Results 1,041-1,060 of 9,158 for speaker:Jack Chambers

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...

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...