Results 1,061-1,080 of 9,563 for speaker:Jack Chambers

Written Answers — Department of Finance: Official Engagements (15 Oct 2024)

Jack Chambers: There have been no international events or engagements since the formation of the Government where media attended as part of the Government delegation.

Written Answers — Department of Finance: Departmental Expenditure (15 Oct 2024)

Jack Chambers: The Help to Buy (HTB) incentive is a scheme to assist first-time purchasers with the 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 paid in the State over the previous four years, subject to limits outlined in the legislation. I am advised by Revenue that the total cost of Help to Buy approved claims...

Written Answers — Department of Finance: Revenue Commissioners (15 Oct 2024)

Jack Chambers: I propose to take Questions Nos. 235 and 236 together. On 20 October 2023, the Supreme Court, in a unanimous decision, delivered an important judgment on the key factors to be considered when classifying an individual’s employment status for income tax purposes. The detailed judgment was delivered by Mr. Justice Brian Murray in The Revenue Commissioners v. Karshan (Midlands) Ltd....

Written Answers — Department of Finance: Financial Services (10 Oct 2024)

Jack Chambers: I note the Deputy's query regarding individual savings accounts available in the United Kingdom. With regard to individual savings accounts, it will be of interest to the Deputy that my Department published the Terms of Reference for a review of Ireland’s funds sector - ‘Funds Sector 2030: A Framework for Open, Resilient & Developing Markets’ last year. A draft...

Written Answers — Department of Finance: Tax Code (10 Oct 2024)

Jack Chambers: I propose to take Questions Nos. 148 and 149 together. The VAT rating of goods and services is subject to the requirements of EU VAT law, with which Irish VAT law must comply. In general, the EU VAT Directive provides that all goods and services are liable to VAT at the standard rate, unless they fall within categories of goods and services specified in Annex III of the VAT Directive, in...

Written Answers — Department of Finance: Tax Code (10 Oct 2024)

Jack Chambers: The Budget 2025 tax revenue projections incorporate a net negative €2 billion impact from both pillars from 2026 on. As the Deputy will be aware, work is still ongoing on the finalisation of Pillar 1 of the agreement and so the forecasts presented at Budget time are unchanged from previous forecasts. The situation will be monitored by my Department and the estimate revised once...

Written Answers — Department of Finance: Prize Bonds (10 Oct 2024)

Jack Chambers: The National Treasury Management Agency (NTMA) has informed me that they appreciate the desire to invest in State Savings products, including Prize Bonds. All such products are tax free, including at encashment. The NTMA advises that the present limits are already of a significant size for an individual as part of a savings portfolio, and it would be difficult to allow different limits for...

Written Answers — Department of Finance: Departmental Reviews (10 Oct 2024)

Jack Chambers: My Department has not carried out a capacity review in the last ten years. I would however mention an independent review of the Department’s performance that was carried out in 2010. The review examined the performance of the Department of Finance over the previous ten years. The conclusions of the review were published in a report entitled “Strengthening the Capacity of the...

Written Answers — Department of Finance: Tax Code (9 Oct 2024)

Jack Chambers: I propose to take Questions Nos. 37, 45 and 48 together. The VAT rating of goods and services is subject to the requirements of EU VAT law, with which Irish VAT law must comply. In general, the EU VAT Directive provides that all goods and services are liable to VAT at the standard rate, unless they fall within categories of goods and services specified in Annex III of the VAT Directive,...

Written Answers — Department of Finance: Tax Code (9 Oct 2024)

Jack Chambers: I propose to take Questions Nos. 38, 46 and 49 together. The VAT rating of goods and services is subject to the requirements of EU VAT law, with which Irish VAT law must comply. In general, the EU VAT Directive provides that all goods and services are liable to VAT at the standard rate, unless they fall within categories of goods and services specified in Annex III of the VAT Directive,...

Written Answers — Department of Finance: Tax Credits (9 Oct 2024)

Jack Chambers: The Irish income tax code contains favourable provisions relating to the tax treatment of widowed persons. In the year of bereavement, a widowed person is entitled to the same personal tax credits as a married couple, if they were jointly assessed to tax, and the assessable spouse or nominated partner. If they were not the assessable spouse or nominated civil partner they will receive the...

Written Answers — Department of Finance: Tax Data (9 Oct 2024)

Jack Chambers: I am advised by Revenue that the amounts of tax, broken down by Mineral Oil Tax (MOT) non-carbon component (NCC), MOT carbon component (CC) and VAT, collected in respect of Petrol, Diesel, Kerosene, MGO and Other LPG, for the years 2020 to 2023 and an estimate for the year-to-date September 2024 are shown in the following table. Year Petrol €m Diesel...

Written Answers — Department of Finance: Tax Data (9 Oct 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: Tax Code (9 Oct 2024)

Jack Chambers: I propose to take Questions Nos. 42, 43 and 71 together. According to the World Health Organization evidence shows that significantly increasing tobacco excise taxes and prices is the single most effective and cost-effective measure for reducing tobacco use. It is also a measure specifically called for in Article 6 of the WHO Framework Convention on Tobacco Control. Ireland is committed...

Written Answers — Department of Finance: Fiscal Policy (9 Oct 2024)

Jack Chambers: As part of Budget 2025, my Department published a document titled “Use of the Escrow Receipts – A Framework”. The document sets out the following in relation to the framework for the allocation of these windfall receipts. “The ultimate guiding principles should be to continue to expand the capital stock to support competitiveness, productivity and future...

Written Answers — Department of Finance: Tax Code (9 Oct 2024)

Jack Chambers: The Deputy should note while I did give the matter some consideration, no decision was made in Budget 2025 to reduce the VAT rate on bicycles and ebikes. Further consideration can be given to this matter as part of the annual Budget process for Budget 2026. It should be noted that is not possible to treat specific categories of bicycles, such as cargo bikes or electric bikes, separately. ...

Written Answers — Department of Finance: Tax Data (9 Oct 2024)

Jack Chambers: I propose to take Questions Nos. 51 to 61, inclusive, together. I am advised by Revenue that all estimates are made on a pre-Budget 2025 basis, as the measures outlined by the Deputy pertain to the Income Tax and USC package outlined in Budget 2025. The Deputy will wish to be aware that the estimated number of taxpayer units benefitting from a measure, as well as the estimated tax cost, as...

Written Answers — Department of Finance: Tax Data (9 Oct 2024)

Jack Chambers: I announced on Budget Day that a new 6% rate of Stamp Duty will be applied to the value of residential property in excess of €1.5 million (so increasing the rate applied to that element of a property's value from 2% to 6%), and that the higher rate of Stamp Duty on bulk acquisitions of houses is to be increased from 10% to 15%. Both of the increased rates apply to all relevant...

Written Answers — Department of Finance: Tax Data (9 Oct 2024)

Jack Chambers: In my Budget 2025 address, I announced an extension of Mortgage Interest Tax Relief for one further year to the 2024 year of assessment. For 2024, relief at the standard rate of income tax will apply in respect of the increase in interest paid in 2024 over interest paid in 2022. All other conditions pertaining to the relief remain unchanged. The relief will be capped at €1,250 per...

Written Answers — Department of Finance: Tax Data (9 Oct 2024)

Jack Chambers: As I announced in my Budget 2025 speech, as part of a substantial personal income tax package I am increasing the ceiling of the second rate of USC, the 2 per cent rate, to take account of the increase in the National Minimum Wage, which is increasing by €0.80 per hour, from €12.70 per hour to €13.50 per hour, with effect from 1 January 2025. The ceiling of the 2 per cent...