Results 13,361-13,380 of 27,945 for speaker:Michael McGrath

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Finance Bill 2016: Committee Stage (Resumed) (15 Nov 2016)

Michael McGrath: I might follow up on Deputy Boyd Barrett's point about the rolling-off of profits before we move on to other issues. As the Deputy mentioned, some fund structures that are making annual recurring profits on the back of rental income are not distributing those profits and are therefore not paying any tax. Is there any restriction on the use of recurring annual profits from rental income to...

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Finance Bill 2016: Committee Stage (Resumed) (15 Nov 2016)

Michael McGrath: They do so by reinvesting the annual profits from rental income.

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Finance Bill 2016: Committee Stage (Resumed) (15 Nov 2016)

Michael McGrath: My understanding is that if the rental income is distributed, it is captured. However, if it is reinvested in real estate rather than being distributed-----

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Finance Bill 2016: Committee Stage (Resumed) (15 Nov 2016)

Michael McGrath: Can we get confirmation on that one?

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Finance Bill 2016: Committee Stage (Resumed) (15 Nov 2016)

Michael McGrath: Can we get a note on it?

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Finance Bill 2016: Committee Stage (Resumed) (15 Nov 2016)

Michael McGrath: Is Deputy Michael D'Arcy talking about the help-to-buy scheme?

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Finance Bill 2016: Committee Stage (Resumed) (15 Nov 2016)

Michael McGrath: It is not dealt with under this section.

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Finance Bill 2016: Committee Stage (Resumed) (15 Nov 2016)

Michael McGrath: I wish to signal the fact that I am considering a Report Stage amendment on the capital gains tax implications for farmland with solar panels. It might be appropriate to this section.

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Finance Bill 2016: Committee Stage (Resumed) (15 Nov 2016)

Michael McGrath: I am not familiar with so-called heated cigarettes but it has been reported to me that they come in rolls of tobacco that are inserted into an electronic device and inhaled. They are not in Ireland but it is suggested that they may be introduced here. Currently they fall to be taxed as smoking tobacco which has an excise rate of €232.64 per kilogramme as opposed to the excise rate...

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Finance Bill 2016: Committee Stage (Resumed) (15 Nov 2016)

Michael McGrath: So there is no requirement for any change to the excise provisions.

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Finance Bill 2016: Committee Stage (Resumed) (15 Nov 2016)

Michael McGrath: I move amendment No. 122: In page 67, after line 35, to insert the following: “Value-Added Tax in respect of Charities 45. The Minister shall, within 3 months of the passing of this Act, prepare and lay before Dáil Éireann a report on the introduction in 2017 of a capped Value-Added Tax compensation scheme for charities with reimbursement to commence in 2018.”. ...

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Finance Bill 2016: Committee Stage (Resumed) (15 Nov 2016)

Michael McGrath: Is the Government minded to introduce such a scheme? A good deal of preparatory work was done by the working group and it can be done in a manner consistent with European Union VAT law. I fully understand that the liability has to be capped. It is capped in Denmark at €20 million. I do not believe anyone is suggesting that we should start at that level here but it would be a real...

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Finance Bill 2016: Committee Stage (Resumed) (15 Nov 2016)

Michael McGrath: I will pick up on the issues raised by Deputy Doherty. We are getting significant feedback from the poultry sector in particular. Nobody can defend any systematic excess payment of the flat-rate addition, but the feedback from individual farmers in the poultry sector and the representative bodies is that if this is introduced on 1 January next year, it will be devastating. That activity is...

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Finance Bill 2016: Committee Stage (Resumed) (15 Nov 2016)

Michael McGrath: Would that be a statutory instrument?

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Finance Bill 2016: Committee Stage (Resumed) (15 Nov 2016)

Michael McGrath: The Minister of State outlined in his statement some statistics that underpin his amendment. It is clear that there has been a significant increase in the number of people who availed of the exemption. I believe there has been a greater awareness of it in recent times. There is no doubt it has been used as a tax-planning instrument in many cases. I know that Revenue...

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Finance Bill 2016: Committee Stage (Resumed) (15 Nov 2016)

Michael McGrath: I understand the logic in not having 1 January as the date if the Bill becomes law perhaps in the third week of December but why does it have to go to 1 May? I am not convinced on that. Could it be done by March, for example, to give a number of weeks? Can the Minister of State clarify how long the penalty mitigation arrangements have been in place for? Is he proposing to end them? Is...

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Finance Bill 2016: Committee Stage (Resumed) (15 Nov 2016)

Michael McGrath: The Minister of State should look to bring the date forward to what is reasonable and practicable, taking the advice of Revenue on board. It was signalled on 11 October that the mitigation arrangements were coming to an end and 1 May is the date stipulated in the Bill. However,.I do not see why it cannot be brought forward somewhat.

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Finance Bill 2016: Committee Stage (Resumed) (15 Nov 2016)

Michael McGrath: Where settlements have been reached will the breakdown of what has been paid and what remains outstanding be clear from the data published? Is that captured by the amendments?

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Finance Bill 2016: Committee Stage (Resumed) (15 Nov 2016)

Michael McGrath: It is an issue Deputy Sean Fleming raised with the Minister.

Written Answers — Department of Communications, Energy and Natural Resources: National Broadband Plan Implementation (16 Nov 2016)

Michael McGrath: 230. To ask the Minister for Communications, Energy and Natural Resources when his Department will extend broadband cover to a location (details supplied) in County Cork; and if he will make a statement on the matter. [35394/16]