Results 881-900 of 9,563 for speaker:Jack Chambers

Finance Bill 2024: Committee and Remaining Stages (5 Nov 2024)

Jack Chambers: What about USC?

Finance Bill 2024: Committee and Remaining Stages (5 Nov 2024)

Jack Chambers: We went to the chamber of commerce.

Finance Bill 2024: Committee and Remaining Stages (5 Nov 2024)

Jack Chambers: Deputy McGrath asked about the previous manifesto. To be clear, we said the USC would be reduced from 4.5% to 3.5%. We reduced it from 4.5% to 3%, so we actually went further than we set out in the manifesto in 2020.

Finance Bill 2024: Committee and Remaining Stages (5 Nov 2024)

Jack Chambers: That is to be factual in reply to Deputy McGrath's question. On Deputy Doherty's question, I have set out my perspective on the three changes we have made around personal tax credits, USC and the standard rate. Even if we were to use the median, the CSO figures published today show it is €43,000 for 2023. It is likely to be higher in 2024 and higher again in 2025, so many of the...

Finance Bill 2024: Committee and Remaining Stages (5 Nov 2024)

Jack Chambers: When you take the progressivity of all these measures, the effective tax rate of someone on €25,000 has gone from 12.5% to 9.4% in five years. That is a low-income worker. Someone on €35,000 has gone from 17.1% to 14.4%. Someone on €40,000 has gone from 20.9% to 16%. Someone on €50,000 has gone from 26.4% to 20.6%. I can go on. It demonstrates the...

Finance Bill 2024: Committee and Remaining Stages (5 Nov 2024)

Jack Chambers: As the Deputy knows, the committee of which he is a member agreed to postpone the specific hearing on that to get legal advice. Everyone agrees there is a need to take action in the context of the FSPO and the amendment that is required and the Government has said that. That is why, what I have set out in the context of the CCMA, is the overall consumer protection code-----

Finance Bill 2024: Committee and Remaining Stages (5 Nov 2024)

Jack Chambers: -----and what we have said is that the legislation is waiting for a date from the committee.

Finance Bill 2024: Committee and Remaining Stages (5 Nov 2024)

Jack Chambers: I have set out the context on the CCMA, which is factually correct.

Finance Bill 2024: Committee and Remaining Stages (5 Nov 2024)

Jack Chambers: On the CCMA, it is correct.

Finance Bill 2024: Committee and Remaining Stages (5 Nov 2024)

Jack Chambers: I referenced the FSPO in the context of the appeal procedure and the fact they must inform borrowers of their right to refer the matter to them. That is the context in which I set out my remarks relating to the code of conduct and mortgage arrears. I have also set out that we agreed with the committee on the need to have an amendment and that was subject to legal advice. There was...

Finance Bill 2024: Committee and Remaining Stages (5 Nov 2024)

Jack Chambers: That was my reference-----

Finance Bill 2024: Committee and Remaining Stages (5 Nov 2024)

Jack Chambers: For reference, I can set out what I stated, which related to the CCMA and the appeals procedure relating to it when it comes to borrowers referring the matter to them. We are on the record as saying what is required in the context of the amendment before the committee, where there is cross-party support for that.

Finance Bill 2024: Committee and Remaining Stages (5 Nov 2024)

Jack Chambers: This section of the Bill amends section 531AN of the Taxes Consolidation Act 1997 to give effect to the two changes to the universal social charge that were announced in budget 2025. First, the ceiling of the second rate of USC, that is, the 2% rate, will increase to take account of the increase in the national minimum wage. It is increasing by 80 cent per hour, that is, from €12.70...

Finance Bill 2024: Committee and Remaining Stages (5 Nov 2024)

Jack Chambers: To speak about the amendment tabled, the specific wording proposed by the Deputies would have no effect if incorporated into the Finance Bill. For this reason, I cannot accept it. The proposed amendment is to section 1, which provides for the meaning of words in Part 1. Inserting a definition here does not change the meaning of words in the Taxes Consolidation Act 1997 and, as such, the...

Finance Bill 2024: Committee and Remaining Stages (5 Nov 2024)

Jack Chambers: An amendment has been made regarding the FSPO, as the Deputy is aware, in the context of what he has set out. The Government previously sought to correct this. I have set out the robust framework in place to protect people dealing with issues such as mortgage arrears. The CCMA forms part of the Central Bank’s consumer protection framework and is a central part of its overall...

Finance Bill 2024: Committee and Remaining Stages (5 Nov 2024)

Jack Chambers: Gabhaim buíochas leis an Leas-Cheann Comhairle. I wish to draw Deputies' attention to a minor typographical error that my Department has noted in the Bill on page 161, line 14. A reference has been inadvertently labelled “89A(ii) of (iii)” rather than the correct version of “89A(ii) or (iii)”. I seek to invoke Dáil Standing Order 196 to request that...

Written Answers — Department of Finance: Tax Reliefs (5 Nov 2024)

Jack Chambers: Sections 100 and 101 of the Finance Bill 2024 (as initiated) provide for the introduction of a revised form of relief from Capital Acquisitions Tax (CAT) for gifts and inheritances of agricultural property where certain conditions are met. I will bring an amendment at Committee stage of the Finance Bill to provide that these provisions will be subject to a commencement order. Subject...

Written Answers — Department of Finance: Tax Reliefs (5 Nov 2024)

Jack Chambers: Sections 100 and 101 of the Finance Bill 2024 (as initiated) provide for the introduction of a revised form of relief from Capital Acquisitions Tax (CAT) for gifts and inheritances of agricultural property where certain conditions are met. I will bring an amendment at Committee stage of the Finance Bill to provide that these provisions will be subject to a commencement order. Subject...

Written Answers — Department of Finance: Tax Data (5 Nov 2024)

Jack Chambers: The VAT rating of goods and services is subject to the requirements of the EU VAT Directive with which Irish VAT law must comply. In general, the Directive provides that all goods and services are liable to VAT at the standard rate unless they fall within those listed in Annex III, in respect of which Member States may apply a lower rate. The Directive also allows for a Member State’s...

Written Answers — Department of Finance: Mortgage Interest Rates (5 Nov 2024)

Jack Chambers: As the Deputy will be aware, Home Building Finance Ireland ('HBFI') was established to increase the supply of new homes for owner-occupiers, renters and social housing by providing funding on commercial terms to house builders for commercially viable developments throughout Ireland. HBFI lending is therefore on commercial terms, in line with other residential finance providers in the...