Results 1,361-1,380 of 9,549 for speaker:Jack Chambers

Written Answers — Department of Finance: Tax Code (9 Sep 2024)

Jack Chambers: The reduced VAT rate of 13.5% applies to the following energy products and supplies: - The supply of coal, peat and other solid substances offered for sale solely as fuel. - The supply of hydrocarbon oil of a kind used for domestic or industrial heating, excluding gas oil (within the meaning of section 94(1) of the Finance Act 1999), other than gas oil which has been duly marked in accordance...

Written Answers — Department of Finance: Tax Reliefs (9 Sep 2024)

Jack Chambers: The Help to Buy (HTB) incentive is a scheme to assist first-time purchasers with the deposit they need to buy or build a new house or apartment. The incentive gives a refund on Income Tax and Deposit Interest Retention Tax paid in the State over the previous four years, subject to limits outlined in the legislation. Section 477C Taxes Consolidation Act 1997 outlines the definitions and...

Written Answers — Department of Finance: Tax Code (9 Sep 2024)

Jack Chambers: In relation to the tax advisory group I assume the Deputy is referring to the Commission on Taxation and Welfare. The Commission on Taxation and Welfare published their report 'Foundations for the Future: Report of the Commission on Taxation and Welfare' on 14 September 2022, it is available on www.gov.ie/en/publication/7fbeb-report-of-the-commission/. Chapter 7 of the report examines and...

Written Answers — Department of Finance: Tax Code (9 Sep 2024)

Jack Chambers: Capital Acquisitions Tax (CAT) is a tax which applies to both gifts and inheritances. For CAT purposes, the relationship between the person giving a gift or inheritance (i.e. the disponer) and the person who receives it (i.e. the beneficiary) determines the maximum amount, known as the “Group threshold”, below which CAT does not arise. The Group A threshold is currently set at...

Written Answers — Department of Finance: Tax Yield (9 Sep 2024)

Jack Chambers: The Revenue Commissioners publish data on a number of taxes on a per-county basis, available at: www.revenue.ie/en/corporate/information-about-revenue/statis tics/receipts/receipts-county/geographical-breakdown-of-net- receipts.aspx The figures do not correspond precisely to Exchequer tax heads: for example, the Revenue data are only published on certain components of income tax whereas...

Written Answers — Department of Finance: Primary Medical Certificates (23 Jul 2024)

Jack Chambers: The Deputy should note that my Department and I share concerns that the Disabled Drivers and Disabled Passengers Scheme or DDS is no longer fit-for-purpose and believe it should be replaced with a needs-based, grant-led approach for necessary vehicle adaptations that could serve to improve the functional mobility of the individual. However, this is very much a matter for Government as whilst...

Written Answers — Department of Finance: Tax Yield (23 Jul 2024)

Jack Chambers: I am advised by Revenue that the estimated yield that would be generated by increasing the rate of residential stamp duty from 1% to 2% for residential property of values between €700,000 and €1 million and increasing the rate of residential stamp duty from 2% to 5% for residential property of values above €1 million is published on page 18 of the Ready Reckoner,...

Written Answers — Department of Finance: Tax Credits (23 Jul 2024)

Jack Chambers: As the Deputy will be aware, the Programme for Government, “Our Shared Future”, states that “From Budget 2022 onwards, in the event that incomes are again rising as the economy recovers, credits and bands will be index linked to earnings. This will be done to prevent an increase in the real burden of income tax, to prevent more low income workers being taken into the tax...

Written Answers — Department of Finance: Financial Services (23 Jul 2024)

Jack Chambers: The CSO Register of Public Sector Bodies sets out the background and methodology applied to the classification of the general government sector. As set out in the Register, Microfinance Ireland (MFI) and the Strategic Banking Corporation of Ireland (SBCI) are classified as non-commercial entities within the general government sector. Therefore, the expenditure of these entities are included...

Written Answers — Department of Finance: International Programmes (23 Jul 2024)

Jack Chambers: As the Deputy will be aware, Ireland's most recent IMF Financial Sector Assessment Programme took place in 2022, resulting in 19 recommendations for the Irish authorities to take forward. An update on the implementation of the 2022 FSAP was most recently published in December 2023 as part of Ireland’s 2023 Article IV Consultation. The report can be found on the IMF website at the...

Written Answers — Department of Finance: Tax Code (23 Jul 2024)

Jack Chambers: The Credit Institutions Resolution Fund (the Resolution Fund) and the Credit Union Stabilisation Fund (the Stabilisation Fund) are currently the subject of ongoing reviews. Consultation papers on both funds were issued to stakeholders on Friday 12 July 2024. These consultations are on foot of a request in September 2023 by my predecessor that the Department complete a comprehensive review of...

Written Answers — Department of Finance: Credit Unions (23 Jul 2024)

Jack Chambers: At the end of March 2024, the total amount of house loans outstanding, reported by credit unions in prudential returns submitted to the Central Bank, was €614.9 million. At the end of March 2023, the total amount of house loans outstanding reported was €364.9 million. For credit unions reporting house loans, the average house loan was €115,844 at 31 March 2024, an...

Written Answers — Department of Finance: Credit Unions (23 Jul 2024)

Jack Chambers: At the end of March 2024, the total amount of business loans outstanding, reported by credit unions in prudential returns submitted to the Central Bank, was €173.76 million. At the end of March 2023, the total amount of business loans reported was €151.45 million. For credit unions reporting business loans, the average business loan was €22,744 at 31 March 2024, an...

Written Answers — Department of Finance: Credit Unions (23 Jul 2024)

Jack Chambers: The Credit Union Act 1997 (the 1997 Act) sets out provisions in relation to credit union lending and provides the Central Bank with regulation-making powers in relation to lending. In making regulations under the 1997 Act, the Central Bank must have regard to the need to ensure that the requirements imposed by the regulations are effective and proportionate having regard to the nature, scale...

Written Answers — Department of Finance: Credit Unions (23 Jul 2024)

Jack Chambers: Each credit union has a volunteer board of directors (board) that is directly elected by its members. Generally speaking, the board is responsible for the general control, direction and management of the credit union. Sections 53-57 of the 1997 Act set out the relevant legislative provisions relating to the directors of credit unions. In accordance with section 53, other than in limited...

Written Answers — Department of Finance: Budget 2025 (23 Jul 2024)

Jack Chambers: As the Deputy will be aware, it is a longstanding practice of the Minister for Finance not to comment, in advance of the Budget, on any tax matters that might be the subject of Budget decisions.

Written Answers — Department of Finance: Financial Services (23 Jul 2024)

Jack Chambers: I thank the Deputy for his question. Just to inform the Deputy, there is a cap of €100,000, not €30,000 on member savings, as outlined in Regulation 35 of the Credit Union Act 1997 (Regulatory Requirements) 2016. A number of credit unions were approved to retain individual member savings in excess of €100,000 that were held on commencement of the regulations under...

Written Answers — Department of Finance: Tax Reliefs (23 Jul 2024)

Jack Chambers: Mortgage Interest Tax Relief is a one-year temporary relief, which is available to taxpayers in respect of their principal private residence in the State where the outstanding mortgage balance was between €80,000 and €500,000 as of 31 December 2022. The relief also extends to a qualifying property located in the State, which is the sole or main residence of the...

Written Answers — Department of Finance: Tax Exemptions (23 Jul 2024)

Jack Chambers: As the Deputy will be aware, the age exemption applies for any year of assessment where an individual is aged 65 years or over and his or her total income does not exceed €18,000 per annum. Where an individual is a married person or civil partner and is jointly assessed to tax, the age exemption will apply where either individual is aged 65 or over and where the couple’s total...

Written Answers — Department of Finance: Departmental Legal Cases (23 Jul 2024)

Jack Chambers: I wish to advise the Deputy that neither my Department nor the bodies under the aegis of my Department have taken legal cases against another Department, Government agency or State body in the timeframe specified.