Results 7,881-7,900 of 9,184 for speaker:Jack Chambers

Ceisteanna Eile - Other Questions: Vacant Properties (4 Jul 2024)

Jack Chambers: The Department of Finance has engaged regularly with the Department of housing. The review of the derelict sites levy is also an important context. A number of practical challenges have been identified in addressing dereliction, such as difficulties in identifying properties and their owners. That is one challenge. This tax itself is part of a broader suite of measures which is being...

Ceisteanna Eile - Other Questions: Tax Code (4 Jul 2024)

Jack Chambers: I propose to take Questions Nos. 108 and 111 together. As the Deputy will be aware, the 9% VAT rate was applied on a temporary basis to the hospitality and tourism sectors until 31 August 2023 when it reverted to the 13.5% rate. The 9% rate was introduced on 1 November 2020 in recognition of the fact that the tourism and hospitality sectors were among those most impacted by the public...

Ceisteanna Eile - Other Questions: Tax Code (4 Jul 2024)

Jack Chambers: Both my colleagues, the Ministers, Deputies Peter Burke and Catherine Martin, have extensively engaged with the tourism and hospitality sector. I know that my colleague, Deputy McGrath, when he was Minister recently met the sector also. That is why the Government responded in budget 2024 with the increased cost of business grant, which aims to provide financial support to small and...

Ceisteanna Eile - Other Questions: Tax Code (4 Jul 2024)

Jack Chambers: I know that extensive work was done towards the latter end of last year, in which the Minister of State, Deputy Richmond, was involved in his previous role. That is why we responded with the increased cost of business scheme and also providing for the other ranges of support which the Minister, Deputy Burke, has advanced around the national minimum wage and having the lower rate of...

Written Answers — Department of Finance: Tax Data (3 Jul 2024)

Jack Chambers: I am advised by Revenue that as of 28 June 2024, the number of approved Help to Buy (HTB) claims, the number of applicants associated with these claims and the number of approved HTB claims in respect of the purchase of new houses or apartments, that were approved on or after 1 July 2020, broken down by county, are as set out in the table below: Property County All...

Written Answers — Department of Finance: Customs and Excise (3 Jul 2024)

Jack Chambers: In light of public health interests, continuing delays to the revision of the Tobacco Products Tax EU Directive and the Programme for Government commitment to tax e-cigarettes and vapes, it was announced last year that a domestic tax on e-cigarettes and vaping products will be introduced as part of this year’s Budget. My officials are preparing legislation for the introduction of a...

Written Answers — Department of Finance: Tax Data (3 Jul 2024)

Jack Chambers: I am advised by Revenue that traders are not required to separately identify the VAT yield from specific activities, therefore it is not possible to estimate the cost of a VAT reduction for the food-led hospitality sector using tax information alone. To calculate an estimate, Revenue uses both taxpayer returns and third party macro-economic data provided to Revenue by the Central...

Written Answers — Department of Finance: Tax Code (3 Jul 2024)

Jack Chambers: As the Deputy is 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 income...

Written Answers — Department of Finance: Tax Reliefs (3 Jul 2024)

Jack Chambers: Ireland’s long-standing section 481 film tax credit provides relief in the form of a corporation tax credit related to the cost of production of certain audio-visual productions, including costs incurred on visual effects (VFX). The scheme is intended to act as a stimulus to the creation of an indigenous film industry in the State, creating quality employment opportunities and...

Written Answers — Department of Finance: Financial Services (3 Jul 2024)

Jack Chambers: I should say that as competent authority, the European Central Bank (ECB) is required to carry out annual stress tests on Significant Supervised Institutions (SSI), which includes Bank of Ireland and AIB, in the context of its Supervisory Review and Evaluation Process (SREP) as set out in Article 100 of the Capital Requirements Directive IV (CRD IV). Supervisory Review and Evaluation...

Written Answers — Department of Finance: State Bodies (3 Jul 2024)

Jack Chambers: In June 2023, the terms of reference for a National Payments Strategy (NPS) were published, and work on the NPS has commenced. The work of the NPS will take account of the changing payment landscape and ongoing legislative developments at EU level, including proposals on instant payments, payment services, legal tender and the digital euro. Access to cash and acceptance of cash is also being...

Written Answers — Department of Finance: Customs and Excise (3 Jul 2024)

Jack Chambers: Under EU law, manufacturers or importers of cigarettes are free to determine the maximum retail selling price for each of their products. It is not possible, therefore, for a Member State to direct companies as to the price at which cigarettes are to be sold. EU law imposes certain obligations on Members States on the way in which the rates and structure of tobacco products tax operate....

Written Answers — Department of Finance: Credit Unions (3 Jul 2024)

Jack Chambers: Nomination is a unique provision available only for credit union members. By way of background, nomination is a legally binding agreement under which a credit union member can nominate a third party to be the recipient of the member’s money after their death, up to a limit of €27,000. The effects of nomination are that any amounts up to €27,000 will pass outside the terms...

Written Answers — Department of Finance: Financial Services (3 Jul 2024)

Jack Chambers: The Central Bank of Ireland is responsible for regulating and supervising the providers of mortgage and other credit by regulated financial services providers to consumers. The Central Bank sets out macro-prudential and consumer protection requirements which have the objective of protecting overall financial stability and the interests of consumers. In line with this mandate, the...

Written Answers — Department of Finance: Fiscal Policy (4 Jul 2024)

Jack Chambers: Last week my Department published its third triennial assessment of the budgetary costs associated with ageing in Ireland. The key message from the report is that while Ireland’s demographic profile is relatively favourable at present, it is set to age rapidly over the coming decades, bringing us closer to the EU norm. While it is, of course, a very positive development that people in...

Written Answers — Department of Finance: Tax Credits (4 Jul 2024)

Jack Chambers: 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. For the tax years 2022 and 2023, the maximum value of the credit is €1,000 per year in the case of a jointly assessed couple, and €500 in all...

Written Answers — Department of Finance: Insurance Industry (4 Jul 2024)

Jack Chambers: This Government remains strongly committed to achieving a competitive and sustainable insurance market where insurance is affordable and available to all. The implementation of the Action Plan for Insurance Reform is progressing well, with vast bulk of actions now complete, and all ten principal actions finalised. Insurance reform is a priority for the Government, overseen by the...

Written Answers — Department of Finance: Fiscal Policy (4 Jul 2024)

Jack Chambers: I propose to take Questions Nos. 83 and 91 together. On the 20th of March 2024, the Director of the Ireland Strategic Investment Fund (ISIF) attended the Committee on Finance, Public Expenditure and Reform, and Taoiseach hearing on Pre-Committee Stage Scrutiny of the Illegal Israeli Settlements Divestment Bill 2023. At that Committee meeting, the ISIF Director outlined that as at 31...

Written Answers — Department of Finance: Fiscal Policy (4 Jul 2024)

Jack Chambers: I propose to take Questions Nos. 84 and 202 together. The purpose of the Infrastructure, Climate and Nature Fund (ICNF) is to, first, provide a fiscal buffer to support State expenditure during a period of significant deterioration in the economic or fiscal position of the State, and second, to provide support to projects that directly or indirectly contribute to climate change, nature,...

Written Answers — Department of Finance: Universal Social Charge (4 Jul 2024)

Jack Chambers: The Programme for Government (PfG), “Our Shared Future” contains a number of specific commitments relating to income tax. These include the commitment 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...