Results 20,601-20,620 of 27,945 for speaker:Michael McGrath

Written Answers — Department of Environment, Community and Local Government: Irish Water Expenditure (27 Nov 2014)

Michael McGrath: 213. To ask the Minister for Environment, Community and Local Government the cost to the projected capital investment by Irish Water in each year from 2014 to 2019; and if he will make a statement on the matter. [45762/14]

Written Answers — Department of Environment, Community and Local Government: Irish Water Funding (27 Nov 2014)

Michael McGrath: 210. To ask the Minister for Environment, Community and Local Government the expected Government subvention to Irish Water via the local government fund in 2015; and if he will make a statement on the matter. [45759/14]

Written Answers — Department of Environment, Community and Local Government: Water Charges Yield (27 Nov 2014)

Michael McGrath: 211. To ask the Minister for Environment, Community and Local Government the expected revenue to Irish Water from commercial water charges in 2015; and if he will make a statement on the matter. [45760/14]

Written Answers — Department of Environment, Community and Local Government: Water Charges Exemptions (27 Nov 2014)

Michael McGrath: 212. To ask the Minister for Environment, Community and Local Government the cost to the State of the provision of free water allowances in 2015; and if he will make a statement on the matter. [45761/14]

Finance Bill 2014: Report Stage (Resumed) and Final Stage (26 Nov 2014)

Michael McGrath: I move amendment No. 50:In page 132, between lines 30 and 31, to insert the following:"Amendment of Finance (Local Property Tax) Act 2012 99. Finance (Local Property Tax) Act 2012 is amended by inserting the following new section 53A—"53A.Local property tax paid in respect of a rented property shall be deductible by a liable person in accordance with section 11 for income tax or...

Finance Bill 2014: Report Stage (Resumed) and Final Stage (26 Nov 2014)

Michael McGrath: I move amendment No. 52:In page 132, between lines 30 and 31, to insert the following:"Report on local property tax99. Within 6 months of the enactment of this Act, the Minister shall, issue a report detailing how and when he will introduce a provision whereby Local Property Tax paid in respect of a rented property shall be deductible by a liable person for income tax or corporation tax...

Finance Bill 2014: Report Stage (Resumed) and Final Stage (26 Nov 2014)

Michael McGrath: I thank the Minister for his reply. In response to what he said on amendment No. 50, on allowing the local property tax payment as a deductible expense, it is as legitimate an expense as any other a landlord has. We should be under no illusions as the additional taxes heaped on landlords in recent years have directly resulted in rents increasing. They have certainly been a factor. Part of...

Finance Bill 2014: Report Stage (Resumed) and Final Stage (26 Nov 2014)

Michael McGrath: I wish to speak initially to amendment No. 50, which proposes that the local property tax, LPT, would be a deductible expense for landlords when calculating their taxable rental income. There is something of a political consensus in this country that landlords should be hammered into the ground in so far as possible, but of course that has one very direct consequence, namely, that rents...

Finance Bill 2014: Report Stage (Resumed) and Final Stage (26 Nov 2014)

Michael McGrath: Could the Minister of State confirm the position on the types of abuses he mentioned, using three examples, if amendments Nos. 45 to 47 are accepted by the Government? I do not believe it is the intention of anyone in the House to prevent the Revenue Commissioners from dealing with issues like these. The transactions in question are clearly designed to circumvent the established gift tax...

Finance Bill 2014: Report Stage (Resumed) and Final Stage (26 Nov 2014)

Michael McGrath: We discussed this on Committee Stage. It would be helpful if the Minister of State could clarify the type of payments that would be permissible from parents to grown-up children who are living at home and are no longer covered by the exemption. It has been clarified that the change does not capture board and lodgings. I suspect that the origin of this change in the legislation lies with...

Finance Bill 2014: Report Stage (Resumed) and Final Stage (26 Nov 2014)

Michael McGrath: The pensions raid was one of the most daring political strokes I have experienced. As Deputy Donnelly said, it was akin to taking money out of people's private savings. That is, essentially, what it was. When it was introduced in 2011, I feared it would not end after four years but, thankfully, it will end after five years. However, it has done enormous damage. It has resulted in...

Finance Bill 2014: Report Stage (Resumed) and Final Stage (26 Nov 2014)

Michael McGrath: I move amendment No. 42:In page 94, between lines 18 and 19, to insert the following:"(c) in paragraph 11 of Part 1 of Schedule 2 of the Principal Act is amended by inserting a new subsection (1A) as follows—"(1A) The supply of nicotine replacement therapies.".".We discussed the VAT treatment of a number of goods and services at length on Committee Stage. As the Minister outlined in...

Finance Bill 2014: Report Stage (Resumed) and Final Stage (26 Nov 2014)

Michael McGrath: I move amendment No. 38:In page 86, between lines 10 and 11, to insert the following: “Amendment of section 109 of Finance Act 1999 (penalties for diesel laundering) 58. Section 102 of Finance Act 1999 is amended in subsection (4)(b) by the substitution of “not exceeding €150,000” for “not exceeding €126,970”.”.I hope the authorities...

Finance Bill 2014: Report Stage (Resumed) and Final Stage (26 Nov 2014)

Michael McGrath: I thank the Minister of State for his reply. The overall purpose of the amendments is to strengthen the deterrent by increasing the penalty regime that applies. The courts are, of course, independent and exercise their functions accordingly. I find it disappointing that they do not avail of the maximum fines on more occasions than they do but they are a separate arm and will make their...

Finance Bill 2014: Report Stage (Resumed) and Final Stage (26 Nov 2014)

Michael McGrath: We had a good debate on this issue on Committee Stage and earlier on Report Stage. We have a difference of opinion, and such is the nature of parliamentary debate. We will not agree on the issue of the abolition of the double Irish. I made a point earlier about the countries with which we compete for foreign direct investment. I have heard this back from those who represent Ireland seeking...

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Overview of Banking Sector: Central Bank (26 Nov 2014)

Michael McGrath: I do not think that is the intention. I think it will be private.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Overview of Banking Sector: Central Bank (26 Nov 2014)

Michael McGrath: The 300,000 or so standard variable rate customers in the system whose mortgages are with the main banks are paying an interest rate that the Governor regards as high at 4% to 4.5% in the majority of cases when the banks' cost of funds typically lies between 1% and 2%. The banks are taking advantage of and exploiting those customers. The banks clearly have a major problem with tracker...

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Overview of Banking Sector: Central Bank (26 Nov 2014)

Michael McGrath: Why are the variable rates in Ireland so out of line with the euro area average? Professor Honohan indicated that he would correct the way in which the data on the official retail statistics were presented so as to reflect more accurately the advertised rates that banks were charging customers. Why is it that the euro area average for a mortgage is approximately 2.5% while we are much higher?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Overview of Banking Sector: Central Bank (26 Nov 2014)

Michael McGrath: It is not 2% higher.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Overview of Banking Sector: Central Bank (26 Nov 2014)

Michael McGrath: I wish to refer to the Governor's proposed new mortgage rules on the loan-to-value, LTV, and loan-to-income, LTI, ratios. They are out for public consultation. Clearly, some new rules are on the way, whether they are along the exact lines of what has been published or a variation thereof. When will the new rules come into effect?