Results 12,321-12,340 of 27,945 for speaker:Michael McGrath

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Finance Bill 2017: Committee Stage (Resumed) (9 Nov 2017)

Michael McGrath: It does. It is not published yet but the Minister will be bringing it to Cabinet.

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Finance Bill 2017: Committee Stage (Resumed) (9 Nov 2017)

Michael McGrath: I will withdraw the amendment on the basis that the report is imminent. I will examine it and we will take it from there.

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Finance Bill 2017: Committee Stage (Resumed) (9 Nov 2017)

Michael McGrath: I move amendment No. 62: In page 52, after line 32, to insert the following: “VAT treatment in respect of children’s footwear and clothes 54. The Minister shall within 6 months of the passing of this Act, prepare and lay before the Oireachtas a report examining the options for reviewing, in respect of children’s footwear and clothes, the size limits that are...

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Finance Bill 2017: Committee Stage (Resumed) (9 Nov 2017)

Michael McGrath: Yes, there is an issue to which I want to draw the Minister's attention. The legal position is that children's shoes and clothing are zero rated for VAT purposes. The definition is in relation to clothing. It is not exceeding the size appropriate to children of average build up to ten years of age and similarly for footwear. In practice, the administration of that by Revenue is that zero...

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Finance Bill 2017: Committee Stage (Resumed) (9 Nov 2017)

Michael McGrath: Where the Department says that EU VAT law precludes Ireland from extending the zero rate to new goods and services, as that would increase the divergence of VAT rates among member states, and it is not possible to extend the age limit, that sounds to me as if it is an interpretation. We are not adding in new goods to be zero rated. We are changing the size. I challenge the assertion that...

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Finance Bill 2017: Committee Stage (Resumed) (9 Nov 2017)

Michael McGrath: How do we set in train a review of the size threshold for footwear and clothing?

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Finance Bill 2017: Committee Stage (Resumed) (9 Nov 2017)

Michael McGrath: If it is acceptable I suggest that the Minister of State would share the contact details with me of the relevant officials and I will engage with them on how the issue might be addressed. If that is acceptable to the Minister, I will withdraw the amendment on that basis and take up the issue directly with the Department.

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Finance Bill 2017: Committee Stage (Resumed) (9 Nov 2017)

Michael McGrath: There was consultation with trade interests over 30 years ago. Perhaps the Minister of State can dust-down the files and see how it was done then, who was consulted and if they still exist or what trade organisations now operate, and open a dialogue. I will engage with the officials.

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Finance Bill 2017: Committee Stage (Resumed) (9 Nov 2017)

Michael McGrath: We need to know why the transition arrangements were not set out in the financial resolution on budget night. I ask the Minister of State to address this if he has not done so already. Deputy Burke set out quite well the consequences of not having such arrangements laid out in order that people might know where they stood. In the meantime the Revenue Commissioners have made further...

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Finance Bill 2017: Committee Stage (Resumed) (9 Nov 2017)

Michael McGrath: That will be 6% extra in 2018.

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Finance Bill 2017: Committee Stage (Resumed) (9 Nov 2017)

Michael McGrath: That is the yield.

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Finance Bill 2017: Committee Stage (Resumed) (9 Nov 2017)

Michael McGrath: Extra?

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Finance Bill 2017: Committee Stage (Resumed) (9 Nov 2017)

Michael McGrath: Shall we say 6 p.m.?

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Finance Bill 2017: Committee Stage (Resumed) (9 Nov 2017)

Michael McGrath: The cleanest way to deal with this is to bring in another financial resolution to give legal effect to the transitional measures now in order that people can conclude the transaction, pay the 2% and get the transaction stamped. Otherwise there will be issues for people who are caught midstream between now and then. While Revenue may not levy any interest, interest could arise in commercial...

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Finance Bill 2017: Committee Stage (Resumed) (9 Nov 2017)

Michael McGrath: I am speaking on amendment No. 76 in my name. The issue I am highlighting is the need to extend the existing exemption from capital gains tax that applies to certain farm restructuring transactions to the stamp duty that would apply to such transactions. In other words, the exemption that already applies to CGT would also apply in respect of stamp duty for farm restructuring. I, along with...

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Finance Bill 2017: Committee Stage (Resumed) (9 Nov 2017)

Michael McGrath: I thank the Minister for his remarks and welcome his intention to introduce an amendment on Report Stage. Has he framed it already or is it under consideration? Is he considering an exemption from stamp duty along the lines of the CGT exemption which applies for restructuring which meets the consolidation test or is it a lower rate of stamp duty? Has he considered what he hopes to bring in?

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Finance Bill 2017: Committee Stage (Resumed) (9 Nov 2017)

Michael McGrath: On the Minister's comments on stamp duty and the provision whereby on the sale of development or residential land the increase in stamp duty will not apply, what is the position on land purchased for the construction of a one-off house? Will the rate of stamp duty in that case be set at 2% or 6%?

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Finance Bill 2017: Committee Stage (Resumed) (9 Nov 2017)

Michael McGrath: Will the rate in that regard be similar to that for multiple units?

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Finance Bill 2017: Committee Stage (Resumed) (9 Nov 2017)

Michael McGrath: I move amendment No. 76: In page 60, between lines 1 and 2, to insert the following: "61. The Minister shall within 6 months of the passing of this Act, prepare and lay before the Oireachtas a report on the possible extension of the Capital Gains Tax Relief for farm restructuring to Stamp Duty.". I propose to withdraw this amendment as I want to rephrase it before Report Stage. I...

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Finance Bill 2017: Committee Stage (Resumed) (9 Nov 2017)

Michael McGrath: I move amendment No. 82: In page 61, between lines 27 and 28, to insert the following: "65. The Minister shall within 6 months of the passing of this Act, prepare and lay before the Oireachtas a report on the creation of a CAT incentive scheme for charitable donations made from people’s legacies and a CAT incentive scheme for the donation of shares to charity organisations.". I...