Results 1,001-1,020 of 9,090 for speaker:Jack Chambers

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

Jack Chambers: Under section 825C to the Taxes Consolidation Act 1997, the Special Assignee Relief Programme (SARP) provides Income Tax relief for certain individuals assigned to work in the State during any of the tax years 2012 to 2025. The aim of the relief is to reduce the cost to employers of assigning skilled individuals from foreign-based operations to take up positions in the Irish-based operations...

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

Jack Chambers: I am advised by Revenue that the estimated yield for the proposal outlined by the Deputy is €3.1 billion and €3.9 billion on a first and full year basis respectively. It is important to be aware that estimates of tax policy changes for Income Tax are provided on the basis of the current Budget year (2024) rather than the next Budget year (2025). The Budget year costings for 2025...

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

Jack Chambers: I am advised by Revenue that, based on the latest available LPT returns, the estimated cost of abolishing the Local Property Tax in 2024 would be in the region of €531 million. As the NPPR is a historic charge, Revenue does not currently hold adequate information to do such a costing. However, using multiple property owners as the basis of the charges outlined by the Deputy, the...

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

Jack Chambers: I propose to take Questions Nos. 446 and 447 together. Ireland’s excise duty treatment of aviation fuel is governed by European Union law as set out in Directive 2003/96/EC on the taxation of energy products and electricity, commonly known as the Energy Tax Directive (ETD). In line with the ETD, Ireland currently applies an exemption from Mineral Oil Tax (MOT) to jet fuel used for...

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

Jack Chambers: I am advised by Revenue that the gross additional yield from imposing a 5% levy on the taxable profits of all airlines and aircraft leasing companies is tentatively estimated to be in the region of €33 million, for a full year. These estimates are based on the 2022 tax returns, the latest year for which fully analysed data are available. These estimates do not take account of any...

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

Jack Chambers: The Help to Buy (HTB) incentive is a scheme to assist first-time purchasers with a 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 (DIRT) paid in the State over the previous four years, subject to limits outlined in the legislation. Section 477C Taxes Consolidation Act 1997 outlines the definitions and...

Written Answers — Department of Finance: Tax Yield (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 non-residential property is published on page 19 of the Ready Reckoner, available on the Revenue website at: www.revenue.ie/en/corporate/documents/statistics/ready-recko ner.pdf. While the specific estimate sought by the Deputy is not...

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

Jack Chambers: I am advised by Revenue that the estimated full year cost of introducing these measures is provided in the table below. The estimates are based on the most recently available price information and do not take account of any behavioural change by either vendors or purchasers. The estimates are also adjusted to account for the right to deduct input VAT on commodities (excluding petrol) by VAT...

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

Jack Chambers: I am advised by Revenue that the estimated cost of potential changes to the earnings limit for pension relief, such as that outlined by the Deputy can be found by consulting Revenue’s Ready Reckoner at page 10. The Ready Reckoner provides calculations on the impact of a wide array of potential changes to tax policy. The Ready Reckoner is available on the Revenue website at: . An...

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

Jack Chambers: I am advised by Revenue that the estimated yield from increasing the rate of Capital Gains Tax (CGT) is published on page 14 of the Revenue Ready Reckoner, available on the Revenue website at: www.revenue.ie/en/corporate/documents/statistics/ready-recko ner.pdf. An update of the Ready Reckoner is due to issue in the coming weeks. While the exact changes sought by the Deputy are not provided,...

Written Answers — Department of Finance: Tax Yield (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 under the Pillar Two Minimum Tax Directive the effective rate has increased to 15% for...

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

Jack Chambers: As the Deputy will be aware, the Programme for Government, “Our Shared Future”, states that “From Budget 2022 onwards, in the event that incomes are again rising as the economy recovers, credits and bands will be index linked to earnings. This will be done to prevent an increase in the real burden of income tax, to prevent more low income workers being taken into the tax...

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

Jack Chambers: The Deputy may wish to note that a Post-Budget 2024 Ready Reckoner is available on the Revenue website at the following link: An update of the Ready Reckoner is due to issue in the coming weeks. The Ready Reckoner shows a wide range of detailed information, including the estimated cost or yield to the Exchequer of widening the standard tax rate bands. While the Ready Reckoner does not show...

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

Jack Chambers: I am advised by Revenue that its Ready Reckoner for calculating the impact of potential changes in rates of taxation can be used to estimate the effect of changes to the carbon tax rate by extrapolating from the information on page 23. 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...

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

Jack Chambers: As the Deputy will be aware, the USC yield was c. €5.4 billion in 2023, with a similar yield expected in 2024. The USC is an important source of revenue to the Exchequer to fund public services. In relation to the Deputy’s proposal, I am advised by Revenue that restructuring the USC rates and bands so that only individual income in excess of €100,000 would be subject to...

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

Jack Chambers: I am advised by Revenue that it is not possible to identify precisely, with the data available for statistical analysis, the number of taxpayers who claimed a credit but did not use all of the value of the credit in offsetting their gross tax liability. My Department has examined the matter of refundable tax credits in the Tax Strategy Group (TSG) process in advance of Budget 2024, and the...

Written Answers — Department of Finance: Revenue Commissioners (11 Jul 2024)

Jack Chambers: I propose to take Questions Nos. 153 and 154 together. I am advised that Revenue has primary responsibility for the prevention, detection, interception and seizure of controlled drugs intended to be smuggled or illegally imported into, or exported from, the State. Revenue’s drugs interdiction strategy supports the Government’s strategic approach to the misuse of drugs under...

Written Answers — Department of Finance: Credit Unions (11 Jul 2024)

Jack Chambers: I propose to take Questions Nos. 155 and 159 together. I thank the Deputy for her questions. Since January 2020 revised Central Bank Lending Regulations were put into effect, and the following concentration limits have applied to credit union house and business lending: Combined house and business lending not to exceed 7.5% of assets of the credit union, with an inner limit of 5% of...

Written Answers — Department of Finance: Credit Availability (11 Jul 2024)

Jack Chambers: The Government is of the view that a competitive, well regulated market is the best way to achieve a sustainable mortgage market which will work in the best interest of the suppliers and consumers of mortgage products over the longer term. While we have had difficulties in maintaining participants in the mortgage market in recent years, with the departure of two banks, nevertheless...

Written Answers — Department of Finance: Credit Unions (11 Jul 2024)

Jack Chambers: The Minimum Competency Code (MCC) sets out minimum professional standards for persons providing certain financial services, in particular when dealing with consumers. The aim is to ensure that consumers obtain a minimum acceptable level of competence from individuals acting for, or on behalf of, regulated firms in the provision of advice and information and associated activities in connection...