Results 1-9 of 9 for 5 million segment:8743577

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

Michael McGrath: ...stimulus plan, the scheme was amended so that the level of support available to first-time buyers was increased to the lesser of €30,000, which was up from €20,000, or 10%, which was up from 5%, of the purchase price of a new home or self-build property or the amount of income tax and DIRT paid in the four years before the purchase or self-build. The scheme was extended in...

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

Gerald Nash: I move amendment No. 5: In page 15, between lines 6 and 7, to insert the following: "Tax credits, etc.: report on cost of indexation 10.The Minister and the Minister for Public Expenditure, NDP Delivery and Reform shall include in their Summer Economic Statement in each year a report setting out the estimated cost to the Exchequer of adjusting— (a) tax rate bands and tax credits...

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

Pearse Doherty: I thank the Minister for his response. As I said, reducing the tax relief for employee contributions from €115,000 to €60,000 does not actually mean that somebody earning €60,000 does not get pension tax relief. I want to make that point because the Minister has made that claim on numerous occasions. That is not how the earnings limit for tax relief for employee...

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

Pearse Doherty: I look forward to that. That would be very much welcomed at this time, unless the Minister is thinking of increasing the standard fund threshold back to €5 million. I thank the Minister. I will withdraw the amendment.

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

Michael McGrath: ...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 regulation, GBER. However, as announced in my speech on budget day, I am also making additional changes to enhance EII. The key changes include:...

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

Pearse Doherty: ...is too much of a challenge and they are not even applying for it. I am taken aback by the cost of this. The overall cost to the Exchequer last year of the research and development tax credit was €753 million for 1,600 claimants. If we increase the rate by 5% the cost of this will be an extra €27 million. Will the Minister explain how this is not linear in relation to...

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)

Pearse Doherty: Well, we have never had these figures before and, in fairness, Deputy Boyd Barrett has just been given figures for companies with more than 250 employees. Where the companies that are out of scope are concerned, if a 5% increase equates to €13 million, it means they are getting €65 million currently and all of the other tax credit, amounting to nearly €700 million, is...