Results 1,941-1,960 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: Correct.

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

Michael McGrath: On the additional cost of €27 million, I will talk about the split of it first of all. For companies outside pillar 2 scope, it is approximately €13 million. For companies in scope of pillar 2 it is €14 million. The cost of the 5% increase before the pillar 2 top-up tax is €137 million. Then €123 million of that is essentially got back because this is...

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

Michael McGrath: The cost of the 5% increase in the credit before the pillar 2 top-up tax is €137 million. Then, by means of additional revenue, which is earned by the State because the increase is taxable, a 15% top-up tax is applied, which gives €123 million, so they net off, giving a net cost of €14 million.

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

Michael McGrath: We have a table that shows the flow of how the net costings were arrived at. I am happy to share that with the committee. It goes through the number of claimant companies, the credit of 25%, the estimated costs at 30%, the cost of the 5% increase and the amount we get back by means of the 15% top-up tax. In effect, the entire credit now becomes taxable in respect of companies that are...

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

Michael McGrath: My understanding is that a share of the companies in the bracket of 50 to 249 employees would be in the scope of pillar 2 and that the cost of the €13 million in respect of those outside the scope is primarily the first two rows in the table at which I believe the Deputy is looking. I am happy to share the basis of our costing. It is a costing that has been done between the Revenue...

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

Michael McGrath: I think Deputy Boyd Barrett is missing the bigger picture with this section and what it does. It maintains the existing benefit for the pillar 2 companies. The big winners in this section are the companies not in-scope of pillar 2. They benefit from the increase in the rate of the research and development tax credit, and they benefit from the doubling of the first year payment threshold...

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

Michael McGrath: We will write to the committee on the costing. Given that the research and development credit is becoming taxable for in-scope companies in respect of pillar 2, it is reasonable to offset that and net it off. We will set out the basis. The costing is not something I was involved in directly. We will explain the figures and how they are arrived at.

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: The amendment seeks a report on the establishment of a wealth tax commission to be provided within six months of the passing of the Bill into law. As Deputy Doherty is aware, wealth can be taxed in a variety of ways, many of which are already levied here in Ireland. These include capital gains tax and capital acquisitions tax, which are, in effect, taxes on wealth in that they are paid by...

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

Michael McGrath: I am of course aware of the Committee on Budgetary Oversight’s recent report on the section 481 film tax credit and I note that the amendments put forward by the Deputies stem from the recommendations contained in that report. On copyright, I would note that copyright law falls within the remit of the Department of the Enterprise, Trade and Employment. Copyright is relevant for...

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

Michael McGrath: Before we conclude, could I add a couple of points for Report Stage?

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

Michael McGrath: With regard to the dividend withholding tax provisions in section 36, which are being introduced to comply with EU law requirements, I wish to advise committee members that I will be bringing forward a technical amendment on Report Stage to provide a necessary cross-reference to the new outbound payment measures being introduced in section 35. There will also be Report Stage amendments to...

Written Answers — Department of Finance: Primary Medical Certificates (26 Oct 2023)

Michael McGrath: The final report of the NDIS Transport Working Group's review of mobility and transport supports including the Disabled Drivers and Disabled Passengers Scheme (DDS), endorsed proposals for a modern, fit-for-purpose vehicle adaptation scheme in line with international best practice that would replace the DDS, as it is no longer fit-for-purpose on any and all aspects. The proposals note this...

Written Answers — Department of Finance: Business Supports (26 Oct 2023)

Michael McGrath: The Temporary Business Energy Support Scheme (TBESS) was introduced to support qualifying businesses with increases in their electricity or natural gas costs arising from the Russian invasion of Ukraine. Finance Act 2022 (as amended) made provision for the TBESS. The scheme fell within the terms of the EU Temporary Crisis and Transition Framework. The scheme ran from 1 September 2022 to 31...

Written Answers — Department of Finance: Tax Reliefs (26 Oct 2023)

Michael McGrath: I am advised by Revenue that the numbers of Help to Buy (HTB) claims that reached the claim stage on or after 1 July 2020, broken down by county, are set out in the table below. This table reflects data as of 23 October 2023. County Number of Claims Carlow 266 Cavan 251 Clare 439 ...

Written Answers — Department of Finance: Tax Credits (26 Oct 2023)

Michael McGrath: The Rent Tax Credit, as provided for in section 473B of the Taxes Consolidation Act 1997 (TCA 1997), was introduced by the Finance Act 2022 and may be claimed in respect of qualifying rent paid in 2022 and subsequent years to end-2025. I am advised by Revenue that the Rent Tax Credit statistics currently available refer only to claims by PAYE taxpayers for the 2022 tax year and the 2023 tax...

Written Answers — Department of Finance: Tax Yield (26 Oct 2023)

Michael McGrath: I am advised by Revenue that the estimated yield to the Exchequer on a first and full year basis for the proposal outlined by the Deputy would be of the order of €195 million and €240 million respectively. It should be noted that page 4 of Revenue’s Ready Reckoner, available on the Revenue website, is available for the Deputy’s attention at the following link:...

Written Answers — Department of Finance: EU Bodies (26 Oct 2023)

Michael McGrath: The European Commission has written to Member States inviting applications to host the seat for the new EU Anti-Money Laundering Association (AMLA). The deadline for final submissions is 10 November and the Department of Finance will be making an application for Dublin to host AMLA. There is a dedicated team of officials in the Department that are working on the application form and they are...

Written Answers — Department of Finance: Tax Appeals Commission (26 Oct 2023)

Michael McGrath: In response to the Deputy's question, the following table provides an outline of the number of determinations issued by the Tax Appeals Commission for the years 2020 to 2022. Year No. of Determinations Issued No. of Appeals Affected Quantum €m 2020 171 191 610 2021 130 157 443 ...

Written Answers — Department of Finance: Tax Reliefs (26 Oct 2023)

Michael McGrath: I propose to take Questions Nos. 147 and 148 together. For the purposes of developing the Mortgage Interest Tax Relief (MITR) measure, data provided by the Central Bank drawn from the Central Credit Register as at end June 2023 (the latest available in advance of Budget 2024) was utilised. Therefore, this data was also used for the purposes of answering the Deputy's question to ensure...