Results 1,441-1,460 of 27,945 for speaker:Michael McGrath

Written Answers — Department of Finance: Renewable Energy Generation (23 Nov 2023)

Michael McGrath: The Deputy has asked about relief from Electricity Tax in the context of electricity supplier data on fuel mix as published by the Commission for Regulation of Utilities (CRU). The requirement for electricity suppliers to show the sources of electricity on consumer bills, and to report Fuel Mix Disclosures to the CRU, is governed by the State’s electricity market regulatory framework...

Written Answers — Department of Finance: Departmental Bodies (23 Nov 2023)

Michael McGrath: Progress has been made on efforts to convene a new Disabled Drivers Medical Board of Appeals (DDMBA), to secure new hosting arrangements for the DDMBA and to recommence the appeals process. I have now formally appointed all five members to the new DDMBA. Funding arrangements between the Department of Finance and the Department of Health have been agreed. On this basis the National...

Written Answers — Department of Finance: Tax Data (23 Nov 2023)

Michael McGrath: I am advised by Revenue that if an individual’s pension fund is higher than the Standard Fund Threshold (SFT), which is currently €2 million, the excess over the threshold (the “chargeable excess”) is subject to an upfront, ring-fenced income tax charge (known as “chargeable excess tax”) at 40%, in the year of assessment in which the “benefit...

Written Answers — Department of Finance: Tax Code (23 Nov 2023)

Michael McGrath: I assume the Deputy is referring to the OECD's two-pillared solution to address the tax challenges associated with the digitalisation of the economy and the recent Opinion of the Advocate General in the Apple Case. Ireland signed up to the OECD two-pillar agreement in October 2021 and we intend to follow through on that commitment. Our long-standing position is that the international tax...

Written Answers — Department of Finance: Economic Data (23 Nov 2023)

Michael McGrath: The latest Exchequer returns, for end-October, presented a mixed picture of our public finances. The underlying resilience of our economy is reflected in the steady growth in income tax and VAT receipts, but, as the Deputy will be aware, corporation tax fell for a third consecutive month and now stands some €0.4 billion behind its end-October 2022 position. I have long warned that...

Written Answers — Department of Finance: Foreign Direct Investment (23 Nov 2023)

Michael McGrath: Ireland remains an attractive location for international investors, with the stock of FDI in Ireland at over €1.3 trillion at the end of 2022. I am conscious of the need to maintain our competitive position globally, given the important contribution that this FDI makes to the domestic economy. Indeed, the IDA reported the highest ever increase in FDI-related employment last year,...

Written Answers — Department of Finance: EU Regulations (23 Nov 2023)

Michael McGrath: Ireland has always been, and continues to be, a strong proponent of unanimity in tax matters at EU level. Tax Sovereignty is an area close to the heart of Irish citizens and was one of the reasons the Irish people initially rejected the Lisbon Treaty. A subsequent Protocol to the Treaty provided guarantees in relation to tax sovereignty, which paved the way for the Treaty's approval in...

Written Answers — Department of Finance: EU Regulations (23 Nov 2023)

Michael McGrath: State Aid, within the meaning of Article 107 TFEU refers to any advantage, granted by a Member State or through State resources, on a selective basis, to any undertaking that could potentially distort competition and trade in the European Union, and can take the form, inter alia, a tax advantage. As regards general taxation policy measures applied to individuals or open to all enterprises,...

Written Answers — Department of Finance: Economic Policy (23 Nov 2023)

Michael McGrath: I propose to take Questions Nos. 189 and 190 together. I am confident that Ireland continues to compete on the international stage. At the end of the first half of this year, the stock of foreign direct investment stood at €1.1 trillion, while 300,000 were employed in the multinational sector here at the end of 2022. Ireland’s talented and flexible workforce, strong legal and...

Written Answers — Department of Finance: Business Supports (23 Nov 2023)

Michael McGrath: The Temporary Business Energy Support Scheme (TBESS) was introduced to support qualifying businesses with increases in their electricity and natural gas costs over the winter months of 2022-23 arising from the Russian invasion of Ukraine. Finance Act 2022 (as amended) made provision for the TBESS. The scheme fell within the terms of the EU Temporary Crisis and Transition Framework. The...

Finance (No. 2) Bill 2023: Report and Final Stages (22 Nov 2023)

Michael McGrath: I move amendment No. 48: In page 59, line 4, to delete “lease” and substitute “finance lease”. These amendments relate to section 38, as amended by the select committee. Section 38 included a number of amendments to the taxation of leased assets in Ireland. Following the publication of the Bill as initiated, a number of issues were raised by stakeholders....

Finance (No. 2) Bill 2023: Report and Final Stages (22 Nov 2023)

Michael McGrath: I move amendment No. 49: In page 59, to delete lines 30 to 38 and substitute the following: “(4) (a) Subject to paragraph (b), where, during the lease term, there is a change to the lease term or the amount of the lease payments, then in the accounting period in which the change occurs - (i) the amount of income under subsection (2), or (ii) the amount to be deducted under...

Finance (No. 2) Bill 2023: Report and Final Stages (22 Nov 2023)

Michael McGrath: I move amendment No. 50: In page 60, between lines 4 and 5, to insert the following: “(b) in section 77, by the insertion of the following subsection after subsection (3): “(3A) In respect of a company that carries on a leasing activity in respect of which the company is within the charge to corporation tax under Case IV of Schedule D, in computing the income from such...

Finance (No. 2) Bill 2023: Report and Final Stages (22 Nov 2023)

Michael McGrath: I move amendment No. 51: In page 62, to delete lines 15 to 28 and substitute the following: “ “(4) Where this section applies and the lessor is a company, the amount to be included in the income of the lessor in respect of a relevant lease shall be - (a) where the relevant lease is a finance lease, the amount of income from such a lease computed in accordance with...

Finance (No. 2) Bill 2023: Report and Final Stages (22 Nov 2023)

Michael McGrath: I move amendment No. 52: In page 71, line 1, after “ ‘arrangements’ ” to insert “, other than in paragraph (b)(ii) of the definition in this subsection of ‘qualifying subsidiary’,”. Amendments Nos. 52 to 68, inclusive, relate to section 39 which introduced a new section 76E into the Taxes Consolidation Act 1997. The section allows...

Finance (No. 2) Bill 2023: Report and Final Stages (22 Nov 2023)

Michael McGrath: I move amendment No. 53: In page 71, between lines 20 and 21, to insert the following: “ ‘indirect qualifying subsidiary’ means, in respect of a qualifying financing company, a company that would be a qualifying subsidiary but for the fact that 75 per cent or more of its ordinary share capital is held directly by an intermediate holding company; ‘intermediate...

Finance (No. 2) Bill 2023: Report and Final Stages (22 Nov 2023)

Michael McGrath: I move amendment No. 54: In page 71, line 23, after “subsidiary” to insert “or intermediate holding company, as the case may be”.

Finance (No. 2) Bill 2023: Report and Final Stages (22 Nov 2023)

Michael McGrath: I move amendment No. 55: In page 71, line 26, after “subsidiary'” to insert “or indirect qualifying subsidiary, as the case may be”.

Finance (No. 2) Bill 2023: Report and Final Stages (22 Nov 2023)

Michael McGrath: I move amendment No. 56: In page 71, line 29, after “subsidiary’ ” to insert “, in respect of a qualifying financing company,”.

Finance (No. 2) Bill 2023: Report and Final Stages (22 Nov 2023)

Michael McGrath: I move amendment No. 57: In page 71, to delete line 32 and substitute the following: “(b) that is - (i) tax resident in a Member State or an EEA State, or (ii) regarded as resident in a territory under arrangements having force of law by virtue of section 826(1) made with the government of that territory, and”.