Results 1,501-1,520 of 27,945 for speaker:Michael McGrath

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

Michael McGrath: I move amendment No. 32: In page 23, line 8, to delete “subsection (10)(f)” and substitute “subsection (11)(f)”.

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

Michael McGrath: I move amendment No. 33: In page 23, line 9, to delete “(12) Failure” and substitute “(13) Failure”.

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

Michael McGrath: I move amendment No. 34: In page 23, line 9, to delete “subsection (10)” and substitute “subsection (11)”.

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

Michael McGrath: I move amendment No. 14: In page 18, line 29, to delete " "qualifying loan" " and substitute " 'qualifying loan' ". This section of the Bill provides for the temporary one-year, mortgage interest tax relief that I announced on budget day. As indicated on Committee Stage, I am introducing amendments to this section to ensure the relief operates as intended. First, relief is available in...

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

Michael McGrath: I thank all the Deputies who contributed there. I will make a few points on the numbers first of all, because that was raised. It is the case that when the tax credit was introduced in the budget last year, budget 2023, it was estimated that 400,000 individual persons would be eligible to claim the rent tax credit for 2022, and that the same figure was estimated for 2024, namely, 400,000...

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

Michael McGrath: I thank Deputies for their contributions. In my budget 2024 address, I acknowledged the challenges that we face in relation to housing and noted that it remains a top priority for Government. As part of the response to assist renters, I announced an increase of the rent tax credit to €750. This is to assist renters in the private rental sector with the affordability of their rent....

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

Michael McGrath: Deputy Shortall seems determined for me to personalise the impact of the budget to Members of this House but I am not going to do that. There are many people in society, from all sections, who have good incomes, far beyond what Members in this House have and I do not think it serves public debate very well to try to do what Deputy Shortall is doing, but that is her choice.

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

Michael McGrath: I can justify and defend the budget.

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

Michael McGrath: Deputy Shortall wants to personalise the impact of the budget on individuals in this House and-----

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

Michael McGrath: -----I do not see what purpose that serves. It does not serve any useful purpose, except political point scoring, which is a matter for the Deputy.

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

Michael McGrath: Even with the changes we have made in this budget, people in Ireland enter the marginal rate of income tax of 48% when they earn €42,000. In international terms, that is a relatively low level of income at which people hit a marginal rate of tax of 48%. That is the reality and what Deputy Shortall is proposing, in effect, is to make the system even more progressive. I can tell her,...

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

Michael McGrath: I repeat the point that we have one of the most progressive systems of taxes and social transfers of any EU or OECD country. These systems contribute to the redistribution of income and the reduction of income inequality in Ireland. On indexation, it should be pointed out that the personal tax review included a detailed analysis of indexation of the personal tax system in chapter 6 of the...

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

Michael McGrath: A number of amendments covering a range of income tax issues have been grouped together in this discussion. Regarding the potential for the introduction of a 43% income tax rate on all individuals with incomes in excess of €100,000, I am advised by Revenue that this proposal would yield approximately €495 million in the first year of introduction and €615 million in...

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

Michael McGrath: To correct one point, it is estimated that 148,100 individuals will benefit from the increase in the national minimum wage whereas I think I inadvertently gave the wrong figure. In response to some of the points that have been made, with regard to my party, in our campaign for the last election, from which we all draw a mandate to be in this House, we made proposals in regard to the...

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

Michael McGrath: I thank Deputy Moynihan for his contribution. In amendment No. 2, he is seeking a report on the current position regarding USC, the number of taxpayers paying USC at each band and options to reduce the USC burden for middle-income earners in the years ahead. By way of background, as the House will be aware, the USC was designed and incorporated into the Irish taxation system in 2011 to...

Written Answers — Department of Finance: Tax Reliefs (22 Nov 2023)

Michael McGrath: The Disabled Drivers and Disabled Passengers (Tax Concessions) Scheme (DPD), legislated for under Statutory Instrument No. 353 of 1994 as amended, provides for the repayment or remission of VAT and Vehicle Registration Tax (VRT) on the purchase of an adapted vehicle for the transport of a person with specific severe and permanent physical disabilities. Qualification for the scheme also...

Written Answers — Department of Finance: Banking Sector (22 Nov 2023)

Michael McGrath: The Government approved the publication of the Retail Banking Review and the implementation of its recommendations on 29 November 2022. Each recommendation identifies the body or bodies responsible for delivery of that recommendation and, where appropriate, contain timelines for delivery of the recommendations. It is for the relevant bodies to consider and implement the recommendations...

Written Answers — Department of Finance: Prize Bonds (22 Nov 2023)

Michael McGrath: The NTMA have advised me as follows in respect of the information requested by the Deputy. The table below shows both the total amount of Prize Bond winnings from a monetary and volume perspective from November 2021 to October 2022 and from November 2022 to October 2023. - € prizes # prizes November 2021 to October 2022 15,801,100...

Written Answers — Department of Finance: Tax Yield (22 Nov 2023)

Michael McGrath: The Residential Zoned Land Tax (RZLT) is a new tax introduced in Finance Act 2021 which seeks to increase housing supply by encouraging the activation of development on lands which are suitably zoned and appropriately serviced. It aims to bring those lands which have benefitted from investment in services and are capable of being developed forward for housing, rather than to raise revenue....

Written Answers — Department of Finance: Tax Code (22 Nov 2023)

Michael McGrath: It should be noted that the Tax Appeals Commission is the independent body responsible for receiving, accepting, and adjudicating appeals. I am informed by Revenue that that the timeframe a taxpayer can appeal a Capital Gains Tax assessment is as follows: Section 959AF(1) Taxes Consolidation Act 1997 (TCA) provides that (with certain exceptions) a person aggrieved by a Revenue assessment or...