Results 22,601-22,620 of 27,945 for speaker:Michael McGrath

Committee on Finance, Public Expenditure and Reform: Select Sub-Committee on Finance: Finance (No. 2) Bill 2013: Committee Stage (Resumed) (27 Nov 2013)

Michael McGrath: The Minister of State should not go down that road for his own sake.

Committee on Finance, Public Expenditure and Reform: Select Sub-Committee on Finance: Finance (No. 2) Bill 2013: Committee Stage (Resumed) (27 Nov 2013)

Michael McGrath: I move amendment No. 88: In page 81, between lines 28 and 29, to insert the following:“66. Where a farm is personally owned and the farmer has operated a farm company, then on subsequent transfer of the farm and farm company to a successor, the Young Trained Farmer stamp duty relief shall apply.”.I wish to withdraw the amendment. Similarly, I will move and withdraw amendment...

Committee on Finance, Public Expenditure and Reform: Select Sub-Committee on Finance: Finance (No. 2) Bill 2013: Committee Stage (Resumed) (27 Nov 2013)

Michael McGrath: Now we have another ESM acronym as if one was not enough.

Committee on Finance, Public Expenditure and Reform: Select Sub-Committee on Finance: Finance (No. 2) Bill 2013: Committee Stage (Resumed) (27 Nov 2013)

Michael McGrath: Will the Minister of State clarify last year's yield from stamp duty on share transactions on the ESM? I have a parliamentary question that deals with the overall stamp duty yield. It is interesting to look back at 2007 when the yield from the Irish Stock Exchange was €609 million while in 2012 it was €171 million. That is a reflection of how the economy has changed.

Committee on Finance, Public Expenditure and Reform: Select Sub-Committee on Finance: Finance (No. 2) Bill 2013: Committee Stage (Resumed) (27 Nov 2013)

Michael McGrath: The debate must be put in the context of the Irish Stock Exchange being in decline for a period, with an increasing number of companies delisting from it and relocating their listing to London and so forth. If the Minister of State could provide some information on the amount of stamp duty generated by the ESM within the Irish Stock Exchange, that might help put the debate in context.

Committee on Finance, Public Expenditure and Reform: Select Sub-Committee on Finance: Finance (No. 2) Bill 2013: Committee Stage (Resumed) (27 Nov 2013)

Michael McGrath: What is the logic behind the provision?

Committee on Finance, Public Expenditure and Reform: Select Sub-Committee on Finance: Finance (No. 2) Bill 2013: Committee Stage (Resumed) (27 Nov 2013)

Michael McGrath: I move amendment No. 82: In page 79, line 28, to delete " "€2,000,000" " and substitute " "€2,500,000" ".The increase in the threshold for accounting for VAT on a cash receipts basis is one of the most significant measures introduced in the budget to assist SMEs. Anyone in business will know that for SMEs the VAT return is a significant cash flow issue, particularly if it is on...

Committee on Finance, Public Expenditure and Reform: Select Sub-Committee on Finance: Finance (No. 2) Bill 2013: Committee Stage (Resumed) (27 Nov 2013)

Michael McGrath: Did the Minister of State say 67% of taxpayers are accounting on a cash receipts basis?

Committee on Finance, Public Expenditure and Reform: Select Sub-Committee on Finance: Finance (No. 2) Bill 2013: Committee Stage (Resumed) (27 Nov 2013)

Michael McGrath: I am satisfied with the Minister of State's response. I am sure he will acknowledge that by virtue of the change made in this budget, last year's change did not go far enough in that the increase then was from €1 million to €1.5 million and this has been increased this year from €1.5 million to €2 million, which is a significant improvement that has real practical...

Committee on Finance, Public Expenditure and Reform: Select Sub-Committee on Finance: Finance (No. 2) Bill 2013: Committee Stage (Resumed) (27 Nov 2013)

Michael McGrath: I was just about to ask the Minister of State about our capacity to capture all online betting transactions. Some of those involved have operations in Ireland whereas others do not. Anyone can watch a football match, see the adverts on the side of the pitch and place a bet online. Do we have the capacity to capture all such transactions and implement this tax? Is that the reason for the...

Committee on Finance, Public Expenditure and Reform: Select Sub-Committee on Finance: Finance (No. 2) Bill 2013: Committee Stage (Resumed) (27 Nov 2013)

Michael McGrath: I acknowledge that we will need to see how this new initiative goes. In so far as it goes, it is to be welcomed. In general we should have more incentives to support enterprise, start-up businesses and entrepreneurial activity because, increasingly and particularly at the high end, they are choosing locations other than Ireland because of the capital gains tax regime. I just gave the...

Committee on Finance, Public Expenditure and Reform: Select Sub-Committee on Finance: Finance (No. 2) Bill 2013: Committee Stage (Resumed) (27 Nov 2013)

Michael McGrath: I move amendment No. 73: In page 62, line 7, to delete “by an individual”.This is very much linked to the debate we have just had on property. I was struck by a recent article in The Sunday Business Post by entrepreneur Brian Caulfield. He compared the incentives being put in place for property and entrepreneurial activity. He said we make "no distinction between the risky,...

Committee on Finance, Public Expenditure and Reform: Select Sub-Committee on Finance: Finance (No. 2) Bill 2013: Committee Stage (Resumed) (27 Nov 2013)

Michael McGrath: We need to put the debate in context. If a property was once worth €200,000 and then halved in value to €100,000 before increasing to €115,000, it is still a long way short of the original value. This is an intervention in the market. The Government is interfering in the property market.

Committee on Finance, Public Expenditure and Reform: Select Sub-Committee on Finance: Finance (No. 2) Bill 2013: Committee Stage (Resumed) (27 Nov 2013)

Michael McGrath: It was due to end next month, but it is being extended. We need to tease out its implications. Having a market that in some areas is growing by double digit percentage points is not good. I do not know where the Government wants the property market to go in terms of prices. Anybody who owns a property will be happy to see prices increasing, but people who are waiting to buy or are saving...

Committee on Finance, Public Expenditure and Reform: Select Sub-Committee on Finance: Finance (No. 2) Bill 2013: Committee Stage (Resumed) (27 Nov 2013)

Michael McGrath: I am not saying it is a bubble, but it is an increase of 15%.

Committee on Finance, Public Expenditure and Reform: Select Sub-Committee on Finance: Finance (No. 2) Bill 2013: Committee Stage (Resumed) (27 Nov 2013)

Michael McGrath: Section 42 extends the capital gains tax relief on property purchases up to the end of 2014. Something appears to be happening in the property market and I am sure the Minister of State has seen the latest figures from the CSO today which show that in the 12 months to the end of October, there was a 14.6% increase in prices in Dublin, with an 18% increase in the price of apartments. I am...

Committee on Finance, Public Expenditure and Reform: Select Sub-Committee on Finance: Finance (No. 2) Bill 2013: Committee Stage (Resumed) (27 Nov 2013)

Michael McGrath: John and Mary.

Committee on Finance, Public Expenditure and Reform: Select Sub-Committee on Finance: Finance (No. 2) Bill 2013: Committee Stage (Resumed) (27 Nov 2013)

Michael McGrath: I have a suggestion separate from that in the amendment. In view of Deputy Boyd Barrett's frequent comments on the EUROSTAT report showing an implicit rate of 6.8%, would the Minister of State ask his officials and perhaps the Revenue Commissioners to revert to the committee with a written report giving the Minister of State’s interpretation of the EUROSTAT report and how EUROSTAT's...

Committee on Finance, Public Expenditure and Reform: Select Sub-Committee on Finance: Finance (No. 2) Bill 2013: Committee Stage (Resumed) (27 Nov 2013)

Michael McGrath: To try to reconcile the views of EUROSTAT-----

Committee on Finance, Public Expenditure and Reform: Select Sub-Committee on Finance: Finance (No. 2) Bill 2013: Committee Stage (Resumed) (27 Nov 2013)

Michael McGrath: We do not need a 100-page report but a summary.