Results 981-1,000 of 9,153 for speaker:Jack Chambers

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

Jack Chambers: I thank the Deputy for his question. Just to inform the Deputy, there is a cap of €100,000, not €30,000 on member savings, as outlined in Regulation 35 of the Credit Union Act 1997 (Regulatory Requirements) 2016. A number of credit unions were approved to retain individual member savings in excess of €100,000 that were held on commencement of the regulations under...

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

Jack Chambers: Mortgage Interest Tax Relief is a one-year temporary relief, which is available to taxpayers in respect of their principal private residence in the State where the outstanding mortgage balance was between €80,000 and €500,000 as of 31 December 2022. The relief also extends to a qualifying property located in the State, which is the sole or main residence of the...

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

Jack Chambers: As the Deputy will be aware, the 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...

Written Answers — Department of Finance: Departmental Legal Cases (23 Jul 2024)

Jack Chambers: I wish to advise the Deputy that neither my Department nor the bodies under the aegis of my Department have taken legal cases against another Department, Government agency or State body in the timeframe specified.

Written Answers — Department of Finance: Departmental Staff (23 Jul 2024)

Jack Chambers: I wish to inform the Deputy that the Economics Division of my Department comprises the following staff at Administrative Officer, Assistant Principal Officer, Principal Officer and Specialist grades, headed by the Chief Economist at Assistant Secretary Level. - Number of Staff in 2023 Number of Staff in 2024 Administrative Officer 15 20 Assistant Principal 12 14 ...

Written Answers — Department of Finance: Prize Bonds (23 Jul 2024)

Jack Chambers: The NTMA has advised me that there were some complexities regarding the original holder address and the Prize bond number, but these have now been resolved. The Prize Bond Company will be in direct contact with the customer to verify current personal details relating to the holding in question and I trust that the query will be resolved to the satisfaction of all concerned.

Written Answers — Department of Finance: Budget 2025 (23 Jul 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. The primary purpose of the USC 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...

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

Jack Chambers: The Deputy will be aware that Deposit Interest Retention Tax (DIRT) is deducted at source by deposit takers (e.g. banks, building societies, credit unions, An Post, etc.) from interest paid or credited on deposits of Irish residents. DIRT is currently charged at 33%. DIRT has been considered in a number of reviews. In 2018, my Department carried out a review of the taxation of DIRT and Life...

Written Answers — Department of Finance: Official Engagements (23 Jul 2024)

Jack Chambers: There have been a number of contacts with Chancellor Reeves since her appointment earlier this month. Following a letter of congratulations which I sent to her, we spoke last week by phone and agreed to meet in London soon. The bilateral economic and trading relationship between Ireland and Great Britain is of great importance to both countries - indeed Ireland is the UK's fourth-largest...

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

Jack Chambers: As the Deputy will be aware, Section 118(5G) of the Taxes Consolidation Act 1997 (TCA) provides for the Cycle to Work scheme. This scheme provides an exemption from benefit-in-kind (BIK) where an employer purchases a bicycle and/or associated safety equipment for one of their employees (or directors) to use, in whole or in part, to travel to work. Associated safety equipment may include items...

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

Jack Chambers: I propose to take Questions Nos. 322 and 370 together. 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....

Written Answers — Department of Finance: Motor Industry (23 Jul 2024)

Jack Chambers: I am advised by Revenue that a breakdown of new and used Category A vehicle registrations by VRT band for 2023 and Quarter 1 2024, the latest period for which Revenue have compiled data, is available on the Revenue website at: www.revenue.ie/en/corporate/information-about-revenue/statis tics/excise/vrt/index.aspx. Data in respect of Quarter 2 2024 are scheduled for publication in August of...

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

Jack Chambers: Section 114 of the Taxes Consolidation Act 1997 (TCA) provides for a tax deduction in respect of expenses incurred wholly, exclusively and necessarily by an individual in the performance of the duties of his or her employment. Flat rate expenses (FRE) is not a tax credit, it is a regime is operated by Revenue on an administrative basis where both a specific commonality of expenditure exists...

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

Jack Chambers: I am advised by Revenue that under general charging rules in Ireland, the extent to which a taxpayer is liable to tax on his or her US sourced income depends on his or her residence and domicile position for Irish tax purposes. An individual who is resident and domiciled for Irish tax purposes is liable to Irish income tax on their worldwide income. An individual who is resident, but not...

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

Jack Chambers: I propose to take Questions Nos. 326, 327, 328, 329, 330 and 380 together. My Department has not produced updated fiscal projections as part of the Summer Economic Statement (SES) and accordingly the most recent projections remain those published as part of the Stability Programme Update (SPU), which extend to 2027. The SES noted an implied General Government Balance for 2025. This is a...

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

Jack Chambers: I propose to take Questions Nos. 331, 333, 344, 346, 398 and 399 together. My Department has not produced updated projections for tax revenue as part of the Summer Economic Statement (SES). As such the most recent fiscal projections remain those published as part of the Stability Programme Update (SPU) in April, which extend until 2027. A first estimate of the net cost of implementation of...

Written Answers — Department of Finance: Primary Medical Certificates (23 Jul 2024)

Jack Chambers: I cannot comment on matters of rural transport but I can discuss the Disabled Drivers and Disabled Scheme for which my Department has governance and oversight. 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...

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

Jack Chambers: I am advised by Revenue that, based on stamp duty returns for 2023, the latest year for which fully analysed data is available, the estimated cost of abolishing stamp duty for first-time buyers of residential properties valued at €500,000 or less, €450,000 or less and €400,000 or less, respectively are provided in the table below. This estimate is arrived at by taking the...

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

Jack Chambers: I propose to take Questions Nos. 335 and 336 together. I am advised by Revenue that the estimated revenue from increasing the rate of commercial Stamp Duty from 7.5% to 10%, and from 7.5% to 12.5%, excluding the rate charged on transfers of agricultural land, is provided in the table below. There is no information available on the Stamp Duty returns made to Revenue which would enable it to...

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

Jack Chambers: I am advised by Revenue that the additional revenue associated with the removal of the existing employer’s PRSI exemption, that may apply to share-based remuneration schemes operated by employers, is now estimated to be in the region of €310 million for all employers. This latest estimate is based on 2023 data, being the most recent year in respect of which Revenue has full data...