Results 501-520 of 9,090 for speaker:Jack Chambers

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

Jack Chambers: Section 470 of the Taxes Consolidation Act 1997 provides for tax relief in relation to payments made to authorised insurers under relevant contracts in respect of medical insurance and dental insurance. Qualifying medical insurance policies can be for health insurance, dental insurance, or health and dental insurance combined. Tax relief for medical insurance premiums is provided at the...

Written Answers — Department of Finance: Insurance Industry (23 Oct 2024)

Jack Chambers: Transparency in the functioning of the insurance market remains a key Government focus and represents an important part of the ongoing insurance reform agenda. Accordingly, the introduction of the National Claims Information Database (NCID) within the Central Bank of Ireland (CBI) was a central step change in improving transparency, providing information and creating an evidence base for...

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

Jack Chambers: The Rent Tax Credit (RTC), 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. I am informed by Revenue that 273,160 taxpayer units benefited from the RTC for 2022, as set out in Revenue’s ‘Cost of Tax...

Written Answers — Department of Finance: Ukraine War (22 Oct 2024)

Jack Chambers: At the European Council meeting on 1 February 2024, the mid-term revision of the EU Budget Multi-annual Financial Framework 2021-2027 was approved by all 27 Member States. A key element of the mid-term revision is the introduction of the Ukraine Facility, comprising an EU support package of €50 billion for Ukraine, which will be provided in the form of loans (with a maximum amount...

Written Answers — Department of Finance: Fuel Prices (22 Oct 2024)

Jack Chambers: I propose to take Questions Nos. 225 and 253 together. The Government is conscious of the implications of fuel costs for all sectors of society. A number of factors affect the final retail price of fuels including energy market dynamics, wholesale pricing, individual retail pricing policy, transport costs, exchange rate fluctuations and taxation. While taxation affects the final retail...

Written Answers — Department of Finance: Tax Code (22 Oct 2024)

Jack Chambers: I propose to take Questions Nos. 226 and 249 together. As the Deputy will be aware, there has been much reform to environmental taxation in recent Budgets, including strengthening the environmental rationale of vehicle taxation and providing a multi-annual trajectory of carbon tax rate increases. While this is welcome from a climate action perspective, the shift towards lower emissions...

Written Answers — Department of Finance: Illicit Trade (22 Oct 2024)

Jack Chambers: I am advised by Revenue that it uses a range of measures to tackle the sale of illicit cigarettes, including online sales. At the core of these measures is identifying and targeting the smuggling of illicit tobacco products into the State, with a view to disrupting the supply chain, seizing the products and, where possible, prosecuting those involved. Revenue’s strategy involves...

Written Answers — Department of Finance: Tax Collection (22 Oct 2024)

Jack Chambers: Revenue’s primary goal is to ensure that all taxpayers and businesses meet their tax obligations in a timely fashion and pay liabilities as they fall due. This approach ensures that the Exchequer is funded to meet the needs of citizens and a ‘level playing field’ is maintained for the majority of businesses who are timely tax compliant. I am advised that Revenue’s...

Written Answers — Department of Finance: Banking Sector (22 Oct 2024)

Jack Chambers: I wish to highlight, as Minister for Finance, I am precluded from intervening in commercial and operational decisions in any particular bank, even one in which the State has a shareholding. Decisions in this regard are the sole responsibility of the board and management of the banks, which must be run on an independent and commercial basis. This independence is protected by a Relationship...

Written Answers — Department of Finance: Tax Code (22 Oct 2024)

Jack Chambers: A draft report was submitted to me during the summer for consideration in line with the Review’s Terms of the Reference. The review was wide ranging and examined a range of issues relevant to the funds sector including the taxation of ETFs. I am planning to bring the Report to Government shortly for consideration and intend publishing afterwards. The exact timing of the publication of...

Written Answers — Department of Finance: Mortgage Interest Rates (22 Oct 2024)

Jack Chambers: The Government recognises the difficulties that the increase in interest rates in recent years has caused for some mortgage borrowers. From a regulatory perspective the Central Bank has put in place a range of measures in order to protect consumers. This framework seeks to ensure that regulated entities are transparent and fair in all their dealings with borrowers and that borrowers are...

Written Answers — Department of Finance: Tax Data (22 Oct 2024)

Jack Chambers: I am advised by Revenue that the estimated yield from increasing the rate of Capital Gains Tax is published on page 14 of the Ready Reckoner. An update of the Ready Reckoner, which enables calculation of the cost or yield arising from a range of potential changes to tax charges, is due to issue by 25 October 2024 on the Revenue website at:...

Written Answers — Department of Finance: Tax Data (22 Oct 2024)

Jack Chambers: I am advised by Revenue that the income tax liability arising from the taxation of carer’s allowance is not separately assessed or determined. An income tax liability is determined on the income of the taxpayer in the round, from all sources. Therefore, it is not possible to identify the amount of tax foregone if the carer’s allowance was exempt from income tax.

Written Answers — Department of Finance: Tax Reliefs (22 Oct 2024)

Jack Chambers: Section 469 of the Taxes Consolidation Act 1997 provides for tax relief where an individual proves that they incurred costs in respect of qualifying health expenses. Since 1 January 2009, income tax relief in respect of qualifying health expenses, with the exception of relief in relation to nursing home expenditure, has been granted at the standard rate of tax. Prior to that date, tax relief...

Written Answers — Department of Finance: Tax Code (22 Oct 2024)

Jack Chambers: I confirm that the National Car Testing (NCT) service and retesting service are liable to VAT at the standard rate, currently 23%. I am advised by Revenue that the VAT rating of goods and services is subject to EU VAT law, with which Irish VAT law must comply. In general, the VAT Directive provides that all goods and services are liable to VAT at the standard rate unless they are exempt...

Written Answers — Department of Finance: Tax Code (22 Oct 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. The HTB is a tax relief and not a grant, as such it is not taxable.

Written Answers — Department of Finance: Credit Unions (22 Oct 2024)

Jack Chambers: I thank the Deputy for his question. Government policy is to support and enable credit unions provide a full suite of financial services to all members of society. The core ethos of credit unions is to serve all its members and its community. As you are aware, credit unions in Ireland are authorised and governed under the Credit Union Act, 1997 (as amended by the 2023 Credit Union...

Written Answers — Department of Finance: Universal Social Charge (22 Oct 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. Its primary purpose 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 the tax...

Written Answers — Department of Finance: Tax Exemptions (22 Oct 2024)

Jack Chambers: I am advised by Revenue that, as payments to craft apprentices are not reported to Revenue on any tax returns, it does not have data from which to provide definitive estimates of the cost of the potential changes outlined by the Deputy. However, based on payroll data for 2023, Revenue tentatively estimates that the value of payments to craft apprentices while ‘off-the-job...

Written Answers — Department of Finance: Departmental Projects (22 Oct 2024)

Jack Chambers: I wish to inform the Deputy that as a relatively small policy-focussed department the Department of Finance did not request any additional funding under the National Development Plan review. Accordingly, no projects or related costs were submitted to the Department of Public Expenditure, NDP Delivery and Reform.