Results 961-980 of 9,090 for speaker:Jack Chambers

Written Answers — Department of Finance: Legislative Programme (23 Jul 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 whilst...

Written Answers — Department of Finance: Budget 2025 (23 Jul 2024)

Jack Chambers: Capital Acquisitions Tax (CAT) is a beneficiary-orientated tax that is payable by the recipient of a gift or inheritance as opposed to the person providing that gift or inheritance. 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...

Written Answers — Department of Finance: Tax Yield (23 Jul 2024)

Jack Chambers: As the Deputy will be aware, the vacant homes tax (VHT) is charged as a multiple of the local property tax (LPT) charge, rather than as a percentage of market value. For the first chargeable period ended on 31 October 2023, VHT was charged at three times the property's base LPT charge. For the chargeable period that commenced on 1 November 2023 and subsequent chargeable periods, VHT will be...

Written Answers — Department of Finance: Tax Code (23 Jul 2024)

Jack Chambers: I can confirm that correspondence has been received from this organisation directly and via a number of T.D.s. My officials met with members of this organisation, most recently in March of this year, to engage with them on the matters raised in previous similar correspondence. I am aware of the concerns raised in their most recent correspondence. However, as the Deputy will be aware a number...

Written Answers — Department of Finance: Tax Exemptions (23 Jul 2024)

Jack Chambers: As previously outlined , the VAT rating of goods and services is subject to the requirements of EU VAT law with which Irish VAT law must comply. Under our legislation the provision of medical care services by recognised medical professionals are exempt from VAT. However in order for them to be exempt, there has to be a formal registration process thus explaining why counsellors and...

Written Answers — Department of Finance: Economic Data (23 Jul 2024)

Jack Chambers: The General Government Gross Debt (GGD) is a gross measure of government liabilities. It measures the gross level of borrowings for the general government sector which comprises the sub-sectors of central government, local government, and social security funds. The Net Debt is gross government liabilities excluding Excessive Deficit Procedure (EDP) financial assets of government. These EDP...

Written Answers — Department of Finance: National Treasury Management Agency (23 Jul 2024)

Jack Chambers: I propose to take Questions Nos. 377 and 378 together. The NTMA informs me that Exchequer cash and liquid asset balances stood at €24.8bn at year-end 2023. At end-June 2024, the equivalent figure was €27.6bn. The increase largely reflects the Exchequer surplus of over €3bn recorded in the first half of the year. The maturity profile of Ireland’s benchmark...

Written Answers — Department of Finance: Tax Code (23 Jul 2024)

Jack Chambers: With regard to VAT on bicycles, e-bikes and cycling safety equipment the position is that the standard rate of VAT currently applies to all of them. Following amendments to the VAT Directive in 2022 it is possible for a reduced rate to be applied to bicycles and e-bikes. However a zero rate cannot be applied. In Ireland the two reduced rates are 13.5% and 9%. The Deputy should note that it...

Written Answers — Department of Finance: Tax Collection (23 Jul 2024)

Jack Chambers: I propose to take Questions Nos. 381, 382 and 383 together. I am advised by Revenue that the table below provides the amount and percentage of inheritance tax paid, for inheritances above and below one million, for the years 2018 to 2023. Due to the small number of taxpayers (less than 10) involved, and Revenue’s obligation to maintain the confidentiality of taxpayer information,...

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

Jack Chambers: I am advised by Revenue that, based on the latest available tax returns, the estimated additional annual revenue that could be raised from abolishing agricultural relief on farmland valued at €1 million or over is €146 million. This estimate does not take account of behavioural change that may arise from introducing a cap on the relief. It is important to be aware that estimates...

Written Answers — Department of Finance: Tax Collection (23 Jul 2024)

Jack Chambers: I am advised by Revenue that the estimated yield that would be generated by a range of potential changes to the rate of stamp duty chargeable on transfers of residential property valued at €1 million or over is published on page 18 of the Ready Reckoner, available on the Revenue website at: www.revenue.ie/en/corporate/documents/statistics/ready-recko ner.pdf. While the specific...

Written Answers — Department of Finance: Universal Social Charge (23 Jul 2024)

Jack Chambers: I propose to take Questions Nos. 386, 387, 388 and 389 together. In relation to question 32981/24, I am advised by Revenue that the estimated cost for the proposal outlined by the Deputy on a first and full year basis are €1.70bn and €1.95bn respectively. In relation to questions 33074/24 and 33083/24, which are identical, I am advised by Revenue that estimated costs of the...

Written Answers — Department of Finance: Tax Collection (23 Jul 2024)

Jack Chambers: I propose to take Questions Nos. 390 and 391 together. I am advised by Revenue that the estimated current yield that would be generated by increasing the rate of Capital Acquisition Tax from 33% to 36%, as well as by increasing the rate of Capital Acquisition Tax from 33% to 36% for Category A, is published on page 15 and 16 of the Ready Reckoner, available on the Revenue website at: . An...

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

Jack Chambers: I propose to take Questions Nos. 392, 393 and 394 together. In relation to question 33158/24 I am advised by Revenue that the yields associated with reducing the total earnings limit for employee pension contributions from €115,000 to each of €60,000, €70,000 and €80,000 are an estimated €120m, €85m and €60m respectively. In relation to...

Written Answers — Department of Finance: Tax Code (23 Jul 2024)

Jack Chambers: The Government is conscious of the implications of fuel costs for all sectors of society. This is reflected in the fact that in 2022, in light of the acute impact rising prices were having on households and businesses, the Government provided for temporary cuts in excise rates which, inclusive of VAT amounted to 21 cents, 16 cents and 5.4 cents per litre on petrol, auto diesel and marked gas...

Written Answers — Department of Finance: Services Sector (23 Jul 2024)

Jack Chambers: As the Deputy will be aware, the Government has provided significant support to business throughout the period of increasing costs and Budget 2024 contained a number of measures which will support businesses facing increased costs, including the Increased Cost of Business (ICOB) grant, which aimed to provide financial support to small and medium sized businesses who operate from a rateable...

Written Answers — Department of Finance: Budget 2025 (23 Jul 2024)

Jack Chambers: The Deputy should note at the outset that Revenue has assured me that it is committed to targeting the illicit tobacco trade and implements a range of measures to identify and target the smuggling, supply or sale of illicit tobacco, including duty free tobacco in excess of duty-free allowances, and where possible, prosecuting those involved. Revenue’s strategy involves developing and...

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

Jack Chambers: I propose to take Questions Nos. 400, 401 and 402 together. In relation to the estimated cost of increasing the rent tax credit to €1,000 for 2025, based on the figures set out in the Budget 2024 documentation and data currently available, the incremental cost of increasing the Rent Tax Credit by €250 is of the order of €88 million. I am further advised by Revenue that,...

Written Answers — Department of Finance: Tax Collection (23 Jul 2024)

Jack Chambers: I am advised by Revenue that the estimated cost to the Exchequer in 2025, and specifically for the period 1 January 2025 to 1 October 2025, of not proceeding with the scheduled increase in the non-carbon component Mineral Oil Tax rates on petrol, diesel and marked gas oil respectively on 1 August 2024 is shown in the following table. Fuel Type MOT €m VAT €m Total...

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

Jack Chambers: I propose to take Questions Nos. 405 to 407, inclusive, together. The estimated cost of increasing the main tax credits can be found in the Revenue Ready Reckoner (Post Budget 2024 – page 5), available on the Revenue website at: An update of the Ready Reckoner is due to issue in the coming weeks. Amounts other than those shown can be extrapolated using a straight line or pro-rata...