Results 23,781-23,800 of 27,945 for speaker:Michael McGrath

Written Answers — Department of Finance: Tax Compliance (7 Mar 2013)

Michael McGrath: To ask the Minister for Finance the number of pension schemes whose trustees have not made payment in respect of the 2011 and 2012 liability; and if he will make a statement on the matter. [12250/13]

Written Answers — Department of Finance: Mortgage Arrears Proposals (7 Mar 2013)

Michael McGrath: To ask the Minister for Finance if he has had any indications from mortgage lending institutions of an intention on their behalf to change their current approach to home repossessions; and if he will make a statement on the matter. [12251/13]

Written Answers — Department of Finance: State Banking Sector (7 Mar 2013)

Michael McGrath: To ask the Minister for Finance if he will set out in tabular form the current value ascribed to each of the State's investment holdings in Bank of Ireland and Allied Irish Bank; and if he will make a statement on the matter. [12252/13]

Committee on Finance, Public Expenditure and Reform: Select Sub-Committee on Finance: Finance Bill 2013: Committee Stage (6 Mar 2013)

Michael McGrath: I would like to step back from the detail for a moment and ask the Minister about these REITs. He did not give much information about them on Second Stage. He said that it is hoped that REITs will facilitate the attraction of foreign investment capital to the Irish property market. What is driving this? Is it to support NAMA's efforts to sell property portfolios to foreign investors who...

Committee on Finance, Public Expenditure and Reform: Select Sub-Committee on Finance: Finance Bill 2013: Committee Stage (6 Mar 2013)

Michael McGrath: Will the Minister make available to us some of the figures he read out? They relate to taxable income after taking into account the losses brought forward, group relief and capital allowances. Will the Minister match them with the amounts in tax paid in those years in order that we can look at the Department's figures. That would be a good starting point.

Committee on Finance, Public Expenditure and Reform: Select Sub-Committee on Finance: Finance Bill 2013: Committee Stage (6 Mar 2013)

Michael McGrath: No-----

Committee on Finance, Public Expenditure and Reform: Select Sub-Committee on Finance: Finance Bill 2013: Committee Stage (6 Mar 2013)

Michael McGrath: There is no question that this is an issue of concern. When one considers Ireland's overall tax take, one would intuitively expect a higher percentage of it to be accounted for by corporation tax than is the case at present. When one considers the number of large multinationals based here, one would rationally expect corporation tax receipts to be higher. This is a matter with which we...

Committee on Finance, Public Expenditure and Reform: Select Sub-Committee on Finance: Finance Bill 2013: Committee Stage (6 Mar 2013)

Michael McGrath: The Minister stated in his briefing note that the minimum effective tax rate - 30% currently - will continue to apply for the beneficiaries.

Committee on Finance, Public Expenditure and Reform: Select Sub-Committee on Finance: Finance Bill 2013: Committee Stage (6 Mar 2013)

Michael McGrath: That is a significant aspect. Fianna Fáil does not have any difficulty with the Minister trying this. In general, solutions must be bespoke, tailored and targeted. The days of widespread property tax reliefs are over and we all accept that. I ask the Minister to keep us informed on the steps to be taken from here. He referred to a cost-benefit analysis and we would like to see that....

Committee on Finance, Public Expenditure and Reform: Select Sub-Committee on Finance: Finance Bill 2013: Committee Stage (6 Mar 2013)

Michael McGrath: I would be interested to hear the Minister's comments on the rationale behind the very targeted property tax relief. It has a niche focus. I completely accept the point that cities must be regenerated to be vibrant but the argument to target tax reliefs at dilapidated Georgian properties could equally be applied to a range of other types of properties that are situated in the urban core of...

Committee on Finance, Public Expenditure and Reform: Select Sub-Committee on Finance: Finance Bill 2013: Committee Stage (6 Mar 2013)

Michael McGrath: Does that apply to sole traders only or to companies and sole traders?

Committee on Finance, Public Expenditure and Reform: Select Sub-Committee on Finance: Finance Bill 2013: Committee Stage (6 Mar 2013)

Michael McGrath: Am I right in saying that at the point of entry, one does not get relief on the USC from one's pension contributions? One gets income tax relief at the marginal relief if one is paying at the marginal rate but one's income for USC purposes is gross.

Committee on Finance, Public Expenditure and Reform: Select Sub-Committee on Finance: Finance Bill 2013: Committee Stage (6 Mar 2013)

Michael McGrath: Outside of the AVC example, if somebody puts in €100, it costs them €59 at the point of entry and then when they draw down that €100, they will only receive €52 back because they are paying the marginal rate of tax if they are at the marginal rate of 41% and the USC of 7%. Therefore, they are only getting €52 back.

Committee on Finance, Public Expenditure and Reform: Select Sub-Committee on Finance: Finance Bill 2013: Committee Stage (6 Mar 2013)

Michael McGrath: I will not oppose this section but I want to speak to it. This is a very interesting provision that, as I read it, relates to people engaging in the trade of dealing in or developing land. If they negotiate or receive a write-down of their debt or some form of debt forgiveness, that is treated as income in the year in which it takes place. Is there any concern that this could have wider...

Committee on Finance, Public Expenditure and Reform: Select Sub-Committee on Finance: Finance Bill 2013: Committee Stage (6 Mar 2013)

Michael McGrath: I thank the Minister for his reply and ask him to arrange for the officials to circulate the speaking note that he just read out. That would be very helpful because there was a lot of information contained therein. I will seek out the 2011 report that was presented to the EMC. I hear what the Minister is saying and agree that there is a need for a much broader debate on the issue. A lot...

Committee on Finance, Public Expenditure and Reform: Select Sub-Committee on Finance: Finance Bill 2013: Committee Stage (6 Mar 2013)

Michael McGrath: I move amendment No. 15: In page 21, before section 16, to insert the following new section: “16. — The Minister for Finance shall, as soon as may be after the passing of this Act, prepare and lay before Dáil Éireann a report on the provision of early access to pension benefits in certain limited circumstances including employer paid contributions, regular employee...

Committee on Finance, Public Expenditure and Reform: Select Sub-Committee on Finance: Finance Bill 2013: Committee Stage (6 Mar 2013)

Michael McGrath: I should like to clarify if my understanding of this is correct. Before the Finance Bill is enacted the specified rate on home loans is 5%. If an employee has a home loan, through his or her employment, for less than that rate, 4.7% or 4.8%, that is deemed to be a preferential rate and he or she pays a benefit-in-kind on the differential. That is the existing position. I would not regard...

Committee on Finance, Public Expenditure and Reform: Select Sub-Committee on Finance: Finance Bill 2013: Committee Stage (6 Mar 2013)

Michael McGrath: If someone is paying €5,000 to a private college at present, does the person receive tax relief on some or all of that?

Committee on Finance, Public Expenditure and Reform: Select Sub-Committee on Finance: Finance Bill 2013: Committee Stage (6 Mar 2013)

Michael McGrath: Is the existing position one where there is no tax relief on the contribution?

Committee on Finance, Public Expenditure and Reform: Select Sub-Committee on Finance: Finance Bill 2013: Committee Stage (6 Mar 2013)

Michael McGrath: Is the Minister just reflecting that position, going forward, in line with the planned increases in the charge by the Minister for Education and Skills?