Results 13,441-13,460 of 27,945 for speaker:Michael McGrath

Central Bank and Financial Services Authority of Ireland (Amendment) Bill 2011: Leave to Withdraw [Private Members] (23 Nov 2016)

Michael McGrath: I move: "That, notwithstanding anything in Standing Orders, leave be granted to withdraw the Central Bank and Financial Services Authority of Ireland (Amendment) Bill 2011."

Finance Bill 2016: Report Stage (Resumed) and Final Stage (23 Nov 2016)

Michael McGrath: I agree with much of what Deputy Stephen S. Donnelly said. This is an important public policy issue and it is true to say it is a long-established practice within the corporation tax code that losses can be carried forward and offset against future profits. That is well established in the tax code, about which there is no question. To say the least, the NAMA transfers constituted an...

Finance Bill 2016: Report Stage (Resumed) and Final Stage (23 Nov 2016)

Michael McGrath: I move amendment No. 31:In page 38, between lines 2 and 3, to insert the following:“(3) The Minister shall, within three months of the passing of this Act, prepare and lay before the Oireachtas a report on the breaking of the link between the rate of DIRT and the rate of exit tax from life assurance policies, including the impact of this on life assurance savers.”. I very much...

Finance Bill 2016: Report Stage (Resumed) and Final Stage (23 Nov 2016)

Michael McGrath: I will agree on the basis that the tax strategy group will be asked specifically to examine this issue. What the Minister is indicating is that there has not been a policy decision for DIRT tax to fall to 33%, while the exit tax would remains at 41%. The first point I want to establish is that this is not Government policy as that would be a retrograde step. Many people rely on the...

Finance Bill 2016: Report Stage (Resumed) and Final Stage (23 Nov 2016)

Michael McGrath: These Government amendments relate to section 21 of the Bill and deal with section 110 companies. The work of Revenue and Department of Finance officials in the past 12 months on this issue must be acknowledged. There has been a lot of analysis. The amendments primarily seek to ensure there will be no unintended contamination of what is a legitimate aspect of the financial services...

Finance Bill 2016: Report Stage (Resumed) and Final Stage (23 Nov 2016)

Michael McGrath: Deputy Pearse Doherty is correct. The effect of the amendment is the preservation of the status quoand so the withholding tax of 20% would not apply. Deputy Boyd Barrett has raised one particular aspect of the Bill, the provisions around the charitable gain, and there are later amendments to which that debate is more relevant. The proposal to delete the entire section would bring us back to...

Finance Bill 2016: Report Stage (Resumed) and Final Stage (23 Nov 2016)

Michael McGrath: I wish to make a general point. The issue is complex enough as it is. The Finance Bill was published with sections 21 and 22. The Government amendment on Committee Stage was so extensive that it replaced the entire section. Now on Report Stage we again have pages and pages of amendments to section 22, which had already been replaced in its entirety since the initial publication of the...

Finance Bill 2016: Report Stage (Resumed) and Final Stage (23 Nov 2016)

Michael McGrath: I have one question on the issue of the likely yield. The Minister of State has said it is an estimate. I would take a fairly broad interpretation of that. I am not sure there is a detailed breakdown of how he arrived at that figure but my question is whether the yield from these combined measures will be measurable. With regard to the additional tax that comes in, will the Department be...

Finance Bill 2016: Report Stage (Resumed) and Final Stage (23 Nov 2016)

Michael McGrath: The purpose of the amendment in one respect, and the Minister referred to it, is to ensure that pension funds are not snared by the effect of the new regime regarding IREFs. It is the case that pension funds very often invest in Irish property through an Irish regulated fund, often because banks prefer, for example, to lend to a regulated fund rather than to pension funds directly. Ensuring...

Finance Bill 2016: Report Stage (Resumed) and Final Stage (23 Nov 2016)

Michael McGrath: It was acknowledged on Committee Stage that the provision whereby the IREFs, or the funds, to use that term generally, that hold assets for five years and are then exempt in terms of the application of withholding tax to any chargeable gain was a policy decision. It is not something from Revenue; it is an issue of policy and was decided upon by the Government. As the Minister knows, fund...

Finance Bill 2016: Report Stage (Resumed) and Final Stage (23 Nov 2016)

Michael McGrath: May I comment?

Finance Bill 2016: Report Stage (Resumed) and Final Stage (23 Nov 2016)

Michael McGrath: Perhaps the Minister of State could make his comment and then make a suggestion to the Minister. There have been two notable reports into property-based tax incentives that led to decisions by previous Governments to eventually wind down many of the incentives. Today we are discussing property-based tax incentives but they are bundled up in a complex web of different types of fund...

Finance Bill 2016: Report Stage (Resumed) and Final Stage (23 Nov 2016)

Michael McGrath: I move amendment No. 91:In page 69, between lines 9 and 10, to insert the following: “Capital Gains Retirement Relief and Agricultural Relief for farmland with solar panels30. The Principal Act is amended in section 664(1) by substituting the following for the definition of “farm land”:“ ‘farm land’ means—(a) land in the State wholly or mainly...

Finance Bill 2016: Report Stage (Resumed) and Final Stage (23 Nov 2016)

Michael McGrath: I thank the Minister for his reply. It is acceptable to me. An amount of thought must go into it, given that there are several potential implications across the tax code if the use of land in this way is not deemed to be agricultural in nature. Those who are investing in this type of technology will argue that the land can still be made available for dual purpose, for example, an area...

Finance Bill 2016: Report Stage (Resumed) and Final Stage (23 Nov 2016)

Michael McGrath: I move amendment No 98:In page 89, between lines 26 and 27, 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.”....

Finance Bill 2016: Report Stage (Resumed) and Final Stage (23 Nov 2016)

Michael McGrath: I thank the Minister for his reply. Listening to the reply it appears he has not made up his mind as to whether he believes this is the right direction in which to go. It is fair to say he has raised some concerns but he has a group that will now examine the option of introducing some form of VAT relief for charities in Ireland and I welcome that. One point the Minister made was that...

Finance Bill 2016: Report Stage (Resumed) and Final Stage (23 Nov 2016)

Michael McGrath: I withdraw the amendment.

Finance Bill 2016: Report Stage (Resumed) and Final Stage (23 Nov 2016)

Michael McGrath: I move amendment No. 99:In page 91, line 33, to delete “1 January 2017” and substitute “1 January 2018”. This amendment relates to the proposed amendment to the flat-rate scheme for unregistered farmers, which could result in a restriction in the flat-rate addition in some circumstances. The issue, as I understand it, has particular relevance to the poultry...

Finance Bill 2016: Report Stage (Resumed) and Final Stage (23 Nov 2016)

Michael McGrath: I have not heard a suggestion of tax evasion, deliberate tax avoidance, falsified returns or anything like that. What is at issue here is the operation of a system and how Revenue has identified a flaw in the system that resulted in an over-compensation of VAT, particularly for one sector. The Minister has outlined a process that will be provided for in the legislation. He has given some...

Finance Bill 2016: Report Stage (Resumed) and Final Stage (23 Nov 2016)

Michael McGrath: I withdraw my amendment on the basis of the commitment given by the Minister.