Results 1,741-1,760 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: QDMTT pay and file returns will be published in the normal aggregate anonymised form by Revenue. In addition to the normal corporation tax data, there will be data in respect of QDMTT. On the composition of that then, coming from the application of the IIR or UTPR, that will certainly be available to Revenue because of the nature of the returns. No final decision has been taken about the...

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

Michael McGrath: On the QDMTT data, and please correct me if I am wrong, if there is a subsidiary in Ireland, which is taxed at 12.5%, then according to Revenue its effective tax rate is about 11.8% or something in that region so it must be increased to 15%. QDMTT will apply and increase the percentage by 3% so there will be a sum of money that that subsidiary will have to pay to reach the minimum effective...

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 would be separate filings. It is 15% on a jurisdictional basis. The pillar 2 pay and file return requirements in Ireland can be summarised as follows. As the IIR, UTPR and QDMTT are three separate taxes with, possibly, three separate cohorts of taxpayers are in scope so three separate returns will apply. The returns would be filed on a self-assessment basis similar to current...

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

Michael McGrath: I anticipate we will decide to publish in that form - IIR, UTPR and QDMTT.

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

Michael McGrath: The work is ongoing on designing the necessary returns, internal training and so on. Obviously the additional resources will have to be funded through the Revenue Vote on the expenditure side. I thank the Deputy for his comments and his acknowledgement of the extraordinary amount of hard work. I strongly believe it is the correct policy decision overall, and I believe the Deputy does too....

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 Durkan for his support. The WTO was not formally consulted. It was not formally part of the process. Tax certainty and having as much mutual recognition globally of tax systems and having as much integration in the approach to taxing global multinationals facilitates open trade and is, in many respects, an essential ingredient when it comes to the conditions necessary for...

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

Michael McGrath: The approach by the Department and Revenue on that question so far has been to examine the combined effect of both Pillars 1 and 2. The estimate given is of a net cost of €2 billion. We have pushed out the inclusion of that, in the projections we set out in the budget, by a further year. It is a combined net cost of €2 billion of the two pillars being implemented. We have...

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

Michael McGrath: That figure was first calculated in 2020. It has not been updated because Pillar 1 is not yet finalised so it is not possible to finalise the figure. The impact of Pillar 2 will not stand alone. It is part of a global agreement that involves the two pillars interacting. This is why the Department has always taken the approach of estimating the combined effect of the two pillars being in...

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

Michael McGrath: As the committee will be aware, revenues will actually not flow until 2026 with regard to the impact of Pillar 2. The precise impact on Ireland will depend on a number of factors, including the question of what jurisdictions we may be collecting IIR and UTPR from. It is not possible to provide an estimate at this time, given that the transposition is continuing and the implementation of it...

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 not withholding any information from the Deputy or the committee. However, I will ask the officials to go back and look at the nature and the origin of the calculation that was done. We will set out a comprehensive note and we will address the issue raised by the Deputy insofar as we can with the information available. This is heavily caveated because there are unknowns and there are...

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. 46: In page 155, line 13, to delete “and”.

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. 47: In page 155, line 14, after “expense,” to insert “and”.

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. 48: In page 155, between lines 14 and 15, to insert the following: “(f) taxes accrued by an insurance company in respect of returns to policyholders to the extent that subsection (10)(a) applies in relation to those taxes,”.

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. 49: In page 158, line 15, after “value” to insert “adjusted for accumulated depreciation”.

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. 50: In page 158, line 29, after “value” to insert “adjusted for accumulated depreciation”. Amendment agreed to.

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. 51: In page 158, line 32, after “value” where it secondly occurs to insert “adjusted for accumulated depreciation”.

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. 52: In page 158, line 33, after “value” where it firstly occurs to insert “adjusted for accumulated depreciation”.

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. 53: In page 164, line 14, to delete “and” and substitute “or”.

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. 54: In page 179, to delete lines 6 to 10 and substitute the following: “(4) Where a qualifying loss election is withdrawn— (a) any remaining qualifying loss deferred tax asset for a jurisdiction determined in accordance with subsection (1) shall be reduced to zero as of the first day of the first fiscal year in which the qualifying loss election...