Results 15,541-15,560 of 27,945 for speaker:Michael McGrath

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Finance Bill 2017: Committee Stage (7 Nov 2017)

Michael McGrath: Just in relation to the-----

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Finance Bill 2017: Committee Stage (7 Nov 2017)

Michael McGrath: The analysis the Minister provided earlier, we have seen it previously, regarding the percentage of income earners in different bands and categories of income and paying different rates of tax is based on the total number of taxpayer units of approximately 2.6 million. A taxpayer unit is either an individual or a couple jointly assessed. It includes anyone with taxable income, including...

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Finance Bill 2017: Committee Stage (7 Nov 2017)

Michael McGrath: This data would be very useful. While I take the Minister's point that this is quite technical, I think it is a systems issue. The raw data exists but it is aggregated because, in terms of the taxation system, the Revenue view a couple who are jointly assessed as one person. The raw data is available so it is primarily a systems issue. If additional investment is needed it should be made...

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Finance Bill 2017: Committee Stage (7 Nov 2017)

Michael McGrath: Separate to pension income, for example.

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Finance Bill 2017: Committee Stage (7 Nov 2017)

Michael McGrath: Before the Minister comes in, I would like to know who authored the report. Was it the Department of Social Protection?

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Finance Bill 2017: Committee Stage (7 Nov 2017)

Michael McGrath: And the Department of Finance. I know we have strayed a little from the topic but my point is in respect of the self-employed. There is guidance and a checklist on the Revenue website to determine the employment status of an individual and whether they have a contract of employment or a contract for service. What the Deputy said is correct and it does not just apply to those at the lower...

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Finance Bill 2017: Committee Stage (7 Nov 2017)

Michael McGrath: An additional angle is that as a result of a change made in recent years, some people would have lost their mortgage interest relief by virtue of the fact that they were in arrears because they had been pushed into arrears as a result of the loss of a tracker mortgage or being put on the wrong interest rate. The Minister must ensure that people in this situation are not disadvantaged.

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Finance Bill 2017: Committee Stage (7 Nov 2017)

Michael McGrath: I welcome the section. It is a modest step but a welcome one. Why is the exemption limited to one year? The Minister stated an overall review of benefit-in-kind vehicles will inform decisions in the next budget but it is not great certainty to be giving a company that might be considering providing an electric vehicle to an employee that the exemption has a commitment for one year only. I...

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Finance Bill 2017: Committee Stage (7 Nov 2017)

Michael McGrath: Why does the existing legal basis for applying benefit-in-kind, BIK, to the health insurance policy an employee of a multinational, for example, might get as part of their employment not already cover an employee of VHI or any other health insurer?

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Finance Bill 2017: Committee Stage (7 Nov 2017)

Michael McGrath: Therefore the existing BIK legislation that applies to employees in other sectors does not-----

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Finance Bill 2017: Committee Stage (7 Nov 2017)

Michael McGrath: Okay.

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Finance Bill 2017: Committee Stage (7 Nov 2017)

Michael McGrath: I return to the question of why the section is necessary. The Minister explained why the existing BIK legislation does not already apply. In other employment sectors where the employer provides an advantage to an employee, a benefit-in-kind, which is intrinsic to the nature of that business, for example, a bank providing a lower interest rate, a wholesaler providing goods at cost, a motor...

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Finance Bill 2017: Committee Stage (7 Nov 2017)

Michael McGrath: I will not be moving amendments Nos. 7 to 9, inclusive, but I will consider resubmitting all of them on Report Stage.

Written Answers — Department of Finance: Help-To-Buy Scheme Eligibility (8 Nov 2017)

Michael McGrath: 91. To ask the Minister for Finance if a person who buys a newly built house as a first-time buyer from a company under a NAMA-approved receiver and the company is not on the Revenues Commissioners' list of qualified contractors for the purposes of the help-to-buy scheme has recourse in this regard; and if he will make a statement on the matter. [47194/17]

Written Answers — Department of Finance: Stamp Duty (8 Nov 2017)

Michael McGrath: 94. To ask the Minister for Finance if the Central Bank has a policy on whether ATM machines should dispense €10 notes to persons; the position regarding the practice of retail banks in relation to dispensing €10 notes; if there is a policy on whether the use of €20 notes or €50 notes is preferred in cases in which an amount of €100 is required by a person;...

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Finance Bill 2017: Committee Stage (Resumed) (8 Nov 2017)

Michael McGrath: I have a number of questions to ask the Minister. A qualifying share option is defined in the section. They are new, ordinary, fully paid up shares. Preferential shares are excluded. These shares constitute a share in the equity, a share in the ownership of the company.

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Finance Bill 2017: Committee Stage (Resumed) (8 Nov 2017)

Michael McGrath: Regarding market values, the Bill refers to where "the option price at date of grant is not less than the market value" and states that "'market value' shall be construed in accordance with section 548". For a non-quoted company, how is market value determined?

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Finance Bill 2017: Committee Stage (Resumed) (8 Nov 2017)

Michael McGrath: Will the Minister confirm that this incentive provides for a 100% write-off in the year of purchase?

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Finance Bill 2017: Committee Stage (Resumed) (8 Nov 2017)

Michael McGrath: If this incentive was not there the capital allowances would be written off over-----

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Finance Bill 2017: Committee Stage (Resumed) (8 Nov 2017)

Michael McGrath: Does the definition of the qualifying equipment need to be updated? This provision has been in place for nearly ten years and I am not sure when the definition was last updated. There have been many advances in technology and in the whole energy efficiency area. Can the Minister tell the committee when the definition was last reviewed? Was it reviewed in the 2014 review?