Results 1,621-1,640 of 27,945 for speaker:Michael McGrath

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Finance (No. 2) Bill 2023: Committee Stage (Resumed) (8 Nov 2023)

Michael McGrath: No.

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Finance (No. 2) Bill 2023: Committee Stage (Resumed) (8 Nov 2023)

Michael McGrath: I thank Deputy Boyd Barrett. I agree with him wholeheartedly about the talent that is in Ireland. We want to unleash that talent and that is why we are making this change in the Finance (No. 2) Bill which has been long called for. The benefits of this will be felt far and wide not just by the big producers who come in here to make movies or a drama series. It will percolate down through...

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Finance (No. 2) Bill 2023: Committee Stage (Resumed) (8 Nov 2023)

Michael McGrath: On section 42, I intend to bring in a Report Stage amendment to take account of the update to the list that was agreed at the Economic and Financial Affairs Council, ECOFIN, in October. It was not possible to make this change before Report Stage due to the timing of ECOFIN and the subsequent publication of the list in the Official Journal of the EU, and a related technical drafting matter....

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Finance (No. 2) Bill 2023: Committee Stage (Resumed) (8 Nov 2023)

Michael McGrath: I move amendment No. 24: 24. In page 75, between lines 25 and 26, to insert the following: “Relief for investment in innovative enterprises 44.(1) The Principal Act is amended— (a) in Part 19, by the insertion of the following Chapter after section 600A: “CHAPTER 6A Relief for investment in innovative enterprisesInterpretation 600B.In this Chapter— ...

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Finance (No. 2) Bill 2023: Committee Stage (Resumed) (8 Nov 2023)

Michael McGrath: This introduces a new section 44. Section 44 introduces Chapter 6A into the Taxes Consolidation Act 1997 to legislate for a new targeted capital gains tax, CGT, relief for investment in innovative start-up SMEs. The relief aims to assist SMEs in attracting investment and making Ireland a more attractive location for angel investors. The relief is to encourage investors to acquire...

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Finance (No. 2) Bill 2023: Committee Stage (Resumed) (8 Nov 2023)

Michael McGrath: I will first read out a short note and then directly answer the question. This section amends section 597AA of the Taxes Consolidation Act 1997, which provides for revised entrepreneur relief. On the satisfaction of various conditions, the relief serves to reduce the rate of capital gains tax to 10% on gains arising from a disposal of qualifying business assets. Those assets include shares...

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Finance (No. 2) Bill 2023: Committee Stage (Resumed) (8 Nov 2023)

Michael McGrath: I wish to signal that I will table an amendment to this section on Report Stage to ensure that the interaction of the existing €3 million limit and the new €10 million limit will work as intended.

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Finance (No. 2) Bill 2023: Committee Stage (Resumed) (8 Nov 2023)

Michael McGrath: My understanding is that on confidentiality grounds, the Revenue Commissioners cannot disclose the number. I think this tells us that it is very low.

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Finance (No. 2) Bill 2023: Committee Stage (Resumed) (8 Nov 2023)

Michael McGrath: I will speak briefly on the section itself and then I will address the issue the Deputy has raised. This section of the Bill amends section 604A of the Taxes Consolidation Act 1997, which provides relief from CGT on the disposal of land and buildings purchased in the period from 7 December 2011 to 31 December 2014 and held for at least four years. The amendment clarifies that only...

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Finance (No. 2) Bill 2023: Committee Stage (Resumed) (8 Nov 2023)

Michael McGrath: I thank Deputies Doherty and Durkan for their comments and questions. It is important to point out the broader application of this measure. Deputy Doherty will be aware of this. He has the most up-to-date number in terms of the number of claimants in respect of residential property for 2021, which is 568; the amount of gain relieved, which was €93.4 million; and the Exchequer cost...

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Finance (No. 2) Bill 2023: Committee Stage (Resumed) (8 Nov 2023)

Michael McGrath: The Deputies have identified an issue where some people are considering whether to retain or sell a property, whether it is a home or another asset. While that is the case, it is important we respect the fundamental principles of our taxation system that where commitments are given by the Oireachtas and are legislated for, they would be honoured over the period. To not do so would bring a...

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Finance (No. 2) Bill 2023: Committee Stage (Resumed) (8 Nov 2023)

Michael McGrath: I thank the Deputy. It is important to put the following on the record. The amendments proposed to section 604A of the Taxes Consolidation Act 1997 do not represent a change to the qualifying conditions for the relief. They instead affirm the policy intent underpinning the relief, which has been clear since the then Minister for Finance announced the relief. The policy intent at the time...

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Finance (No. 2) Bill 2023: Committee Stage (Resumed) (8 Nov 2023)

Michael McGrath: I thank the Deputy for the spirit in which he has raised the issue. I will ask my officials to have a look at this in the context of the tax strategy group, but I do not want to give any impression we are looking at removing a relief retrospectively that has been enshrined in law for more than a decade. I acknowledge that the Deputy has not called for that, but I do not want to create any...

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Finance (No. 2) Bill 2023: Committee Stage (Resumed) (8 Nov 2023)

Michael McGrath: A sale of shares is normally chargeable to stamp duty at a rate of 1% of the consideration and is payable by the purchaser. I am advised by Revenue that where a company purchases its own shares, the stamp duty treatment depends on the form in which the shares are held and the method by which the purchases are effected. For shares held in certificated, or paper, form, they may be bought back...

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Finance (No. 2) Bill 2023: Committee Stage (Resumed) (8 Nov 2023)

Michael McGrath: I am happy to commit that we will provide for this in the tax strategy group papers next year and that will allow adequate time for consideration of the policy issues in the lead-up to the budget. It is important that, at a time when there is significant policy change in European capital markets as we seek to support our own domestic capital markets, we take account of any unintended...

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Finance (No. 2) Bill 2023: Committee Stage (Resumed) (8 Nov 2023)

Michael McGrath: I have quite a few points to make so I will hold off, if that is okay. On section 35 that applies new measures to outgoing payments of interest, royalties and distributions aimed at the prevention of double non-taxation, I will bring forward a Report Stage amendment to make a minor change to the definition of "relevant payment" to ensure the legislation operates as intended. I will also...

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Finance (No. 2) Bill 2023: Committee Stage (Resumed) (8 Nov 2023)

Michael McGrath: I understand that the other amendments in this group are not being moved. Is that correct? It is just amendment No. 27 in the name of Deputy Pearse Doherty. While I acknowledge that carbon tax has an impact on the price of certain products, it is important to point to hypothecation. On budget day, the Department of Public Expenditure, National Development Plan Delivery and Reform set out...

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Finance (No. 2) Bill 2023: Committee Stage (Resumed) (8 Nov 2023)

Michael McGrath: I essentially outlined that a budget day paper published by the Department of Public Expenditure, National Development Plan Delivery and Reform outlines the hypothecation of carbon tax receipts. That was a commitment we made, as the Deputy knows, when the tax was introduced. Some €788 million is being allocated as part of budget 2024 for climate action measures. We have a detailed...