Results 13,281-13,300 of 27,945 for speaker:Michael McGrath

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Finance Bill 2016: Committee Stage (9 Nov 2016)

Michael McGrath: Fianna Fáil welcomes that there is further progress on the equalisation of the income tax system in terms of the self-employed. We would like to have seen the full part two - the additional €550 - provided this year and for it to be fully equalised next year. I assume it came down to an affordability issue in the end but this improvement has to be seen alongside the partial...

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Finance Bill 2016: Committee Stage (9 Nov 2016)

Michael McGrath: That is what I am asking. Does anyone fully understand the rule? Amendments Nos. 6, 7, and 8 increase the cost to the Exchequer so I assumed-----

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Finance Bill 2016: Committee Stage (9 Nov 2016)

Michael McGrath: -----they would have been ruled out of order but they have not been.

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Finance Bill 2016: Committee Stage (9 Nov 2016)

Michael McGrath: I move amendment No. 10:In page 7, to delete lines 37 and 38. This relates to the new tax credit for fishers which I welcome and which follows the marine taxation review conducted by Indecon consultants and submitted to the Department in October 2015. There is a sunset clause, running to 2022. What is the basis and reasoning for this? Is it possible to remove it?

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Finance Bill 2016: Committee Stage (9 Nov 2016)

Michael McGrath: On the basis of the Minister's reply, on the reason for inserting the year 2022, is it is consistent with the policy of conducting a review of new tax expenditures after a five-year period? The measure, as currently drafted, is a blunt ending of the credit come 2022. I do not think that is the intention or what the Minister is seeking to do. Therefore, if the Minister was willing to remove...

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Finance Bill 2016: Committee Stage (9 Nov 2016)

Michael McGrath: I move amendment No. 11:In page 7, after line 40, to insert the following:“(3) The Minister shall, within 3 months of the passing of this Act, prepare and lay before the Oireachtas a report on the Department of Finance’s response to the recommendations set out in the Marine Taxation Review dated 8 October 2015.”. This relates to the marine taxation review completed by...

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Finance Bill 2016: Committee Stage (9 Nov 2016)

Michael McGrath: Yes, I can see why the Minister would not necessarily want this in the legislation. The important issue is to have a response from the Department as this is a serious report on a potentially important area of economic development around the coastline. I welcome the commitment given by the Minister and withdraw the amendment.

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Finance Bill 2016: Committee Stage (9 Nov 2016)

Michael McGrath: What is the origin of this change? How was demand for it identified? Did lobbying occur in respect of it? What specific issue is being rectified by the measure?

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Finance Bill 2016: Committee Stage (9 Nov 2016)

Michael McGrath: I welcome the scheme's extension. The key measure of its success is whether it results in works being done that would not otherwise have happened. Undoubtedly, that has been the case. To take Deputy Doherty's point, any form of home improvement is welcome because it improves the living environment. Changing doors and windows can help with energy efficiency, for example, and these works...

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Finance Bill 2016: Committee Stage (9 Nov 2016)

Michael McGrath: I wish to give the Minister feedback on the point made by the Department of Housing, Planning, Community and Local Government that knowing that a tenant had a certain lump sum or savings available could impact on the calculation of his or her rent. Certainly, under the differential rent schemes that I am aware of in both local authorities in Cork, it is based on income. One can argue that...

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Finance Bill 2016: Committee Stage (9 Nov 2016)

Michael McGrath: We made our views on this known during the budget debate and I will not repeat them at length. Our view is this is not the right intervention. It is a supply problem primarily and to stimulate supply, the Minister faces a few choices aside from the bottleneck issues of land availability, zoning, serviced land and so forth. The fundamental choice is to increase prices or to reduce the cost...

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Finance Bill 2016: Committee Stage (9 Nov 2016)

Michael McGrath: I wish to respond to some of the remarks made by Deputy Doherty. Fianna Fáil supports the amendment, which is an improvement on the current position. The property market in Dublin is crazy, with people buying homes of less than 1,500 sq. ft. at prices of up to €500,000, or higher in some cases depending on location. The position is different in Cork, Donegal and other areas...

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Finance Bill 2016: Committee Stage (9 Nov 2016)

Michael McGrath: Each amendment should be explained and discussed.

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Finance Bill 2016: Committee Stage (9 Nov 2016)

Michael McGrath: Can the Minister clarify that the intention is to capture existing and new housing stock that has been built but not sold?

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Finance Bill 2016: Committee Stage (9 Nov 2016)

Michael McGrath: The previous wording would not have captured that.

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Finance Bill 2016: Committee Stage (9 Nov 2016)

Michael McGrath: It is being expanded for returning emigrants.

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Finance Bill 2016: Committee Stage (9 Nov 2016)

Michael McGrath: I move amendment No. 46:In page 20, between lines 17 and 18, to insert the following:“(26) The Minister shall, by 30 September 2017, lay before the Oireachtas an independent impact assessment on the effects of the Help to buy Scheme on the supply of new homes, house prices and the residential property market.”. This impact assessment should have been completed before the scheme...

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Finance Bill 2016: Committee Stage (9 Nov 2016)

Michael McGrath: I am happy to withdraw the amendment on the basis of the commitment that it will be done in accordance with the timeline set out and address the impact on house prices and supply in the residential property market.

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Finance Bill 2016: Committee Stage (9 Nov 2016)

Michael McGrath: The independent impact assessment to which I refer in the amendment which has been withdrawn is an independent impact assessment carried out by a third party, not the Department of Finance. It should be at arm's length in order that there would be some confidence in it.

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Finance Bill 2016: Committee Stage (9 Nov 2016)

Michael McGrath: Amendment No. 47 which was ruled out of order concerned the supply and cost of delivering new homes. It sought a report on the cost of delivering a new home in Ireland and the options available to reduce the cost without compromising the quality of a home. The Minister may argue that it is not a matter for the Department, but I seek a commitment that the issue will be tackled. If he looks...