the calibration of the standard fund threshold, to which the Deputy has referred. As the Deputy knows, it sets a limit on the level of contributions that will benefit from tax relief. This examination will include a public consultation - and I am sure the committee will wish to be involved in that work - to allow...

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Finance (No. 2) Bill 2023: Committee Stage (7 Nov 2023)

Michael McGrath: In 2022, the Minister for Agriculture, Food and the Marine brought forward a voluntary permanent cessation scheme for the decommissioning of fishing vessels, which is funded from the Brexit adjustment reserve, BAR. To support this scheme, section 15 of the Finance (Covid-19 and Miscellaneous Provisions) Act 2022 introduced Chapter 5 of Part 23 of the Taxes Consolidation Act 1997. Chapter 5...

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Finance (No. 2) Bill 2023: Committee Stage (7 Nov 2023)

Michael McGrath: There are no data available on the uptake or cost to date of the scheme as the income qualifying under section 2160D of the Taxes Consolidation Act is not required to be declared by individuals on their tax return on the basis that there are potentially 55,500 eligible claimants. A typical claimant could expect to be paid approximately €300. We estimate that the annual cost to the...

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Finance (No. 2) Bill 2023: Committee Stage (7 Nov 2023)

Michael McGrath: I thank the Deputy. A review is ongoing by the Department of the Environment, Climate and Communications and the SEAI of climate policy considerations relevant to the accelerated capital allowance, ACA, scheme, that is the accelerated wear and tear allowances scheme. The SEAI maintains a list of energy-efficient equipment that qualifies for the scheme, known as the triple E product...

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Finance (No. 2) Bill 2023: Committee Stage (7 Nov 2023)

Michael McGrath: That is a fair point. I will ask the officials at the Revenue officials to take a note of that point. The Deputy is raising the issue of the accelerated wear and tear allowances for farm safety equipment under section 30 as part of our public information campaign on claiming reliefs, exemptions and credits. Perhaps we could do some targeted work through the relevant publications in the...

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Finance (No. 2) Bill 2023: Committee Stage (7 Nov 2023)

Michael McGrath: I thank the Deputy. Part 16 of the TCA 1997 provides relief for investment in corporate trades. The release included in Part 16 are the employment investment incentives, EII, start-up relief for entrepreneurship and start-up capital incentive, SCI. The amendments to Part 16 are primarily to reflect the revision of regulation EU No. 651 of 2014 known as the State Aid General Bloc Exemption...

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Finance (No. 2) Bill 2023: Committee Stage (7 Nov 2023)

Michael McGrath: I wish to add a point to amendment No. 94 because we may not cover it separately in terms of the point I made about Report Stage. The proposed amendment is intended to provide that where individual GPs enter into contracts with the HSE to provide certain medical professional services, and provide those services in the conduct of a partnership profession with other individual GPs, the income...

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Finance (No. 2) Bill 2023: Committee Stage (7 Nov 2023)

Michael McGrath: Yes.

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Finance (No. 2) Bill 2023: Committee Stage (7 Nov 2023)

Michael McGrath: I have just added additional wording to clarify what I am bringing forward.

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Finance (No. 2) Bill 2023: Committee Stage (7 Nov 2023)

Michael McGrath: I move amendment No. 17: In page 38, between lines 13 and 14, to insert the following: “Amendment of section 664 of Principal Act (relief for certain income from leasing of farm land) 33.Section 664 of the Principal Act is amended— (a) in subsection (1)— (i) in paragraph (a), by— (I) the insertion of the following definitions: “...

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Finance (No. 2) Bill 2023: Committee Stage (7 Nov 2023)

Michael McGrath: I am certainly satisfied that in the case of inheritances, we have provided for a carve-out. This is a change that has been sought by some of the farming organisations because there has been a practice of land being bought and leased out immediately, and of what is a very generous tax relief being availed of in that context. This amendment is warranted, given that it is an important tax...

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Finance (No. 2) Bill 2023: Committee Stage (7 Nov 2023)

Michael McGrath: Yes

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Finance (No. 2) Bill 2023: Committee Stage (7 Nov 2023)

Michael McGrath: I move amendment No. 18: In page 42, line 32, to delete “paragraphs (b)and (c)” and substitute “paragraphs (b), (c)and (d)”.