Results 11,901-11,920 of 27,945 for speaker:Michael McGrath

Committee on Finance, Public Expenditure and Reform: Select Sub-Committee on Finance: Finance Bill 2015: Committee Stage (17 Nov 2015)

Michael McGrath: I have asked some people about it and there is a lot of confusion. A lot of people do not even look at their tax credit certificates, but people have the impression it is for caring for a disabled person, for example. It is important to highlight at every opportunity that the credit is available for families where children are being cared for because that is not widely understood.

Committee on Finance, Public Expenditure and Reform: Select Sub-Committee on Finance: Finance Bill 2015: Committee Stage (17 Nov 2015)

Michael McGrath: Are we on the section?

Committee on Finance, Public Expenditure and Reform: Select Sub-Committee on Finance: Finance Bill 2015: Committee Stage (17 Nov 2015)

Michael McGrath: I refer to the distinction between a resident and non-resident non-executive director. Why is such a distinction drawn in the tax treatment of such directors? They have the same responsibilities under the Companies Acts and the same fiduciary duties. They play an equal role in terms of board oversight and so forth. A lot of indigenous and start-up companies here rely on Irish...

Committee on Finance, Public Expenditure and Reform: Select Sub-Committee on Finance: Finance Bill 2015: Committee Stage (17 Nov 2015)

Michael McGrath: I accept that argument, but I do not see why it does not apply to companies in Ireland that rely on Irish non-executive directors to provide expertise and serve on the boards of companies. They incur expenses which are fully vouched, so there is no profit involved. Why would they be treated differently from a tax point of view at a time when we are trying to support Irish companies, through...

Committee on Finance, Public Expenditure and Reform: Select Sub-Committee on Finance: Finance Bill 2015: Committee Stage (17 Nov 2015)

Michael McGrath: I move amendment No. 8:In page 10, to delete lines 9 and 10 and substitute the following:" 'relevant director', in relation to a company, means a director who is either resident or not resident in the State and is not a full-time working director;".

Committee on Finance, Public Expenditure and Reform: Select Sub-Committee on Finance: Finance Bill 2015: Committee Stage (17 Nov 2015)

Michael McGrath: As I understand it, the Finance Bill is explicitly making these payments exempt from tax. Traditionally, they were not taxed.

Committee on Finance, Public Expenditure and Reform: Select Sub-Committee on Finance: Finance Bill 2015: Committee Stage (17 Nov 2015)

Michael McGrath: The question which arises-----

Committee on Finance, Public Expenditure and Reform: Select Sub-Committee on Finance: Finance Bill 2015: Committee Stage (17 Nov 2015)

Michael McGrath: The question has to be put to Revenue by the Minister about the knock-on effects of this and the consistency of treatment of other payments to other persons. The Revenue Commissioners made a ruling for a reason following their audit. That ruling is now being set aside, as such, by legislation because we are making the payments explicitly exempt from tax. Does the ruling of the Revenue...

Committee on Finance, Public Expenditure and Reform: Select Sub-Committee on Finance: Finance Bill 2015: Committee Stage (17 Nov 2015)

Michael McGrath: My question on the section may fall outside the remit of the Department of Finance. Will increasing the threshold from €3,174 to €5,000 have an impact in respect of the application of PRSI to deposit interest? DIRT is currently charged at 41% and an additional 4% in PRSI is charged on non-PAYE income if it exceeds €3,174. Will the DIRT threshold also be increased to...

Committee on Finance, Public Expenditure and Reform: Select Sub-Committee on Finance: Finance Bill 2015: Committee Stage (17 Nov 2015)

Michael McGrath: That did not answer my question. I might table a question to the Tánaiste, as I think my query relates specifically to the Department of Social Protection.

Committee on Finance, Public Expenditure and Reform: Select Sub-Committee on Finance: Finance Bill 2015: Committee Stage (17 Nov 2015)

Michael McGrath: Did the Minister give any consideration to increasing the annual investment limit for individuals, which currently stands at €150,000? The point has been made to me that the scheme would be far more effective and yield far greater results if it was made more attractive for investors. The Minister has made some changes which allow companies to raise more finance under the scheme but...

Committee on Finance, Public Expenditure and Reform: Select Sub-Committee on Finance: Finance Bill 2015: Committee Stage (17 Nov 2015)

Michael McGrath: Will the Minister confirm that the €150,000 limit is per investor not per investment? Even if an individual invested in ten companies, the total amount that he or she can invest under the scheme is €150,000. Is that correct?

Committee on Finance, Public Expenditure and Reform: Select Sub-Committee on Finance: Finance Bill 2015: Committee Stage (17 Nov 2015)

Michael McGrath: The Minister has confirmed that the limit is €150,000 per investor.

Committee on Finance, Public Expenditure and Reform: Select Sub-Committee on Finance: Finance Bill 2015: Committee Stage (17 Nov 2015)

Michael McGrath: Amendment No. 34 deals with the insertion of a section providing for an appeals officer. What is the overall rationale for providing separately for an appeals officer for this issue? How does this relate to the wider review process and appeals system that applies within the Revenue Commissioners?

Committee on Finance, Public Expenditure and Reform: Select Sub-Committee on Finance: Finance Bill 2015: Committee Stage (17 Nov 2015)

Michael McGrath: This is a complex matter and there have been huge changes in terms of practices on the ground. Many principal contractors will not now allow workers or tradesmen to go on site unless they are registered under the RCT system. The days of being employed by a builder in the normal sense with a contract of employment are coming to an end, if they have not yet ended completely. It has very...

Ceisteanna - Questions - Priority Questions: Mortgage Lending (18 Nov 2015)

Michael McGrath: 1. To ask the Minister for Finance if he has asked the Central Bank of Ireland to carry out a review of residential mortgage lending rules; his views on the apparent inability of first-time buyers to obtain a mortgage, despite evidence of repayment capacity; if he aware of the difficulties of families seeking to trade up to a property more suited to their circumstances; and if he will make a...

Ceisteanna - Questions - Priority Questions: Mortgage Lending (18 Nov 2015)

Michael McGrath: I raise with the Minister the new Central Bank rules on deposits for mortgages. In particular, I want to ask him if he has asked the Central Bank to review the operation and impact of these macro-prudential rules which are undoubtedly having a significant impact on the ability of first-time buyers to purchase a home and of many families who are currently in an unsuitable dwelling or...

Ceisteanna - Questions - Priority Questions: Mortgage Lending (18 Nov 2015)

Michael McGrath: Just to be clear, I also fully respect the independence of the Central Bank but that does not take from my right as a public representative to take a view on these measures. In reality, the Department of Finance is in very close contact on a day-to-day basis with the Central Bank. I am not advocating in any sense a return to the type of lending we had in the past. I believe there should be...

Ceisteanna - Questions - Priority Questions: Mortgage Lending (18 Nov 2015)

Michael McGrath: I do.

Ceisteanna - Questions - Priority Questions: Mortgage Lending (18 Nov 2015)

Michael McGrath: While the data indicate that mortgage lending is picking up, it is coming from a position where it had collapsed completely. As the Minister has also pointed out on many occasions, percentage based statistics can be very misleading. The level of mortgage lending is exceptionally low. From my daily dealings with constituents, it is clear that their ability to access a mortgage has been...