Results 2,381-2,400 of 27,945 for speaker:Michael McGrath

Written Answers — Department of Finance: Tax Reliefs (12 Jul 2023)

Michael McGrath: The position is that section 469 of the Taxes Consolidation Act 1997 provides for tax relief in respect of qualifying health care expenses. Health care is defined as the “prevention, diagnosis, alleviation or treatment of an ailment, injury, infirmity, defect or disability, and includes care received by a woman in respect of a pregnancy”. For the purposes of tax relief health...

Written Answers — Department of Finance: Tax Exemptions (12 Jul 2023)

Michael McGrath: Micro-generation of electricity is the small-scale production of electricity by consumers who generate electricity at their own homes for their own consumption and sell the excess electricity produced. Section 216D in the Taxes Consolidation Act 1997 provides for an exemption of up to €200 from income tax, USC and PRSI for certain profits arising to a qualifying individual who...

Written Answers — Department of Finance: Film Industry (12 Jul 2023)

Michael McGrath: As part of his Budget 2023 speech, my predecessor Minister Donohoe announced that he had instructed officials to explore opportunities to support the unscripted sector. This process is currently being undertaken within my Department. However, while this process is on-going, it is, as stated, an exploration of options and it should not be taken as an indication that a tax credit or alternative...

Committee on Budgetary Oversight: Summer Economic Statement 2023: Discussion (12 Jul 2023)

Michael McGrath: I thank the Chairperson for the opportunity to attend the committee alongside my colleague, the Minister for Public Expenditure, National Development Plan Delivery and Reform, and our officials to discuss the summer economic statement published on Tuesday of last week, which sets out the fiscal parameters for budget 2024. I will begin by briefly outlining the economic and fiscal context...

Committee on Budgetary Oversight: Summer Economic Statement 2023: Discussion (12 Jul 2023)

Michael McGrath: I thank the Chair. The strategy set out in the SES also represents an important step forward in how we approach the issue of windfall corporation tax receipts. Across the period 2024 to 2026, €2.25 billion of this windfall will be deployed to support additional infrastructure projects. This form of capital investment will be contingent on windfall receipts remaining at elevated...

Committee on Budgetary Oversight: Summer Economic Statement 2023: Discussion (12 Jul 2023)

Michael McGrath: At this point the Government has not decided on any additional one-off or temporary measures. We have indicated it is likely there will be some but the budget is still three months away. It will be a matter of judgement closer to the time, given the circumstances we face, such as inflation and the cost-of-living pressures people are under come October. The pathway in relation to changes in...

Committee on Budgetary Oversight: Summer Economic Statement 2023: Discussion (12 Jul 2023)

Michael McGrath: It is open to the Government to make that decision, but we have not made it at this point. We are still so far out from the budget that we think it is too early to come to a firm view as to what might be appropriate.

Committee on Budgetary Oversight: Summer Economic Statement 2023: Discussion (12 Jul 2023)

Michael McGrath: Anything additional to what we are setting out here would be once-off or temporary nature. We have, though, made no decision as to the detail of any of these measures in this regard yet. It is just far too early.

Committee on Budgetary Oversight: Summer Economic Statement 2023: Discussion (12 Jul 2023)

Michael McGrath: There is a sequence to this. The first step will be for the Government to make a formal decision to establish a long-term savings fund and a countercyclical public investment fund. I anticipate that the Government will make this decision in the coming weeks. The decision to be taken then is concerned with how much money we will put into the respective funds and it is one we will take in...

Committee on Budgetary Oversight: Summer Economic Statement 2023: Discussion (12 Jul 2023)

Michael McGrath: I am not in a position, however, to put figures on these proposals. As the Deputy knows, though, we published the scoping paper-----

Committee on Budgetary Oversight: Summer Economic Statement 2023: Discussion (12 Jul 2023)

Michael McGrath: -----to set out scenarios In this regard.

Committee on Budgetary Oversight: Summer Economic Statement 2023: Discussion (12 Jul 2023)

Michael McGrath: I will take some of the Deputy's questions and the Minister, Deputy Donohoe, will comment on the capital expenditure issues.

Committee on Budgetary Oversight: Summer Economic Statement 2023: Discussion (12 Jul 2023)

Michael McGrath: I have not provided any figures either on the record or off the record concerning what will be going into a future savings fund, but we published a paper which set out scenarios. Perhaps those figures which have been quoted came from that. I do not know. We hosted a policy conference yesterday in the Central Bank of Ireland on the idea of future-proofing the public finances. We had...

Committee on Budgetary Oversight: Summer Economic Statement 2023: Discussion (12 Jul 2023)

Michael McGrath: I will talk about the debt issues with which the Deputy began and the Minister, Deputy Donohoe, will come in and outline what we are doing on housing by way of direct expenditure support. I welcome the Deputy's comments. We do not talk about the national debt enough. It is a real burden, not only on this generation but on future generations, and that is why we have to make sure it is...

Committee on Budgetary Oversight: Summer Economic Statement 2023: Discussion (12 Jul 2023)

Michael McGrath: I thank the Deputy for his contribution. I will say a few words in the first instance and the Minister, Deputy Donohoe, will then make a contribution. First, on the idea of a long-term fund, that is exactly how it would operate, the idea being that one would invest money in the fund and it would generate a return. It would depend then on one’s investment strategy and risk...

Committee on Budgetary Oversight: Summer Economic Statement 2023: Discussion (12 Jul 2023)

Michael McGrath: I will add a note of caution to the Deputy's accurate comment that the economy is going well. There are real risks and the world is not in a great place, in many respects. We see the geopolitical tensions. We do not know what will happen in Ukraine, how long the conflict will go on, what it could mean for the price of energy, food and so on. There are real risks there. We are all very...

Committee on Budgetary Oversight: Summer Economic Statement 2023: Discussion (12 Jul 2023)

Michael McGrath: If I can add a point, I will be brief. We also have to bear in mind what sits above the public spending code and the approvals process and assurance process is the programme for Government where we set our political priorities. That is what determines the capital allocations across the different Departments. Within that, the decisions have to be made. For the significant capital projects,...

Committee on Budgetary Oversight: Summer Economic Statement 2023: Discussion (12 Jul 2023)

Michael McGrath: I am at the early stages of looking at all the different taxation issues that arise in the context of the budget. The vehicle registration tax, VRT, relief for EVs expires in law at the end of this year. A decision will have to be made on the future of that relief. The Deputy has put in a number of parliamentary questions on this issue recently. Linking relief through the tax system to...

Committee on Budgetary Oversight: Summer Economic Statement 2023: Discussion (12 Jul 2023)

Michael McGrath: The immediate decision I have to make in the context of the budget is regarding the VRT relief of up to €5,000 for the purchase of certain EVs below a particular threshold. The Minister, Deputy Eamon Ryan, has reduced the grant support that is available. I will have to consider the matter. As we seek to encourage and support people in that transition, we have significant targets to...