Results 941-960 of 9,563 for speaker:Jack Chambers

Written Answers — Department of Finance: Official Engagements (5 Nov 2024)

Jack Chambers: As Ireland’s Governor at the International Monetary Fund (IMF) and World Bank Group, I travelled to Washington D.C. in October to attend the 2024 IMF-World Bank Annual Meetings. These meetings provided me with a valuable opportunity to engage with finance ministers from around the world, along with leading figures from the IMF and World Bank to discuss current and emerging economic,...

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

Jack Chambers: Stamp Duty is a tax on the documents which provide for the transfer of property, rather than a tax on individual property transfers. Where a document is chargeable with Stamp Duty, it is calculated on the total consideration paid for any property that is being transferred by virtue of that document. I am advised by Revenue that information that identifies the primary residence is not...

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

Jack Chambers: The income tax age exemption applies for any year of assessment where an individual is aged 65 years or over and his or her total income does not exceed €18,000 per annum. Where an individual is a married person or civil partner and is jointly assessed to tax, the age exemption will apply where either individual is aged 65 or over and where the couple’s total income does not...

Written Answers — Department of Finance: Customs and Excise (5 Nov 2024)

Jack Chambers: Article 10 of Council Directive 2007/74/EC on the exemption from value added tax (VAT) and excise duty of goods imported by persons travelling from third countries, provides that exemptions on tobacco products and alcohol do not apply to travellers under 17 years of age. This Directive is transposed in the European Communities (Tax Exemption for certain non-commercial goods imported the...

Written Answers — Department of Finance: Customs and Excise (5 Nov 2024)

Jack Chambers: 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 involves developing and sharing intelligence on a...

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

Jack Chambers: I am advised by Revenue that a letter of clearance, which confirms that there are no outstanding returns/liabilities arising on a deceased person’s estate, should be requested by the personal representative prior to distributing the assets of the estate. In respect of the estate concerned, Revenue has confirmed that the application for clearance has been approved and that the...

Written Answers — Department of Finance: Budget 2025 (5 Nov 2024)

Jack Chambers: Inflation has eased considerably this year and has been running at or below 2 per cent since March. Indeed, inflation was just 0.1 per cent in October, among the lowest rates in the euro area. While much of the easing in headline inflation is due to falling energy prices, core inflation (i.e. excluding energy and food prices) has also eased considerably and is now below 2 per cent. ...

Written Answers — Department of Finance: Tax Code (24 Oct 2024)

Jack Chambers: I am advised by Revenue that PAYE employees in receipt of taxable payments from the Department of Social Protection (DSP) have any tax due on those payments collected by reducing the individual’s tax credits and rate bands. The amount of the reduction is calculated with reference to payment amounts reported to Revenue by DSP. Revenue have confirmed that the income tax charged to...

Written Answers — Department of Finance: Insurance Industry (24 Oct 2024)

Jack Chambers: At the outset, it is important to state that neither I, as Minister for Finance, nor the Central Bank of Ireland can direct the pricing nor provision of insurance products. This is a commercial matter which individual companies assess on a case-by-case basis. This is due to the EU Single Market framework for insurance (the Solvency II Directive) which specifically prohibits Member States from...

Written Answers — Department of Finance: Tax Credits (24 Oct 2024)

Jack Chambers: Section 473B of the Taxes Consolidation Act (“TCA”) 1997 provides for the rent tax credit, which is, subject to a number of conditions, broadly available in the following three circumstances: 1. where the claimant makes a qualifying payment in respect of a residential property which he or she uses as his or her principal private residence, 2. where the claimant makes a...

Written Answers — Department of Finance: Tax Exemptions (24 Oct 2024)

Jack Chambers: On the introduction of the Local Property Tax (LPT), the Government decided that a liability to the tax should apply to all owners of residential properties with a limited number of exemptions. Limiting the exemptions available allows the rate to be kept low for those liable persons who do not qualify for an exemption. There is no specific exemption from the requirement to pay LPT for...

Written Answers — Department of Finance: Tax Data (24 Oct 2024)

Jack Chambers: At the end of every year, Revenue makes a Preliminary End of Year Statement available to employees. The Preliminary End of Year Statement sets out a provisional tax position, based on information available on Revenue records. It will show whether an employee has paid the correct amount of Income Tax and Universal Social Charge (USC) for the year. I am advised by Revenue that the final...

Written Answers — Department of Finance: Primary Medical Certificates (24 Oct 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...

Written Answers — Department of Finance: Tax Yield (24 Oct 2024)

Jack Chambers: I am advised by Revenue that it is not in a position to identify the specified revenues collected due to the way in which incomes and gains are recorded and liabilities are calculated on tax returns. However, I am bringing forward amendments in this year's Finance Bill to provide for exemptions from Income Tax, Capital Gains Tax and Capital Acquisitions Tax for payments made to women...

Written Answers — Department of Finance: Tax Yield (24 Oct 2024)

Jack Chambers: On the 9 August 2024, the Government approved a scheme of ex-gratia redress payments for the families of the 48 deceased victims of the Stardust fire. I am advised that no individual has received payments from the Stardust ex-gratia payment scheme yet, as such, no revenue has been collected as a result of payments under this scheme.

Written Answers — Department of Finance: Tax Code (24 Oct 2024)

Jack Chambers: I propose to take Questions Nos. 118, 119, 120, 121, 122, 123, 124, 125, 126 and 127 together. I am advised by Revenue that, following the announcement of Budget 2025 on 1 October 2024, Revenue is in the process of updating its income tax estimates model to take account of these changes. Once finalised, Revenue will publish an update of the Ready Reckoner, which enables calculation of the...

Written Answers — Department of Finance: Tax Code (24 Oct 2024)

Jack Chambers: I am advised by Revenue that the cost of increasing the Capital Acquisitions Tax group A threshold to €500,000, €550,000 and €600,000 and it is set out in table below. Table 1: Capital Acquisitions Tax Group A Group A Cost €500,000 €66m €550,000 €88m ...

Written Answers — Department of Finance: Tax Code (24 Oct 2024)

Jack Chambers: I am advised by Revenue that the cost of increasing the Capital Acquisitions Tax group B threshold to €50,000, €60,000, €70,000 and (iv) €75,000 is set out in the table below. Table 1: Capital Acquisitions Tax Group B Group B Cost €50,000 €30m €60,000 €53m ...

Written Answers — Department of Finance: Tax Code (24 Oct 2024)

Jack Chambers: I am advised by Revenue that the cost of increasing the Capital Acquisitions Tax group C threshold to €30,000, €40,000 and €50,000 is set out in the table below. Table 1: Capital Acquisitions Tax Group C Group C Cost €30,000 €9m €40,000 €15m ...

Written Answers — Department of Finance: Tax Reliefs (24 Oct 2024)

Jack Chambers: The Help to Buy 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. I am advised by Revenue that the annual cost of the Help to Buy scheme is set out...