Results 1,641-1,660 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: I thank Deputy Doherty for that contribution. Of course pricing has an impact on consumption and on where people source product and I understand the point the Deputy is making. One purpose of increasing the excise is motivated by public health and the need to continue to drive down smoking levels in our society. That is, first and foremost, the objective. There are, of course, other ways...

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 both Deputies. I assure Deputy English that Revenue remains focused on enforcement activity. It has approximately 2,000 professionals working on enforcement all of the time. On Deputy Doherty's question, it has to be acknowledged that the higher the price goes in the legitimate market, there is the potential that we will see an increasing proportion of overall purchasing coming...

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

Michael McGrath: It is very low. The estimated yield from this measure is €4,500, so it is very low indeed.

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. This section introduces a new section 92A to the VAT Consolidation Act 2010 which provides for the principles to govern the application of VAT in respect of the deposit return scheme, DRS. That scheme is being introduced by the Department of the Environment, Climate and Communications and is due to go live in February 2024. The scheme requires that a refundable deposit...

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

Michael McGrath: The operator would pay a refund to the retailer.

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 answer the Deputy’s first question. He gave an example of there being €1 million worth of product that has been returned and the VAT treatment of that. His question was about whether those products could be returned when clearing out the garage a year later or whatever. There are operational issues there. The Revenue will be developing regulations. We expect those to...

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

Michael McGrath: Yes.

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: Yes. There will be an operator.

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

Michael McGrath: When a customer returns the can to a retailer, they will get the refund of the deposit from the retailer and the retailer is then reimbursed from the operator. Is there a fee? We understand that in the scheme being developed by the Department of the Environment, Climate and Communications, there will be a fee to the retailer.

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

Michael McGrath: Yes.

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 Deputies for their comments. Regarding Deputy Doherty’s questions, the 16% rate is to ensure it is GBER compliant. As to the timeline, I want to commence this as quickly as possible, and certainly no later than quarter 1 of next year, in part due to the risk Deputy Doherty rightly highlighted. It is only new investments following the commencement of this provision that...

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

Michael McGrath: Yes.

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 there will be a standard VAT rate applied to the fee. It is a separate issue to the treatment of the VAT on the unreturned product.

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 it is one operator.

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

Michael McGrath: Yes.

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 do my best. This section amends section 86 of the Value-Added Tax Consolidation Act 2010, which deals with special provisions for tax invoiced by flat-rate farmers. It confirms the reduction in the farmers’ flat-rate addition from 5% to 4.8% with effect from 1 January 2024. The new 4.8% rate will continue to achieve full compensation for farmers under the flat-rate scheme. ...

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

Michael McGrath: Yes, it is done annually.

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 advised by the Revenue Commissioners that is not allowed, and that this calculation must be done. We have to revise the calculation in line with the data. It is subject to audit. There is no discretion.

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

Michael McGrath: This section of the Bill amendments paragraph (6)(1)(a) of Schedule 1 of the VAT Consolidation Act. That paragraph provides for the VAT exemption on transferring or otherwise dealing in stocks, shares, debentures and other securities and other documents establishing title to goods. The amendment is a technical correction to delete the word "issuing" from paragraph (6)(1)(a) of Schedule 1 of...