Results 401-420 of 9,116 for speaker:Jack Chambers

Written Answers — Department of Finance: Banking Sector (7 Nov 2024)

Jack Chambers: There is a strong consumer protection framework in place in Ireland in relation to the operation of mortgage credit agreements entered into by consumers. All Central Bank regulated mortgage entities, including those entities servicing mortgage agreements or who hold the legal title to the rights of the mortgagor, are required to comply with this framework. The Central Bank Code of...

Written Answers — Department of Finance: Small and Medium Enterprises (7 Nov 2024)

Jack Chambers: Small and medium-sized enterprises (SMEs) play a significant role in the Irish economy. As such, the Government has in place a broad range of policy measures aimed at supporting SMEs to thrive. Most recently, in May 2024 Government agreed a package of actions intended to reduce costs for SMEs. More details can be found on the Department of Enterprise, Trade and Employment's website here: ...

Written Answers — Department of Finance: Inflation Rate (7 Nov 2024)

Jack Chambers: I propose to take Questions Nos. 78 and 82 together. At its peak in the summer of 2022 inflation was close to 10 per cent. Since then, enormous progress has been made in reducing inflation in Ireland with the headline inflation rate at or below 2 per cent since March of this year. Indeed, the latest inflation reading was just 0.1 per cent in October. Key to this moderation has been...

Written Answers — Department of Finance: House Prices (7 Nov 2024)

Jack Chambers: My Department continues to monitor all aspects of the property market – including the rate of house price inflation – on an ongoing basis, although policy issues in this area rest with the Minister for Housing, Local Government and Heritage. According to the most recent figures released by the Central Statistics Office (CSO), annual property price inflation was at 10.1 per...

Written Answers — Department of Finance: Brexit Issues (7 Nov 2024)

Jack Chambers: The implications of Brexit continue to play out despite the UK having voted to leave the European Union over 8 years ago. Following the end of the Brexit transition period on 31 December 2020, the EU applied non-tariff import controls on goods moving from the UK to the EU, including Ireland. The UK authorities did not apply their controls at the same time. After a number of years of...

Written Answers — Department of Finance: Financial Services (7 Nov 2024)

Jack Chambers: While the Minister for Finance has overall responsibility for policy matters in relation to the investment funds sector, the Central Bank of Ireland is the responsible statutory body for the authorisation and supervision of investment funds established in Ireland. The regulatory and supervisory framework under which the Central Bank exercises this mandate primarily derives from two EU...

Written Answers — Department of Finance: Tax Code (7 Nov 2024)

Jack Chambers: Every year my Department publishes an annual assessment on the Irish tax system in order to examine the structure of the Irish tax system and identify any vulnerabilities. These reports have focussed in particular on the concentration risks associated with ‘windfall’ corporation tax, i.e. revenues not linked to the domestic economy. Analysis shows that the corporate tax base is...

Written Answers — Department of Finance: Fiscal Policy (7 Nov 2024)

Jack Chambers: I propose to take Questions Nos. 85 and 86 together. As the Deputy will be aware, institutions established under the Good Friday Agreement are key to north-south co-operation and the promotion of peace and prosperity across Ireland. With thanks to the restoration of both the Northern Ireland Executive and the Northern Ireland Assembly, the North-South Ministerial Council (NSMC) met for...

Written Answers — Department of Finance: Fiscal Policy (7 Nov 2024)

Jack Chambers: At the time of Budget 2025 last month, a General Government Balance of €23.7 billion or 7.5 per cent of GNI* was projected for this year with public debt, although still elevated, expected to continue on a downward trajectory to €217.2 billion by the end of the year. The strong position of the Irish economy is best illustrated when compared to other countries in the EU,...

Written Answers — Department of Finance: Foreign Direct Investment (7 Nov 2024)

Jack Chambers: Taxation remains one of the most effective policy levers available to any Government, and it is the prerogative of each EU Member State to develop a tax mix appropriate to their particular economy. Ireland has always maintained that tax competition is an important policy tool, particularly for smaller Member States, provided that competition is fair and based on substance. To that end,...

Written Answers — Department of Finance: Tax Reliefs (7 Nov 2024)

Jack Chambers: Applications for Help to Buy (HTB) may be made on a provisional basis as first time buyers will want to have certainty as to their entitlements in advance of commencing the purchase of a property. An application will only progress to the claim stage if and when the applicant decides to purchase a property that is eligible for the scheme. I am advised by Revenue that county information is only...

Written Answers — Department of Finance: Economic Sanctions (7 Nov 2024)

Jack Chambers: The Government’s only formal decision in relation to it to date was to propose a 9-month timed amendment at Dáil Second Stage in May 2023. This was in order to allow for consideration of the issues raised by that Bill including alternative non-legislative based approaches or a combination of legislative and non-legislative based approaches which could achieve a similar outcome. ...

Written Answers — Department of Finance: Tax Code (7 Nov 2024)

Jack Chambers: As the Deputy will be aware, in making any decision in relation to VAT rates or other taxation measures, the Government must balance the costs of the measures in question against their impact and the overall budgetary framework. The estimated cost of the 9 percent VAT rate for tourism and hospitality, from 1 November 2020 to 31 August 2023, was over €1.3 billion. The cost of a...

Written Answers — Department of Finance: Tax Reliefs (7 Nov 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. It also has as a key aim the encouragement of additional supply of new houses by supporting demand. The incentive gives a refund of Income Tax and Deposit Interest Retention Tax (DIRT) paid in Ireland over the previous four years, subject to limits...

Written Answers — Department of Finance: Departmental Schemes (7 Nov 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...

Seanad: Finance Bill 2024: Second Stage (6 Nov 2024)

Jack Chambers: I thank the Cathaoirleach and appreciate the opportunity to present the Finance Bill to the Seanad. I am pleased to be here today to discuss the Bill. I understand that Senators have been sent a summary of the Bill which addresses each individual section. I will use the time available to highlight some of the key measures. As we know, the Finance Bill gives legislative effect to the...

Seanad: Finance Bill 2024: Committee and Remaining Stages (6 Nov 2024)

Jack Chambers: I thank Senator Gavan for raising this matter. As Senators will be aware, the credit was first introduced in the Finance Act 2022 at a value of €500 for single people and €1,000 for jointly assessed married couples. It has played a valuable role in providing financial support to renters right across the country. The credit was subsequently increased in 2023 by €250 to...

Seanad: Finance Bill 2024: Committee and Remaining Stages (6 Nov 2024)

Jack Chambers: I thank Senator Gavan for submitting these recommendations and I will respond to them. Recommendation No. 6 relates to the changes to PRSAs introduced in section 12. The section amends the Taxes Consolidation Act 1997 to introduce limits on the tax relief available for employer contributions to personal retirement savings accounts and pan-European pension products. Prior to 31 December...

Seanad: Finance Bill 2024: Committee and Remaining Stages (6 Nov 2024)

Jack Chambers: I thank Senator Higgins for her contribution. I also welcome all the students who are here from Cork. I am familiar with their school. I played sport against their school some years ago. I think we won down in Cork, they will be glad to know. They are very welcome. Senator Higgins referred to the cost of the changes and the SFT in the context of the decision points we have taken. We...

Seanad: Finance Bill 2024: Committee and Remaining Stages (6 Nov 2024)

Jack Chambers: I will send further information to the Senator. The Department is still working through the specific detail on how equality budgeting will operate. I will, though, reflect what the Senator said and further information will be published in that regard.