Results 26,421-26,440 of 27,945 for speaker:Michael McGrath

Written Answers — Department of Finance: Vacant Properties (21 Nov 2023)

Michael McGrath: I propose to take Questions Nos. 182, 183 and 184 together. As the Deputy is aware, Vacant Homes Tax (VHT) is a new measure announced in Budget 2023, which aims to increase the supply of homes for rent or purchase to meet demand. Legislative provision for the tax was made in the Finance Act 2022. A residential property will be within the scope of VHT, if it has been occupied as a dwelling for...

Written Answers — Department of Finance: Tax Data (21 Nov 2023)

Michael McGrath: The Stamp Duties Consolidation Act (SDCA) 1999 provides for a charge to stamp duty on certain written documents, referred to as “instruments”, that are listed in schedule 1 to the SDCA 1999. The Lease head of charge is included in this list. Under the lease head of charge, stamp duty is payable on the rent payable on a lease. The rate payable depends on the period of the...

Written Answers — Department of Finance: Budget 2024 (21 Nov 2023)

Michael McGrath: During negotiations in advance of Budget 2024, the Department of Finance submitted a gross budget request to the Department of Public Expenditure, NDP Delivery and Reform (D/PENDR) for €48.96 million. Following discussions with D/PENDR an agreement was made for gross funding of €47.789 million.

Finance (No. 2) Bill 2023: Report and Final Stages (22 Nov 2023)

Michael McGrath: I thank Deputy Moynihan for his contribution. In amendment No. 2, he is seeking a report on the current position regarding USC, the number of taxpayers paying USC at each band and options to reduce the USC burden for middle-income earners in the years ahead. By way of background, as the House will be aware, the USC was designed and incorporated into the Irish taxation system in 2011 to...

Finance (No. 2) Bill 2023: Report and Final Stages (22 Nov 2023)

Michael McGrath: To correct one point, it is estimated that 148,100 individuals will benefit from the increase in the national minimum wage whereas I think I inadvertently gave the wrong figure. In response to some of the points that have been made, with regard to my party, in our campaign for the last election, from which we all draw a mandate to be in this House, we made proposals in regard to the...

Finance (No. 2) Bill 2023: Report and Final Stages (22 Nov 2023)

Michael McGrath: A number of amendments covering a range of income tax issues have been grouped together in this discussion. Regarding the potential for the introduction of a 43% income tax rate on all individuals with incomes in excess of €100,000, I am advised by Revenue that this proposal would yield approximately €495 million in the first year of introduction and €615 million in...

Finance (No. 2) Bill 2023: Report and Final Stages (22 Nov 2023)

Michael McGrath: I repeat the point that we have one of the most progressive systems of taxes and social transfers of any EU or OECD country. These systems contribute to the redistribution of income and the reduction of income inequality in Ireland. On indexation, it should be pointed out that the personal tax review included a detailed analysis of indexation of the personal tax system in chapter 6 of the...

Finance (No. 2) Bill 2023: Report and Final Stages (22 Nov 2023)

Michael McGrath: Deputy Shortall seems determined for me to personalise the impact of the budget to Members of this House but I am not going to do that. There are many people in society, from all sections, who have good incomes, far beyond what Members in this House have and I do not think it serves public debate very well to try to do what Deputy Shortall is doing, but that is her choice.

Finance (No. 2) Bill 2023: Report and Final Stages (22 Nov 2023)

Michael McGrath: I can justify and defend the budget.

Finance (No. 2) Bill 2023: Report and Final Stages (22 Nov 2023)

Michael McGrath: Deputy Shortall wants to personalise the impact of the budget on individuals in this House and-----

Finance (No. 2) Bill 2023: Report and Final Stages (22 Nov 2023)

Michael McGrath: -----I do not see what purpose that serves. It does not serve any useful purpose, except political point scoring, which is a matter for the Deputy.

Finance (No. 2) Bill 2023: Report and Final Stages (22 Nov 2023)

Michael McGrath: Even with the changes we have made in this budget, people in Ireland enter the marginal rate of income tax of 48% when they earn €42,000. In international terms, that is a relatively low level of income at which people hit a marginal rate of tax of 48%. That is the reality and what Deputy Shortall is proposing, in effect, is to make the system even more progressive. I can tell her,...

Finance (No. 2) Bill 2023: Report and Final Stages (22 Nov 2023)

Michael McGrath: I thank Deputies for their contributions. In my budget 2024 address, I acknowledged the challenges that we face in relation to housing and noted that it remains a top priority for Government. As part of the response to assist renters, I announced an increase of the rent tax credit to €750. This is to assist renters in the private rental sector with the affordability of their rent....

Finance (No. 2) Bill 2023: Report and Final Stages (22 Nov 2023)

Michael McGrath: I thank all the Deputies who contributed there. I will make a few points on the numbers first of all, because that was raised. It is the case that when the tax credit was introduced in the budget last year, budget 2023, it was estimated that 400,000 individual persons would be eligible to claim the rent tax credit for 2022, and that the same figure was estimated for 2024, namely, 400,000...

Finance (No. 2) Bill 2023: Report and Final Stages (22 Nov 2023)

Michael McGrath: I move amendment No. 14: In page 18, line 29, to delete " "qualifying loan" " and substitute " 'qualifying loan' ". This section of the Bill provides for the temporary one-year, mortgage interest tax relief that I announced on budget day. As indicated on Committee Stage, I am introducing amendments to this section to ensure the relief operates as intended. First, relief is available in...

Finance (No. 2) Bill 2023: Report and Final Stages (22 Nov 2023)

Michael McGrath: I move amendment No. 16: In page 19, to delete line 25 and substitute the following: “(b) (i) the upper limit, or (ii) where subsection (9) applies, the amount determined in accordance with paragraph (b) of that subsection;”.

Finance (No. 2) Bill 2023: Report and Final Stages (22 Nov 2023)

Michael McGrath: I move amendment No. 17: In page 19, between lines 25 and 26, to insert the following: “‘upper limit’ means €6,250 or, where subsection (5) applies, the amount determined in accordance with paragraph (a)(i), (a)(ii) or (b), as the case may be, of that subsection.”.

Finance (No. 2) Bill 2023: Report and Final Stages (22 Nov 2023)

Michael McGrath: I move amendment No. 18: In page 20, between lines 27 and 28, to insert the following: “(5) Where, for a year of assessment, qualifying interest referred to in subsection (4) is for a period of less than 365 days, then— (a) where— (i) the number of days in the year of assessment to which ‘A’ in the formula in subsection (4) relates is less than 365 and...

Finance (No. 2) Bill 2023: Report and Final Stages (22 Nov 2023)

Michael McGrath: I move amendment No. 19: In page 20, line 28, to delete “(5) Where” and substitute “(6) Where”.

Finance (No. 2) Bill 2023: Report and Final Stages (22 Nov 2023)

Michael McGrath: I move amendment No. 20: In page 20, line 33, to delete “(6) Where” and substitute “(7) Where”.