Results 1,021-1,040 of 9,158 for speaker:Jack Chambers

Written Answers — Department of Finance: Revenue Commissioners (23 Jul 2024)

Jack Chambers: The capital budget allocation for the Revenue Commissioners in the years 2022 2023 and 2024, and the percentage of that capital funding that was actually spent in 2022 and 2023, is outlined in the table below: Vote 09 - Revenue Commissioners 2022 Allocation€m 2022 Expenditure€m % spent in 2022 2023 Allocation€m 2023 Expenditure€m % spent in 2023 ...

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

Jack Chambers: The section 481 film tax credit provides relief in the form of a corporation tax credit related to the cost of production of certain audio-visual productions, including costs incurred on visual effects (VFX). 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 Irish...

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

Jack Chambers: I propose to take Questions Nos. 361 and 365 together. My Department commissioned the ESRI to undertake a research project on the nature and extent of cross-border working as there was a general acceptance that data in relation to this issue could be improved. On 17 June 2024, the ESRI published the research paper entitled ‘A Study of Cross-Border Working on the Island of...

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

Jack Chambers: Insurance reform remains a priority for this Government, and is being delivered through the Action Plan for Insurance Reform. The latest Action Plan Implementation Report shows that the vast majority of the plan’s objectives have been either completed or initiated. The importance of the Action Planis highlighted through its oversight by a Cabinet Sub-Group on insurance reform, chaired...

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

Jack Chambers: At the outset it is important to note that neither I, nor the Central Bank of Ireland, can direct the pricing or provision of insurance products, as this is a commercial matter which individual companies assess on a case-by-case basis. This position is reinforced by the EU Single Market framework for insurance (the Solvency II Directive). Insurance reform remains a priority for this...

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

Jack Chambers: The Rent Tax Credit (RTC), as provided for in section 473B of the Taxes Consolidation Act 1997 (TCA 1997), was introduced by the Finance Act 2022 and may be claimed in respect of qualifying rent paid in 2022 and subsequent years to end-2025. I am advised by Revenue that the RTC statistics currently available refer only to claims by PAYE taxpayers. Data on claims by self-assessed taxpayers are...

Written Answers — Department of Finance: Credit Unions (23 Jul 2024)

Jack Chambers: The credit union sector loan book is €6.6bn (consisting of €5.8bn personal/unsecured lending and €788.7m mortgage/business lending). Future growth in the loan book will be driven by growth in personal/unsecured and mortgage/business lending. In January 2020, revised Central Bank Lending Regulations were put into effect on credit union house and business lending only i.e....

Written Answers — Department of Finance: Public Expenditure Policy (23 Jul 2024)

Jack Chambers: I propose to take Questions Nos. 367, 369 and 439 together. The stimulatory effect of government expenditure results in higher levels of consumer spending, employment and SME investment in our economy. Projections of tax revenue produced by my Department are driven by macroeconomic indicators: for example, VAT forecasts are related to consumer spending. These macroeconomic drivers reflect,...

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...