Results 901-920 of 9,116 for speaker:Jack Chambers

Written Answers — Department of Finance: Departmental Reviews (9 Sep 2024)

Jack Chambers: I note the Deputy's query in relation to the introduction of an individuals savings account scheme whether any changes are being considered in this regard. Last year, on 6 April 2023, my Department published the Terms of Reference for a review of Ireland’s funds sector - ‘Funds Sector 2030: A Framework for Open, Resilient & Developing Markets’. The review is wide...

Written Answers — Department of Finance: Tax Code (9 Sep 2024)

Jack Chambers: Capital Acquisitions Tax (CAT) is a tax which applies to both gifts and inheritances. For CAT purposes, the relationship between the person giving a gift or inheritance (i.e. the disponer) and the person who receives it (i.e. the beneficiary) determines the maximum amount, known as the “Group threshold”, below which CAT does not arise. The Group A threshold is currently set at...

Written Answers — Department of Finance: Customs and Excise (9 Sep 2024)

Jack Chambers: Revenue, as Ireland’s Tax and Customs administration, is responsible for managing the importation and exportation of goods in accordance with European Union (EU) Customs legislation. I am advised by Revenue that the valuation of goods for Customs purposes i.e. the Customs Value, is set out in EU legislation and is the value of the goods plus the cost of transport and insurance. This...

Written Answers — Department of Finance: Tax Code (9 Sep 2024)

Jack Chambers: I note the Deputy's query in relation to the taxation of exchange traded funds (ETFs) and whether any changes are being considered in this regard. Last year, on 6 April 2023, my Department published the Terms of Reference for a review of Ireland’s funds sector - ‘Funds Sector 2030: A Framework for Open, Resilient & Developing Markets’. The review is wide ranging...

Written Answers — Department of Finance: Departmental Reviews (9 Sep 2024)

Jack Chambers: I note the Deputy's query in relation to the taxation of individuals savings and investments and whether any changes are being considered in this regard. Last year, on 6 April 2023, my Department published the Terms of Reference for a review of Ireland’s funds sector - ‘Funds Sector 2030: A Framework for Open, Resilient & Developing Markets’. The review is wide...

Written Answers — Department of Finance: Tax Code (9 Sep 2024)

Jack Chambers: 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 from VAT or fall within Annex III of the Directive, in which case lower VAT rates may apply subject to certain rules. Currently Ireland...

Written Answers — Department of Finance: Tax Credits (9 Sep 2024)

Jack Chambers: I propose to take Questions Nos. 366 and 369 together. 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 advised by Revenue that the below RTC statistics refer only to claims by PAYE taxpayers. This...

Written Answers — Department of Finance: Insurance Coverage (9 Sep 2024)

Jack Chambers: As the Deputy is aware, neither I nor the Central Bank of Ireland has the authority to interfere with the provision or pricing of insurance products, due to the restrictions imposed by theEU Solvency II Directive. However, the Government is committed to improving insurance price and availability through the ongoing implementation of theAction Plan for Insurance Reform, which aims to benefit...

Written Answers — Department of Finance: Tax Reliefs (9 Sep 2024)

Jack Chambers: I am advised by Revenue that as of 31 August 2024, the number of approved Help to Buy claims, the number of applicants associated with these claims and the number of approved Help to Buy claims in respect of the purchase of new houses or apartments, that were approved on or after 1 July 2020, broken down by county, are set out in the table below. Property County Approved Claims Number...

Written Answers — Department of Finance: Revenue Commissioners (9 Sep 2024)

Jack Chambers: I am advised by Revenue that, under the provisions of the Customs Act 2015, the MV Matthew was seized by an Officer of Customs on 19 October 2023 following the seizure of €157million worth of cocaine on board the vessel. The vessel is now forfeit to the Revenue Commissioners. The MV Matthew is currently located at Belvelly Port, Marino Point, Cork, which has been designated by the Port...

Written Answers — Department of Finance: Tax Code (9 Sep 2024)

Jack Chambers: Capital Acquisitions Tax (CAT) is payable on the “taxable value” of a gift or inheritance. The taxable value of a gift or inheritance is determined in accordance with section 28 of the Capital Acquisitions Tax Consolidation Act 2003. Section 28 provides that the taxable value of a gift or inheritance is calculated by deducting “any liabilities, costs and expenses that are...

Written Answers — Department of Finance: Tax Code (9 Sep 2024)

Jack Chambers: Capital Acquisitions Tax (CAT) is a tax which applies to both gifts and inheritances. For CAT purposes, the relationship between the person giving a gift or inheritance (i.e. the disponer) and the person who receives it (i.e. the beneficiary) determines the maximum amount, known as the “Group threshold”, below which CAT does not arise. The Group A threshold is currently set at...

Written Answers — Department of Finance: Tax Data (9 Sep 2024)

Jack Chambers: The costing of new tax policy measures is a challenging process which frequently, by necessity, involves relying on a number of assumptions. A key limiting factor in the costing process can be the availability of data on the likely take up and potential base. As a result, there is a large degree of uncertainty involved including in relation to behavioural effects. This is acknowledged by...

Written Answers — Department of Finance: Illicit Trade (9 Sep 2024)

Jack Chambers: I propose to take Questions Nos. 374 and 382 together. I am assured that Revenue is committed to targeting the illicit tobacco trade. It implements a range of measures to identify and target the smuggling, supply or sale of illicit tobacco products, with a view to disrupting the supply chain, seizing the products and where possible, prosecuting those involved. Revenue’s strategy also...

Written Answers — Department of Finance: Tax Reliefs (9 Sep 2024)

Jack Chambers: As the Deputy will be appreciate, it is a longstanding practice of the Minister for Finance not to comment in advance of the Budget on any tax matters which might be the subject of Budget decisions. Decisions regarding taxation measures are made in the context of the annual Budget and Finance Bill processes, at the appropriate time, and having regard to the sound management of the public...

Written Answers — Department of Finance: Business Supports (9 Sep 2024)

Jack Chambers: The Strategic Banking Corporation of Ireland (SBCI) is under the aegis of my Department and delivers loan guarantee schemes to SMEs, including primary producers, on behalf of the relevant Departments (i.e. Department of Agriculture, Food and the Marine, along with Department of Enterprise, Trade and Employment). These aim to make low-cost finance available to farmers so that they can access...

Written Answers — Department of Finance: Revenue Commissioners (9 Sep 2024)

Jack Chambers: I am advised by Revenue that it currently operates 27 detector dog teams, including one team working on behalf of the Department of Agriculture, Food and the Marine. The year one cost of each detector dog team is approximately €100,000. This includes the cost of a trained detector dog, salary of the handler, training for the handler with the dog, transport, and kennelling arrangements....

Written Answers — Department of Finance: Tax Code (9 Sep 2024)

Jack Chambers: The VAT treatment of goods and services is subject to EU VAT law, with which Irish VAT law must comply. In general, the EU VAT Directive provides that all goods and services are liable to VAT at the standard rate, unless they fall within categories of goods and services specified in Annex III of the VAT Directive, in respect of which Member States may apply a lower rate of VAT. As panic...

Written Answers — Department of Finance: Legislative Measures (9 Sep 2024)

Jack Chambers: I propose to take Questions Nos. 379 and 380 together. The Standard Fund Threshold(SFT) is the maximum allowable pension fund on retirement for tax purposes which was introduced in Budget and Finance Act 2006 to prevent over-funding of pensions through tax-relieved arrangements and it applies to all private and public sector pension arrangements. It is provided for in Chapter 2C of Part 30 of...

Written Answers — Department of Finance: Public Sector Pensions (9 Sep 2024)

Jack Chambers: As the Deputy will be aware the pension fund levy was introduced at a time when the economy was in very serious difficulties. The intent of the levy was to raise revenue in respect of the generous tax reliefs that those contributing to pension arrangements had benefited from over many years. It was charged on the market value of assets in pension schemes held on 30 June in each year at a rate...