Results 26,261-26,280 of 27,945 for speaker:Michael McGrath

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Finance (No. 2) Bill 2023: Committee Stage (Resumed) (8 Nov 2023)

Michael McGrath: We are providing for that in the Bill. I agree with the Deputy.

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Finance (No. 2) Bill 2023: Committee Stage (Resumed) (8 Nov 2023)

Michael McGrath: That is a matter for the Minister for Housing, Local Government and Heritage, Deputy Darragh O'Brien. The Department and the committee Deputy Matthews chairs will be active on this issue, but the Minister will be setting out the details of that in his correspondence.

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Finance (No. 2) Bill 2023: Committee Stage (Resumed) (8 Nov 2023)

Michael McGrath: In recent months, a number of issues have arisen that have convinced me, and the Government more generally, of the need to defer the liability date. We are doing so while at the same maintaining the policy intent. The policy intent and the legislative framework remains in place. However, a number of issues have arisen, including the need for farmers and other landowners to have another...

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Finance (No. 2) Bill 2023: Committee Stage (Resumed) (8 Nov 2023)

Michael McGrath: Some of the feedback we received over the course of the year has been that some landowners did not know about this, did not know about the tax or did not engage in the process and seek a change in the zoning of their land, and made the case for another opportunity to be provided. Therefore, that is one of the motivations here. We are providing a further opportunity for people to engage in...

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Finance (No. 2) Bill 2023: Committee Stage (Resumed) (8 Nov 2023)

Michael McGrath: The defective concrete products levy was introduced in the Finance Act 2022 and came into operation on 1 September 2023. The intention of the levy is to raise revenue to help to offset the funding of the defective concrete blocks grant scheme, which was introduced by the Minister for Housing, Local Government and Heritage. The legislation applies a levy on the first supply of a defined list...

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Finance (No. 2) Bill 2023: Committee Stage (Resumed) (8 Nov 2023)

Michael McGrath: I will be proposing a further Report Stage amendment to ensure amounts of ready-to-point concrete are measured in cubic metres within a declaration to request exemption from the levy on the first supply or so much of that first supply as is utilised for the manufacture of precast concrete products. Again, we will share the details of that in advance. I understand the points made by the...

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Finance (No. 2) Bill 2023: Committee Stage (Resumed) (8 Nov 2023)

Michael McGrath: I move amendment No. 45: In page 126, between lines 30 and 31, to insert the following: “ ‘the Acts’ means the Tax Acts and the Capital Gains Tax Acts;”. Section 90 of the Bill relates to the transposition of pillar 2. I propose to read a short note on the amendments and then read the note on the section as that places it in a context and we can have the...

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Finance (No. 2) Bill 2023: Committee Stage (Resumed) (8 Nov 2023)

Michael McGrath: I thank Deputy Cowen for his contribution. I know he raised this issue on Second Stage in the House. I want to acknowledge that he has written to me and I have responded on the issues which have been raised. It is worth taking a few moments to go through some of the key points of the Government's response to the issues which have been raised by Deputy Cowen. We can all agree that the...

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Finance (No. 2) Bill 2023: Committee Stage (Resumed) (8 Nov 2023)

Michael McGrath: I thank the Deputy. I am not going to go into any detail in terms of commentary about any other jurisdiction. I do think it is important to clarify that at the meetings in Luxembourg which I attended, Secretary Yellen confirmed that there are open issues in respect of pillar 1 of the OECD agreement, which concerns the reallocation of taxing rights, which will delay the US signing up to that...

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Finance (No. 2) Bill 2023: Committee Stage (Resumed) (8 Nov 2023)

Michael McGrath: Under the directive, there are a number of countries that would have a small foreign direct investment base. Provision is made for them not to implement. In that scenario, any tax that arrives as due in those jurisdictions can be collected by other countries. I will have a technical note on the issue in a moment, but that is it.

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Finance (No. 2) Bill 2023: Committee Stage (Resumed) (8 Nov 2023)

Michael McGrath: Spain is subject to the EU tax directive and will be implementing it.

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Finance (No. 2) Bill 2023: Committee Stage (Resumed) (8 Nov 2023)

Michael McGrath: I thank the Deputy. I will just put on record the formal answer to the question Deputy Cowen asked about a number of countries that have a derogation. The derogation provided for under Article 50 of the directive allows an EU member state in which no more than 12 UPEs of groups in scope of pillar 2 are located to elect for delayed operation of the IIR and the UTPR for six years. It is...

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Finance (No. 2) Bill 2023: Committee Stage (Resumed) (8 Nov 2023)

Michael McGrath: It is not a matter for us, it is a matter for the US to adopt pillar 2.

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Finance (No. 2) Bill 2023: Committee Stage (Resumed) (8 Nov 2023)

Michael McGrath: This is not expected and we do have a global agreement, which we are faithfully implementing. That was the right decision for Ireland and that is the decision before us now in the Bill. We are part of the European Union and we have agreed to implement the EU minimum tax directive. Issues that may arise down the line about other countries not implementing it are, first and foremost,...

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Finance (No. 2) Bill 2023: Committee Stage (Resumed) (8 Nov 2023)

Michael McGrath: I will make one point in response to the Deputy's earlier point. The purpose of the UTPR is to act as a backstop and to ensure implementation but I understand the broader point being made about any major economy ultimately not passing legislation. Regarding the consolidated commentary on the GLoBE rules, the OECD is currently developing that so it is the intention to bring that forward.