Results 8,281-8,300 of 9,230 for speaker:Jack Chambers

Written Answers — Department of Finance: Consumer Protection (23 Jul 2024)

Jack Chambers: There is a robust consumer protection framework in place in Ireland to support consumers who may wish to make a complaint against a financial service provider. The Central Bank’s Consumer Protection Code (the Code) 2012 imposes record keeping and complaints resolution requirements on regulated entities. Provision 11.5 of the Code states that a regulated entity must maintain...

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

Jack Chambers: I propose to take Questions Nos. 430, 431 and 432 together. In relation to question 33651/24, I am advised by Revenue that theatre productions are not separately identified on corporation tax returns. The costing requested would depend on the number and cost of qualifying theatre productions. Therefore, Revenue has no basis on which to estimate the cost of extending this relief in the manner...

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

Jack Chambers: Section 481 provides relief in the form of a corporation tax credit related to the cost of production of certain films. 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 supporting the expression of the Irish culture. The Deputy will be aware that, as part of his Budget 2024 speech, my...

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

Jack Chambers: As a small open economy, connected to Europe, the US and the wider world, Ireland is committed to a competitive, transparent and stable corporation tax system. As the Deputy will be aware, the trading profits of companies in Ireland are generally taxed at the standard corporation tax rate of 12.5%, and we are committed under the Pillar Two agreement to increasing to an effective rate of 15%...

Written Answers — Department of Finance: Artists' Remuneration (23 Jul 2024)

Jack Chambers: I propose to take Questions Nos. 435 and 437 together. There is insufficient detail set out in the Deputies' questions as to how the proposed income averaging for artists might operate and therefore, there is no basis upon which to estimate a cost.

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

Jack Chambers: I propose to take Questions Nos. 436 and 438 together. I am advised by Revenue that it is not possible to estimate the cost associated with the proposals outlined by the Deputies, due to the way in which the data are captured on the tax returns. Taxpayers availing of the artists’ exemption are required to file a Form 11 tax return. The amount of income eligible for the exemption is...

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

Jack Chambers: The trading profits of companies in Ireland are generally taxed at the standard corporation tax rate of 12.5%. Some of the main features of the current corporation tax regime are its simplicity and that it applies to a broad base. Changing this rate (or imposing additional levies on corporate profits) would involve increased complexity and could change the attractiveness of Ireland's...

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

Jack Chambers: I am taking this question to refer to the model of Financial Transactions Tax proposed by the European Commission, initially in 2011 and then revised under the EU’s enhanced cooperation procedure in February 2013. I am advised that the proposed rate on exchanges of shares was 0.1% and the proposed rate for derivative transactions was 0.01%. under those proposals. Ireland already has a...

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

Jack Chambers: I am informed by Revenue that the annual research paper on Corporation Tax includes the most recent information in respect of losses forward and is published on its website at www.revenue.ie/en/corporate/documents/research/ct-analysis-2 024.pdf As shown in Figure 5 on page 16 of the publication, the amount of losses forward used for all companies in the financial and insurance sector is...

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

Jack Chambers: Under section 825C to the Taxes Consolidation Act 1997, the Special Assignee Relief Programme (SARP) provides Income Tax relief for certain individuals assigned to work in the State during any of the tax years 2012 to 2025. The aim of the relief is to reduce the cost to employers of assigning skilled individuals from foreign-based operations to take up positions in the Irish-based operations...

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

Jack Chambers: I am advised by Revenue that the estimated yield for the proposal outlined by the Deputy is €3.1 billion and €3.9 billion on a first and full year basis respectively. It is important to be aware that estimates of tax policy changes for Income Tax are provided on the basis of the current Budget year (2024) rather than the next Budget year (2025). The Budget year costings for 2025...

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

Jack Chambers: I am advised by Revenue that, based on the latest available LPT returns, the estimated cost of abolishing the Local Property Tax in 2024 would be in the region of €531 million. As the NPPR is a historic charge, Revenue does not currently hold adequate information to do such a costing. However, using multiple property owners as the basis of the charges outlined by the Deputy, the...

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

Jack Chambers: I propose to take Questions Nos. 446 and 447 together. Ireland’s excise duty treatment of aviation fuel is governed by European Union law as set out in Directive 2003/96/EC on the taxation of energy products and electricity, commonly known as the Energy Tax Directive (ETD). In line with the ETD, Ireland currently applies an exemption from Mineral Oil Tax (MOT) to jet fuel used for...

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

Jack Chambers: I am advised by Revenue that the gross additional yield from imposing a 5% levy on the taxable profits of all airlines and aircraft leasing companies is tentatively estimated to be in the region of €33 million, for a full year. These estimates are based on the 2022 tax returns, the latest year for which fully analysed data are available. These estimates do not take account of any...

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

Jack Chambers: The Help to Buy (HTB) incentive is a scheme to assist first-time purchasers with a 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 (DIRT) 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 Yield (23 Jul 2024)

Jack Chambers: I am advised by Revenue that the estimated yield that would be generated by a range of potential changes to the rate of stamp duty chargeable on transfers of non-residential property is published on page 19 of the Ready Reckoner, available on the Revenue website at: www.revenue.ie/en/corporate/documents/statistics/ready-recko ner.pdf. While the specific estimate sought by the Deputy is not...

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

Jack Chambers: I am advised by Revenue that the estimated full year cost of introducing these measures is provided in the table below. The estimates are based on the most recently available price information and do not take account of any behavioural change by either vendors or purchasers. The estimates are also adjusted to account for the right to deduct input VAT on commodities (excluding petrol) by VAT...

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

Jack Chambers: I am advised by Revenue that the estimated cost of potential changes to the earnings limit for pension relief, such as that outlined by the Deputy can be found by consulting Revenue’s Ready Reckoner at page 10. The Ready Reckoner provides calculations on the impact of a wide array of potential changes to tax policy. The Ready Reckoner is available on the Revenue website at: . An...

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

Jack Chambers: I am advised by Revenue that the estimated yield from increasing the rate of Capital Gains Tax (CGT) is published on page 14 of the Revenue Ready Reckoner, available on the Revenue website at: www.revenue.ie/en/corporate/documents/statistics/ready-recko ner.pdf. An update of the Ready Reckoner is due to issue in the coming weeks. While the exact changes sought by the Deputy are not provided,...

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

Jack Chambers: As a small open economy, connected to Europe, the US and the wider world, Ireland is committed to a competitive, transparent and stable corporation tax system. As the Deputy will be aware, the trading profits of companies in Ireland are generally taxed at the standard corporation tax rate of 12.5%, and under the Pillar Two Minimum Tax Directive the effective rate has increased to 15% for...