Results 5,301-5,320 of 27,945 for speaker:Michael McGrath

Written Answers — Department of Finance: Property Taxation Administration (27 Nov 2013)

Michael McGrath: 37. To ask the Minister for Finance if he will arrange to amend the address details of a person (details supplied) in County Cork on the Revenue Commissioners' records in order that they can arrange to pay the local property tax; and if he will make a statement on the matter. [50893/13]

Committee on Finance, Public Expenditure and Reform: Select Sub-Committee on Finance: Finance (No. 2) Bill 2013: Committee Stage (Resumed) (27 Nov 2013)

Michael McGrath: It is a very significant hike. Is there an economic rationale behind it as well as it being a budgetary measure? Obviously, it brings in much-needed revenue. Is the logic that the higher the tax on interest earned, the more likely people are to spend their money as opposed to saving it? We know the level of savings is still quite high. Deputy Pearse Doherty referred to the An Post State...

Committee on Finance, Public Expenditure and Reform: Select Sub-Committee on Finance: Finance (No. 2) Bill 2013: Committee Stage (Resumed) (27 Nov 2013)

Michael McGrath: Yes.

Committee on Finance, Public Expenditure and Reform: Select Sub-Committee on Finance: Finance (No. 2) Bill 2013: Committee Stage (Resumed) (27 Nov 2013)

Michael McGrath: I move amendment No. 61: In page 41, between lines 7 and 8, to insert the following: “(3) The Minister shall put forward a report outlining the cost and benefits associated with section 481 tax relief (relief for investments and films) within 18 months of the enactment of this Bill.”.This amendment relates to the Section 481 relief for investments and films. Last year the...

Committee on Finance, Public Expenditure and Reform: Select Sub-Committee on Finance: Finance (No. 2) Bill 2013: Committee Stage (Resumed) (27 Nov 2013)

Michael McGrath: As the Minister's response is reasonable, I will withdraw the amendment.

Committee on Finance, Public Expenditure and Reform: Select Sub-Committee on Finance: Finance (No. 2) Bill 2013: Committee Stage (Resumed) (27 Nov 2013)

Michael McGrath: The Minister is doing exactly the same.

Committee on Finance, Public Expenditure and Reform: Select Sub-Committee on Finance: Finance (No. 2) Bill 2013: Committee Stage (Resumed) (27 Nov 2013)

Michael McGrath: I move amendment No. 64: In page 53, between lines 10 and 11, to insert the following:“(4) To qualify for tax relief under this provision—(a) it shall not be necessary for the person claiming relief to be ordinarily resident in the relevant house, (b) any person who owns a pre-1915 house in a town with a population greater than 10,000 people shall be eligible to avail of tax...

Committee on Finance, Public Expenditure and Reform: Select Sub-Committee on Finance: Finance (No. 2) Bill 2013: Committee Stage (Resumed) (27 Nov 2013)

Michael McGrath: I thank the Minister for his response. I am happy to withdraw the amendment. Is the scheme is operational anywhere yet? Is it still awaiting sign-off?

Committee on Finance, Public Expenditure and Reform: Select Sub-Committee on Finance: Finance (No. 2) Bill 2013: Committee Stage (Resumed) (27 Nov 2013)

Michael McGrath: This is the section which seeks to remove the restriction on NAMA banks using losses forward. On the one hand the budget was about taking from the banks by way of the introduction of a bank levy but on the other, giving back to the banks by way of removing the shelter of a maximum of 50% of taxable profits that could be offset by losses forward. As the Minister is aware, that was originally...

Committee on Finance, Public Expenditure and Reform: Select Sub-Committee on Finance: Finance (No. 2) Bill 2013: Committee Stage (Resumed) (27 Nov 2013)

Michael McGrath: Reading between the lines of the Minister's statement, it seems that because we now own AIB and hold a minority shareholding in Bank of Ireland, and because, presumably, the medium to long-term plan is to dispose of our equity interest in those banks, removing this restriction enhances the value of those banks. It certainly strengthens their capital position and perhaps makes them more...

Committee on Finance, Public Expenditure and Reform: Select Sub-Committee on Finance: Finance (No. 2) Bill 2013: Committee Stage (Resumed) (27 Nov 2013)

Michael McGrath: I acknowledge that there is a calculation involved, and that is what I am trying to tease out. To clarify Deputy O'Donnell's question, did the original restriction of 50% of losses forward contain a sunset clause in the Act, and was it due to end?

Committee on Finance, Public Expenditure and Reform: Select Sub-Committee on Finance: Finance (No. 2) Bill 2013: Committee Stage (Resumed) (27 Nov 2013)

Michael McGrath: So it is not a timing issue as such, because that restriction was to remain in place indefinitely and the banks could only use 50% of the losses forward to restrict our tax liability.

Committee on Finance, Public Expenditure and Reform: Select Sub-Committee on Finance: Finance (No. 2) Bill 2013: Committee Stage (Resumed) (27 Nov 2013)

Michael McGrath: Yes.

Committee on Finance, Public Expenditure and Reform: Select Sub-Committee on Finance: Finance (No. 2) Bill 2013: Committee Stage (Resumed) (27 Nov 2013)

Michael McGrath: The Minister's point that it was not in the original Bill and was introduced by way of amendment is not significant. He is bringing forward many important amendments to his own Bill on Committee Stage.

Committee on Finance, Public Expenditure and Reform: Select Sub-Committee on Finance: Finance (No. 2) Bill 2013: Committee Stage (Resumed) (27 Nov 2013)

Michael McGrath: I am not sure it is.

Committee on Finance, Public Expenditure and Reform: Select Sub-Committee on Finance: Finance (No. 2) Bill 2013: Committee Stage (Resumed) (27 Nov 2013)

Michael McGrath: So the Minister's advice from officials is that, in the fullness of time, if it were to remain in place, no tax is foregone as such.

Committee on Finance, Public Expenditure and Reform: Select Sub-Committee on Finance: Finance (No. 2) Bill 2013: Committee Stage (Resumed) (27 Nov 2013)

Michael McGrath: That is my concern.

Committee on Finance, Public Expenditure and Reform: Select Sub-Committee on Finance: Finance (No. 2) Bill 2013: Committee Stage (Resumed) (27 Nov 2013)

Michael McGrath: Okay.

Committee on Finance, Public Expenditure and Reform: Select Sub-Committee on Finance: Finance (No. 2) Bill 2013: Committee Stage (Resumed) (27 Nov 2013)

Michael McGrath: Even if the current restriction remained in place, all of the losses being carried by the banks would, over time, be offset against their profits, as Deputy O'Donnell pointed out. The issue is that in any given year the profits they accrue could only be reduced by half but all of the losses sitting on their balance sheets can be carried forward and offset against future profits. There is,...

Committee on Finance, Public Expenditure and Reform: Select Sub-Committee on Finance: Finance (No. 2) Bill 2013: Committee Stage (Resumed) (27 Nov 2013)

Michael McGrath: Over time.