Results 15,681-15,700 of 27,945 for speaker:Michael McGrath

Finance Bill 2017: Report Stage (Resumed) (22 Nov 2017)

Michael McGrath: The only point I add is that when a company looks up the policy on this benefit-in-kind treatment, it will not read committee or Dáil transcripts. Rather, it will look at the Revenue website which sets out the legal position, which is that the exemption is for a one year period. We have a political commitment that it will be there for at least three years. The reason the Minister...

Finance Bill 2017: Report Stage (Resumed) (22 Nov 2017)

Michael McGrath: For the record, I did not even mention my wife. I mentioned confidence and supply.

Finance Bill 2017: Report Stage (Resumed) (22 Nov 2017)

Michael McGrath: I move amendment No. 8:In page 13, between lines 28 and 29, to insert the following: “The linking of DIRT rate and Exit Tax rate on Life Assurance policies 10. 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,...

Finance Bill 2017: Report Stage (Resumed) (22 Nov 2017)

Michael McGrath: I thank the Minister for his response. I welcome that he plans to set up a working group to examine this and related issues. I recognise the budgetary reality but it is particularly important in the context of the very low returns available in the present environment. The reality is that people earn little or nothing on their savings. The effect of having this differential between the...

Finance Bill 2017: Report Stage (Resumed) (22 Nov 2017)

Michael McGrath: I move amendment No. 9:In page 13, between lines 28 and 29, to insert the following:“Tax bands for people over 65 years of age 10. The Minister shall, within three months of the passing of this Act, prepare and lay before the Oireachtas a report on the potential impacts and costs of increasing the income tax bands for those aged over 65 years of age from the current €36,000 for...

Finance Bill 2017: Report Stage (Resumed) (22 Nov 2017)

Michael McGrath: It is true to say that it is a slightly preferential system for those aged 65 and over but the extent of the preferential treatment is declining over time because the thresholds have not been increased. That is an important point to put on the record. Pensioners do pay tax. They pay the universal social charge and will have benefitted from the reduction in it. Others who would pay income...

Finance Bill 2017: Report Stage (Resumed) (22 Nov 2017)

Michael McGrath: I thank the Minister of State for speaking to those amendments. This is a very important initiative and in a competitive modern economy, it is essential that we have such a scheme, in particular for SMEs because the absence of a scheme such as this could act as a brake on the potential growth of SMEs and in terms of attracting and retaining talent as well. I seek clarity from the Minister...

Finance Bill 2017: Report Stage (Resumed) (22 Nov 2017)

Michael McGrath: Can he clarify why those terms are being deleted and not the others? What is the purpose of that in terms of the definition?

Finance Bill 2017: Report Stage (Resumed) (22 Nov 2017)

Michael McGrath: It deletes an exclusion.

Finance Bill 2017: Report Stage (Resumed) (22 Nov 2017)

Michael McGrath: Okay. That is fine.

Finance Bill 2017: Report Stage (Resumed) (22 Nov 2017)

Michael McGrath: I welcome the amendment. What is the provenance or origin? The Minister signalled the amendment on Committee Stage. Was this issue identified by Revenue or stakeholder groups? Is there a cost on the measure?

Finance Bill 2017: Report Stage (Resumed) (22 Nov 2017)

Michael McGrath: The Minister is sympathetic to this issue and I ask him to find a way of dealing with it. We are talking here about a relatively small number of couples who are in quite a horrendous situation. Let us be upfront and straight about it: they are victims of the property crash. The Minister will know them. I certainly know some of them. I had a couple in to me a few months ago who are living...

Finance Bill 2017: Report Stage (Resumed) (22 Nov 2017)

Michael McGrath: I welcome the Minister's commitment to completing a report on this issue and making that available in advance of the next budget. The analysis to be done in the coming months will have to take account of the complexities involved, some of which I highlighted on Committee Stage. As a Deputy, a significant number of cases have been referred to me concerning delays around the granting of...

Finance Bill 2017: Report Stage (Resumed) (22 Nov 2017)

Michael McGrath: A good starting point for officials examining this issue would be to define what constitutes a vacant residential property. We all know what a vacant house or apartment is, but will a definition and timeline be placed on properties over shops or offices which may have been habitable and occupied up to two or three years ago? These are the kind of complexities which will arise. So-called...

Finance Bill 2017: Report Stage (Resumed) (22 Nov 2017)

Michael McGrath: I move amendment No. 24:In page 20, between lines 22 and 23, to insert the following:“13.The Minister shall, within nine months of the passing of this Act, prepare and lay before the Oireachtas a comprehensive cost benefit analysis of the Help to Buy Scheme.”. This amendment relates to the help to buy scheme. The wording of my amendment is taken directly from a recommendation...

Finance Bill 2017: Report Stage (Resumed) (22 Nov 2017)

Michael McGrath: Deputy Doherty questions my sincerity and integrity. I can assure him of both on all matters concerning this Finance Bill. He is well aware of the confidence and supply agreement. When I make a commitment, I stick to it. I am not going to enter into an agreement and then seek to inflict defeats on the Government on the Finance Bill. I am not going to do that. Equally, I say to the...

Finance Bill 2017: Report Stage (Resumed) (22 Nov 2017)

Michael McGrath: I have reasons.

Finance Bill 2017: Report Stage (Resumed) (22 Nov 2017)

Michael McGrath: I welcome what the Minister of State said. To be clear for Deputy Doherty and everyone else, when I table an amendment I do not know whether the Government will accept it. My party and I seek, sometimes through negotiation and sometimes through our work in Parliament, to get things done. This scheme was announced in July 2016 and lasts for 3.5 years, or 42 months. We are now in the 17th...

Finance Bill 2017: Report Stage (Resumed) (22 Nov 2017)

Michael McGrath: I am not sure how I will follow that. I recognise the role of international capital in a modern economy. I recognise the role of collective investment vehicles. They are widely used internationally. I understand the taxation rules that apply and the objective of avoiding double taxation and of ensuring that the profits are taxed on distribution. What we are lacking here is a proper...

Finance Bill 2017: Report Stage (Resumed) (22 Nov 2017)

Michael McGrath: I ask the Minister of State to clarify what the Tax Strategy Group is tasked with doing in regard to these issues. When we look at the content of the amendment and what it is suggested a report would examine, can the Minister of State confirm whether or not the Tax Strategy Group will actually deal with these issues? A comprehensive amount of work needs to be done. Has it the capacity to...