Results 1,921-1,940 of 27,945 for speaker:Michael McGrath

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Finance (No. 2) Bill 2023: Committee Stage (7 Nov 2023)

Michael McGrath: In 2022, the Minister for Agriculture, Food and the Marine brought forward a voluntary permanent cessation scheme for the decommissioning of fishing vessels, which is funded from the Brexit adjustment reserve, BAR. To support this scheme, section 15 of the Finance (Covid-19 and Miscellaneous Provisions) Act 2022 introduced Chapter 5 of Part 23 of the Taxes Consolidation Act 1997. Chapter 5...

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Finance (No. 2) Bill 2023: Committee Stage (7 Nov 2023)

Michael McGrath: There are no data available on the uptake or cost to date of the scheme as the income qualifying under section 2160D of the Taxes Consolidation Act is not required to be declared by individuals on their tax return on the basis that there are potentially 55,500 eligible claimants. A typical claimant could expect to be paid approximately €300. We estimate that the annual cost to the...

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Finance (No. 2) Bill 2023: Committee Stage (7 Nov 2023)

Michael McGrath: I thank the Deputy. A review is ongoing by the Department of the Environment, Climate and Communications and the SEAI of climate policy considerations relevant to the accelerated capital allowance, ACA, scheme, that is the accelerated wear and tear allowances scheme. The SEAI maintains a list of energy-efficient equipment that qualifies for the scheme, known as the triple E product...

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Finance (No. 2) Bill 2023: Committee Stage (7 Nov 2023)

Michael McGrath: That is a fair point. I will ask the officials at the Revenue officials to take a note of that point. The Deputy is raising the issue of the accelerated wear and tear allowances for farm safety equipment under section 30 as part of our public information campaign on claiming reliefs, exemptions and credits. Perhaps we could do some targeted work through the relevant publications in the...

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Finance (No. 2) Bill 2023: Committee Stage (7 Nov 2023)

Michael McGrath: I thank the Deputy. Part 16 of the TCA 1997 provides relief for investment in corporate trades. The release included in Part 16 are the employment investment incentives, EII, start-up relief for entrepreneurship and start-up capital incentive, SCI. The amendments to Part 16 are primarily to reflect the revision of regulation EU No. 651 of 2014 known as the State Aid General Bloc Exemption...

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Finance (No. 2) Bill 2023: Committee Stage (7 Nov 2023)

Michael McGrath: I wish to add a point to amendment No. 94 because we may not cover it separately in terms of the point I made about Report Stage. The proposed amendment is intended to provide that where individual GPs enter into contracts with the HSE to provide certain medical professional services, and provide those services in the conduct of a partnership profession with other individual GPs, the income...

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Finance (No. 2) Bill 2023: Committee Stage (7 Nov 2023)

Michael McGrath: Yes.

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Finance (No. 2) Bill 2023: Committee Stage (7 Nov 2023)

Michael McGrath: I have just added additional wording to clarify what I am bringing forward.

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Finance (No. 2) Bill 2023: Committee Stage (7 Nov 2023)

Michael McGrath: I move amendment No. 17: In page 38, between lines 13 and 14, to insert the following: “Amendment of section 664 of Principal Act (relief for certain income from leasing of farm land) 33.Section 664 of the Principal Act is amended— (a) in subsection (1)— (i) in paragraph (a), by— (I) the insertion of the following definitions: “...

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Finance (No. 2) Bill 2023: Committee Stage (7 Nov 2023)

Michael McGrath: I am certainly satisfied that in the case of inheritances, we have provided for a carve-out. This is a change that has been sought by some of the farming organisations because there has been a practice of land being bought and leased out immediately, and of what is a very generous tax relief being availed of in that context. This amendment is warranted, given that it is an important tax...

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Finance (No. 2) Bill 2023: Committee Stage (7 Nov 2023)

Michael McGrath: Yes

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Finance (No. 2) Bill 2023: Committee Stage (7 Nov 2023)

Michael McGrath: I move amendment No. 18: In page 42, line 32, to delete “paragraphs (b)and (c)” and substitute “paragraphs (b), (c)and (d)”.

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Finance (No. 2) Bill 2023: Committee Stage (7 Nov 2023)

Michael McGrath: I understand there is agreement on them.

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Finance (No. 2) Bill 2023: Committee Stage (7 Nov 2023)

Michael McGrath: I move amendment No. 19: In page 42, between lines 37 and 38, to insert the following: “(d) Paragraph (c)(vi)(in so far as it inserts subsection (16) in section 766C of the Principal Act) and paragraph (d)(v)(in so far as it inserts subsection (15) in section 766D of the Principal Act) of subsection (1)shall apply on and from the date of the passing of this Act.”.

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Finance (No. 2) Bill 2023: Committee Stage (7 Nov 2023)

Michael McGrath: I have a short note which I will read and then I will answer some of the specific questions raised. This section amends sections 766, 766A, 766C and 766D of the Taxes Consolidation Act 1997, which relate to the research and development corporation tax credit regime. The purpose of the amendments is to maintain Ireland’s support for quality employment and investment in research and...

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Finance (No. 2) Bill 2023: Committee Stage (7 Nov 2023)

Michael McGrath: Is that tax expenditure?

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Finance (No. 2) Bill 2023: Committee Stage (7 Nov 2023)

Michael McGrath: I will address the questions raised and that might lead to further questions or answer some. The most recent figures we have for the cost are the figures that Deputy Boyd Barrett referred to for 2021. Some €753 million was spent across 1,629 companies. September 2023 was when the final returns for 2022 would have come in. In April 2024, the figures for 2022 will be finalised and...

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Finance (No. 2) Bill 2023: Committee Stage (7 Nov 2023)

Michael McGrath: This is all published and we can share it. About another third have between 11 and 49 employees. An awful lot of very small or mid-sized companies are claiming this particular relief. It is important to remind ourselves what it is. The qualifying expenditure definitions are quite strict, as one would expect. It is a significant tax expenditure. The qualifying activities must satisfy all...

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Finance (No. 2) Bill 2023: Committee Stage (7 Nov 2023)

Michael McGrath: I will address a number of the points and I will return to that specific point. Deputy Boyd Barrett asked about the amount of the cost that is accounted for by the larger companies. In the publication last April, the only category of large companies, let us say, is those with 250 or more employees. Of the €753 million, €559 million of it is claimed by those 200 companies....

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Finance (No. 2) Bill 2023: Committee Stage (7 Nov 2023)

Michael McGrath: It is €559 million of €753 million being in respect of companies employing 250 employees or more.