Results 8,201-8,220 of 9,230 for speaker:Jack Chambers

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.

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

Jack Chambers: I wish to inform the Deputy that the Economics Division of my Department comprises the following staff at Administrative Officer, Assistant Principal Officer, Principal Officer and Specialist grades, headed by the Chief Economist at Assistant Secretary Level. - Number of Staff in 2023 Number of Staff in 2024 Administrative Officer 15 20 Assistant Principal 12 14 ...

Written Answers — Department of Finance: Prize Bonds (23 Jul 2024)

Jack Chambers: The NTMA has advised me that there were some complexities regarding the original holder address and the Prize bond number, but these have now been resolved. The Prize Bond Company will be in direct contact with the customer to verify current personal details relating to the holding in question and I trust that the query will be resolved to the satisfaction of all concerned.

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

Jack Chambers: The Universal Social Charge (USC) was designed and incorporated into the Irish taxation system in 2011 to replace two other charges, namely the Health and Income Levies. The primary purpose of the USC was to widen the tax base and to provide a steady income to the Exchequer to provide funding for public services. The USC is an individualised tax, meaning that a person’s liability to...

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

Jack Chambers: The Deputy will be aware that Deposit Interest Retention Tax (DIRT) is deducted at source by deposit takers (e.g. banks, building societies, credit unions, An Post, etc.) from interest paid or credited on deposits of Irish residents. DIRT is currently charged at 33%. DIRT has been considered in a number of reviews. In 2018, my Department carried out a review of the taxation of DIRT and Life...

Written Answers — Department of Finance: Official Engagements (23 Jul 2024)

Jack Chambers: There have been a number of contacts with Chancellor Reeves since her appointment earlier this month. Following a letter of congratulations which I sent to her, we spoke last week by phone and agreed to meet in London soon. The bilateral economic and trading relationship between Ireland and Great Britain is of great importance to both countries - indeed Ireland is the UK's fourth-largest...

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

Jack Chambers: As the Deputy will be aware, Section 118(5G) of the Taxes Consolidation Act 1997 (TCA) provides for the Cycle to Work scheme. This scheme provides an exemption from benefit-in-kind (BIK) where an employer purchases a bicycle and/or associated safety equipment for one of their employees (or directors) to use, in whole or in part, to travel to work. Associated safety equipment may include items...

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

Jack Chambers: I propose to take Questions Nos. 322 and 370 together. 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....

Written Answers — Department of Finance: Motor Industry (23 Jul 2024)

Jack Chambers: I am advised by Revenue that a breakdown of new and used Category A vehicle registrations by VRT band for 2023 and Quarter 1 2024, the latest period for which Revenue have compiled data, is available on the Revenue website at: www.revenue.ie/en/corporate/information-about-revenue/statis tics/excise/vrt/index.aspx. Data in respect of Quarter 2 2024 are scheduled for publication in August of...

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

Jack Chambers: Section 114 of the Taxes Consolidation Act 1997 (TCA) provides for a tax deduction in respect of expenses incurred wholly, exclusively and necessarily by an individual in the performance of the duties of his or her employment. Flat rate expenses (FRE) is not a tax credit, it is a regime is operated by Revenue on an administrative basis where both a specific commonality of expenditure exists...

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

Jack Chambers: I am advised by Revenue that under general charging rules in Ireland, the extent to which a taxpayer is liable to tax on his or her US sourced income depends on his or her residence and domicile position for Irish tax purposes. An individual who is resident and domiciled for Irish tax purposes is liable to Irish income tax on their worldwide income. An individual who is resident, but not...