Results 981-1,000 of 9,090 for speaker:Jack Chambers

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

Jack Chambers: I propose to take Questions Nos. 408 to 412, inclusive, together. I am advised by Revenue that their micro-simulation modelling tool, Tax Modeller, is built to model scenarios on a taxpayer unit basis (i.e. including jointly assessed couples as one taxpayer unit). As such, it does not generate any outputs on an individualised basis, and it is therefore not possible to estimate changes to tax...

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

Jack Chambers: I propose to take Questions Nos. 413 and 414 together. The estimated cost of increasing the Home Carer’s Tax Credit by €50 and €100 can be found in the Revenue Ready Reckoner (Post Budget 2024). The Ready Reckoner is 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...

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

Jack Chambers: I propose to take Questions Nos. 415 and 416 together. The estimated cost of increasing the Incapacitated Child Tax Credit by €50 and €100 can be found in the Revenue Ready Reckoner (Post Budget 2024). The Ready Reckoner is available on the Revenue website at: www.revenue.ie/en/corporate/information-about-revenue/statis tics/ready-reckoner/index.aspx An update of the Ready...

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

Jack Chambers: I propose to take Questions Nos. 417 and 418 together. The estimated cost of increasing the Single Person Child Carer Credit by €50 and €100 can be found in the Revenue Ready Reckoner (Post Budget 2024). The Ready Reckoner is available on the Revenue website at: www.revenue.ie/en/corporate/information-about-revenue/statis tics/ready-reckoner/index.aspx An update of the Ready...

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

Jack Chambers: I propose to take Questions Nos. 419 and 420 together. The estimated cost of increasing the income tax standard rate band by €500 or by €1,000 can be found in the Revenue Ready Reckoner (Post Budget 2024). The Ready Reckoner is available on the Revenue website at: www.revenue.ie/en/corporate/information-about-revenue/statis tics/ready-reckoner/index.aspx An update of the Ready...

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

Jack Chambers: The estimated annual cost of applying a 9% VAT rate to gas and electricity is €342m (€253m for electricity and €89m for gas). The estimated cost for the November/December 2024 VAT period is €63m (€44m for electricity and €19m for gas). While the first year cost for VAT measures is usually lower because the revenue from the November/December VAT...

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

Jack Chambers: It is assumed that the Deputy is referring to accelerating the second and third payable credit associated with the Research and Development Tax Credit (R&D) for small and micro-companies. The Deputy may be aware of changes included in the Finance (No.2) Act 2023, which made the first €50,000, previously €25,000, of a claim on R&D expenditure payable in full. This was...

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

Jack Chambers: I propose to take Questions Nos. 423, 424 and 425 together. I am advised by Revenue that the full year yield from the proposals to introduce a ten per cent luxury vehicle tax on the importation or sale of vehicles with values in excess of €65,000, €85,000 and €100,000 is tentatively estimated in the following table. Proposal Estimated full year yield Value...

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

Jack Chambers: The tax code provides for a number of tax measures for those aged 65 and over. This includes section 464 Taxes Consolidation Act 1997 which provides for the Age Tax Credit for individuals aged 65 or over. The credit is due in the year that an individual reaches the age of 65 and is granted for the full tax year. The current value of the tax credit is €245 per year for single persons or...

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

Jack Chambers: Section 97A Taxes Consolidation Act 1997, introduced in Finance Act 2017, allows a deduction (capped at €10,000 per premises) from rental income for certain pre-letting expenditure on properties which have been vacant for at least six months and are subsequently let. To qualify, the expenditure must be incurred in the twelve months immediately prior to the letting. Finance Act 2022...

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

Jack Chambers: A new tax incentive was introduced in Finance Act 2022 for small-scale landlords who undertake retrofitting works while the tenant remains in situ, which has the aim of attracting and retaining small-scale landlords in the private rental sector. This measure is provided for in section 97B Taxes Consolidation Act 1997. The provision provides for a deduction for certain retrofitting expenses...

Written Answers — Department of Finance: Consumer Protection (23 Jul 2024)

Jack Chambers: There is a robust consumer protection framework in place in Ireland to support consumers who may wish to make a complaint against a financial service provider. The Central Bank’s Consumer Protection Code (the Code) 2012 imposes record keeping and complaints resolution requirements on regulated entities. Provision 11.5 of the Code states that a regulated entity must maintain...

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

Jack Chambers: I propose to take Questions Nos. 430, 431 and 432 together. In relation to question 33651/24, I am advised by Revenue that theatre productions are not separately identified on corporation tax returns. The costing requested would depend on the number and cost of qualifying theatre productions. Therefore, Revenue has no basis on which to estimate the cost of extending this relief in the manner...

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

Jack Chambers: Section 481 provides relief in the form of a corporation tax credit related to the cost of production of certain films. The scheme is intended to act as a stimulus to the creation of an indigenous film industry in the State, creating quality employment opportunities and supporting the expression of the Irish culture. The Deputy will be aware that, as part of his Budget 2024 speech, my...

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

Jack Chambers: As a small open economy, connected to Europe, the US and the wider world, Ireland is committed to a competitive, transparent and stable corporation tax system. As the Deputy will be aware, the trading profits of companies in Ireland are generally taxed at the standard corporation tax rate of 12.5%, and we are committed under the Pillar Two agreement to increasing to an effective rate of 15%...

Written Answers — Department of Finance: Artists' Remuneration (23 Jul 2024)

Jack Chambers: I propose to take Questions Nos. 435 and 437 together. There is insufficient detail set out in the Deputies' questions as to how the proposed income averaging for artists might operate and therefore, there is no basis upon which to estimate a cost.

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

Jack Chambers: I propose to take Questions Nos. 436 and 438 together. I am advised by Revenue that it is not possible to estimate the cost associated with the proposals outlined by the Deputies, due to the way in which the data are captured on the tax returns. Taxpayers availing of the artists’ exemption are required to file a Form 11 tax return. The amount of income eligible for the exemption is...

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

Jack Chambers: The trading profits of companies in Ireland are generally taxed at the standard corporation tax rate of 12.5%. Some of the main features of the current corporation tax regime are its simplicity and that it applies to a broad base. Changing this rate (or imposing additional levies on corporate profits) would involve increased complexity and could change the attractiveness of Ireland's...

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

Jack Chambers: I am taking this question to refer to the model of Financial Transactions Tax proposed by the European Commission, initially in 2011 and then revised under the EU’s enhanced cooperation procedure in February 2013. I am advised that the proposed rate on exchanges of shares was 0.1% and the proposed rate for derivative transactions was 0.01%. under those proposals. Ireland already has a...

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

Jack Chambers: I am informed by Revenue that the annual research paper on Corporation Tax includes the most recent information in respect of losses forward and is published on its website at www.revenue.ie/en/corporate/documents/research/ct-analysis-2 024.pdf As shown in Figure 5 on page 16 of the publication, the amount of losses forward used for all companies in the financial and insurance sector is...