Results 1,281-1,300 of 27,945 for speaker:Michael McGrath

Seanad: Finance (No. 2) Bill 2023: Committee Stage (5 Dec 2023)

Michael McGrath: A new tax incentive was introduced in Finance Act 2022 for small-scale landlords who undertake retrofitting works while the tenant remains in situ, which has the aim of retaining small-scale landlords in the private rental sector as well as encouraging retrofitting of rental properties. This measure is provided for in section 97B of the Taxes Consolidation Act 1997. The provision is...

Seanad: Finance (No. 2) Bill 2023: Committee Stage (5 Dec 2023)

Michael McGrath: In my budget address I acknowledged the challenges we face in relation to climate. The finance Bill provides for a number of climate-related tax measures including the enhancements to the tax relief available to qualifying individuals in respect of excess electricity from domestic microgeneration that is supplied to the grid. This tax measure is intended to remove a barrier for entry for...

Seanad: Finance (No. 2) Bill 2023: Committee Stage (5 Dec 2023)

Michael McGrath: I thank Senator Ruane for the recommendation. As Senators are aware, Ireland operates an exempt, exempt, tax, EET, system. This means that contributions to pensions are exempted from income tax, subject to age-related percentage and income limitations. Pension fund gains are exempted from income tax, but income from pension drawdown is taxed.Data is available in relation to the Exchequer...

Seanad: Finance (No. 2) Bill 2023: Committee Stage (5 Dec 2023)

Michael McGrath: It is important to put on the record what is happening in this Bill in relation to section 481 this year. As I announced on budget day, I am increasing the cap on qualifying expenditure on audio-visual productions from its current level of €70 million to a new cap of €125 million. This change has long been sought by the sector. The increase will support the continued...

Seanad: Finance (No. 2) Bill 2023: Committee Stage (5 Dec 2023)

Michael McGrath: I thank Senator Ruane for speaking to these recommendations. Recommendation No. 20 requests a report on a restriction of loss relief for banks. As Senators are aware, loss relief for corporation tax is a long-standing feature of the Irish corporation tax system and a standard feature of corporation tax systems in most OECD countries. It recognises that a business cycle runs over several...

Seanad: Finance (No. 2) Bill 2023: Committee Stage (5 Dec 2023)

Michael McGrath: I thank both Senators. The recommendation seeks the preparation of a report on the revenue that would be raised from, and the distributional impact of, a wealth tax of 1% on all households with assets over €10 million within six months of the passing of this Bill into law. As Senators from all sides of this House will be aware, wealth can be taxed in a variety of ways, many of which...

Seanad: Finance (No. 2) Bill 2023: Committee Stage (5 Dec 2023)

Michael McGrath: I thank Senator Gavan for this recommendation, which proposes a reduction in the current rate of mineral oil tax applied to kerosene used for non-propellant purposes, as well as further deviations from the proposed rates of mineral oil tax applying to other fuels. I acknowledge the impact of fuel prices on the current cost-of-living crisis and welcome the discussion of this important matter...

Seanad: Finance (No. 2) Bill 2023: Committee Stage (5 Dec 2023)

Michael McGrath: I thank the Senator Doherty. As she will be aware, this finance Bill provides for the application of the zero-rate of VAT to electronic books, or e-books, and audiobooks from 1 January 2024. There is no requirement in the amendment that an electronically supplied book or audiobook must have a printed equivalent to benefit from the zero-rate of VAT. A book or audiobook that is published...

Seanad: Finance (No. 2) Bill 2023: Committee Stage (5 Dec 2023)

Michael McGrath: As the Senators will be aware, the small gift exemption is an annual capital acquisitions tax, CAT, relief available to all recipients of gifts. This means a person can receive a gift to the value of €3,000 free of CAT. For example, a parent may give a gift up to the value of €3,000 to a child or, indeed, anyone else, each calendar year without any CAT arising. Two parents...

Seanad: Finance (No. 2) Bill 2023: Committee Stage (5 Dec 2023)

Michael McGrath: I thank both Senators for their contributions and I assure them that tackling vacancy is a priority for this Government. It is appropriate that every available lever is deployed to incentivise the use of existing housing stock across the country. This includes measures to deter vacancy alongside supportive measures such as grants. For this reason, I announced in the budget that the rate of...

Seanad: Finance (No. 2) Bill 2023: Committee Stage (5 Dec 2023)

Michael McGrath: The residential zoned land tax, RZLT, is a new tax introduced in the Finance Act 2021. It seeks to increase housing supply by encouraging the activation of development on lands that are suitably zoned and appropriately serviced. It is important to note that to come within the scope of the RZLT, farmland must be both zoned for residential use and serviced. Farmland that is zoned for...

Seanad: Finance (No. 2) Bill 2023: Committee Stage (5 Dec 2023)

Michael McGrath: Both of these recommendations pertain to the defective concrete products levy, DCPL, but they have separate purposes. I will speak on each of those purposes in turn. The effect of Senator Gavan's first recommendation would be to eliminate the levy, which was introduced through section 99 of the Finance Act 2022 and only came into effect on 1 September this year. It is important to...

Seanad: Finance (No. 2) Bill 2023: Committee Stage (5 Dec 2023)

Michael McGrath: The Senator will be aware that the Government is committed to tackling climate change and decarbonising the economy by 2050, and is therefore very much aware of the challenges that subsidies pose to our collective effort to disincentivise fossil fuels. The programme for Government, the climate action plan and the Climate Action and Low Carbon Development Act form a broad policy and...

Seanad: Finance (No. 2) Bill 2023: Committee Stage (5 Dec 2023)

Michael McGrath: The funding of local authorities is a matter for the Department of Public Expenditure, NDP Delivery and Reform, and the Department of Housing, Local Government and Heritage. The Finance (No. 2) Bill legislates in respect of fiscal matters only, such as taxation. That said, there already exists provision for budgeting at the level of local authorities via the local property tax, LPT, which...

Written Answers — Department of Finance: Tax Yield (5 Dec 2023)

Michael McGrath: I am advised by Revenue that it does not have the necessary data to model the potential impact of changes in the rate of Electricity Tax charged to any particular cohort of energy users. The annual Electricity Tax Return does not include any breakdown of supply by customer size. I am further advised by Revenue that the full-year yield that would arise from increasing the current Electricity...

Written Answers — Department of Finance: Fiscal Policy (5 Dec 2023)

Michael McGrath: Special Drawing Rights (SDRs) are an international reserve asset that was created by the International Monetary Fund (the IMF) in 1969. SDRs are not a currency but their value is based on a basket of five currencies with one SDR currently equivalent to approximately €1.22. The IMF has allocated SDRs to its member countries in the 1970s (in response to a marked decline in world...

Written Answers — Department of Finance: Tax Credits (5 Dec 2023)

Michael McGrath: I am aware of the contents of the Committee on Budgetary Oversight’s Report on Section 481 Film Tax Credit. In relation to Recommendation 7 regarding intellectual property rights, and indeed Recommendation 8 regarding compliance with relevant copyright legislation, I would note that copyright law falls within the remit of the Department of Enterprise, Trade and Employment. It is worth...

Written Answers — Department of Finance: Departmental Communications (5 Dec 2023)

Michael McGrath: The Department of Finance has active accounts for both LinkedIn and X which are used for official Department publications and press releases. No subscription fees are paid for these accounts and the policy for their use is purely for amplifying official Department of Finance messaging and not endorsing other users activity on social media.

Written Answers — Department of Finance: Tax Code (5 Dec 2023)

Michael McGrath: The VAT rating of goods and services is subject to the requirements of EU VAT law, with which Irish VAT law must comply. In general, the EU VAT Directive provides that all goods and services are liable to VAT at the standard rate, unless they fall within categories of goods and services specified in Annex III of the VAT Directive, in respect of which Member States may apply a lower rate of...

Written Answers — Department of Finance: Tax Yield (5 Dec 2023)

Michael McGrath: I am advised by Revenue that the total amounts of rental income, from residential and commercial properties, as declared on Form 11 Income Tax returns by non tax-resident persons, is set out in the table below for the years 2020 and 2021 (the latest year for which data are currently available). - Commercial Rental Income €m Residential Rental Income...