Results 1,261-1,280 of 9,537 for speaker:Jack Chambers

Written Answers — Department of Finance: Insurance Coverage (18 Sep 2024)

Jack Chambers: As Minister for Finance, I have policy responsibility for the development of the legal framework governing financial services regulation, including for the insurance sector. In terms of the challenges associated with obtaining flood cover, please be aware that the provision of such cover is a commercial matter for insurance companies, based on an actuarial assessment of the risks they are...

Written Answers — Department of Finance: Consumer Rights (18 Sep 2024)

Jack Chambers: Responsibility for policy and operational matters on bankruptcy and personal insolvency is a matter for my colleague the Minister for Justice but I can indicate that, generally speaking, a cooperating debtor will normally be automatically discharged from bankruptcy after a period of one year. The Credit Reporting Act 2013 provided for the establishment and operation of the Central...

Written Answers — Department of Finance: Tax Code (18 Sep 2024)

Jack Chambers: The age exemption limits were lasted increased in Budget 2008, however, as part of a suite of structural measures to deliver fiscal consolidation in Budget 2011, the age exemption limits were reduced from €20,000 to €18,000 per annum for single persons and from €40,000 to €36,000 per annum for married couples or civil partnerships, and they have remained at these...

Written Answers — Department of Finance: Business Regulation (18 Sep 2024)

Jack Chambers: Section 731 of the Companies Act, 2014 provides for the application by a director for Voluntary Strike Off of a company (i.e. one way to wind up a company) from the Register of Companies held by the Companies Registration Office (CRO). It also sets out the requirements to be met by the company, for an application to be considered. One of the CRO requirements is for the applicant company...

Written Answers — Department of Finance: Tax Code (18 Sep 2024)

Jack Chambers: 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 respect of which Member States may apply a lower rate of...

Written Answers — Department of Finance: Banking Sector (18 Sep 2024)

Jack Chambers: The total recapitalisation of the domestic banks amounted to €64.1bn, of which €34.7bn was invested in Anglo Irish Bank and INBS which became Irish Bank Resolution Corporation (IBRC) and €29.4bn in AIB, Bank of Ireland and PTSB. To date, €26.1bn of the investment in the three remaining banks has been recovered in cash by way of disposals, investment income and...

Written Answers — Department of Finance: National Asset Management Agency (18 Sep 2024)

Jack Chambers: In March 2010, the National Asset Management Agency (NAMA) borrowed €49 million from the then Minister for Finance to inject ordinary equity into the special purpose vehicle, National Asset Management Agency Investment Limited. This sum plus accrued interest was repaid by NAMA to the Minister for Finance in February 2011. In addition, in May 2010, NAMA borrowed €250m from the...

Written Answers — Department of Finance: Tax Yield (18 Sep 2024)

Jack Chambers: I am advised by Revenue that the receipts collected in respect of Fuel Taxes, including those used as propellant, in each of the past three years up to 2023 are published on the Revenue website at: www.revenue.ie/en/corporate/information-about-revenue/statis tics/excise/receipts-volume-and-price/excise-receipts-commod ity.aspx. Table 1 below details the provisional yield to date for...

Written Answers — Department of Finance: Tax Yield (18 Sep 2024)

Jack Chambers: I am advised by Revenue that the amounts collected in Carbon Tax in each month since its establishment are shown in the following tables. Month 2024 €m* 2023 €m 2022 €m 2021 €m 2020 €m Jan 85.6 78.2 64.5 56.1 46.6 Feb 100.8...

Written Answers — Department of Finance: Apple Escrow Account (18 Sep 2024)

Jack Chambers: The costs to the State for the Apple case to summer 2024 are approximately €10.3 million of which approximately €4.2 million relates to the recovery process. These fees have been paid by various State entities over the course of the case. It is not possible to estimate the final costs of the case at this time. I would also note that fees paid to investment management and...

Written Answers — Department of Finance: Apple Escrow Account (18 Sep 2024)

Jack Chambers: I assume the Deputy is referring to payments arsing from the recent Court of Justice of the European Union (CJEU) judgment which confirmed the application of the 2016 European Commission's State aid Decision. As the Deputy will be aware, following the Commission's decision Ireland was required to recover the alleged State aid from Apple. The total amount to be recovered was calculated by...

Written Answers — Department of Finance: Tax Collection (18 Sep 2024)

Jack Chambers: I am informed by Revenue that section 851A of the Taxes Consolidation Act 1997 prohibits it from disclosing any information relating to the tax affairs of individual taxpayers. However, as a general statement it is important to realise that tax rulings (or as they are generally referred to in Ireland “opinions/confirmations”) are provided to (i) give certainty to taxpayers as...

Written Answers — Department of Finance: Apple Escrow Account (18 Sep 2024)

Jack Chambers: Information in relation to the Ireland’s legal arguments was published on the Department of Finance website in 2016 and 2020 and remains available at www.gov.ie/en/news/23687a-overview-of-irelands-position-at-t he-oral-hearing-at-the-general-cou/ and www.gov.ie/en/press-release/1ea8e2-ireland-publishes-legal-a rguments-in-apple-state-aid-case/. There is no current intention to...

Written Answers — Department of Finance: Tax Collection (18 Sep 2024)

Jack Chambers: I propose to take Questions Nos. 189 and 190 together. Section 291A of the Taxes Consolidation Act 1997 (TCA) provides relief in the form of capital allowances against trading income on the capital expenditure incurred by companies on the provision of intangible assets for the purposes of a trade. The scheme applies to a broad range of intangible assets (e.g. patents, copyright,...

Written Answers — Department of Finance: Tax Code (18 Sep 2024)

Jack Chambers: The VAT rating of goods and services is subject to the requirements of EU VAT law with which Irish VAT law must comply. The VAT Directive obliges that outside of specific historical derogations, a reduced rate of VAT may only be applied to goods and services contained in Annex III of the VAT Directive. It is not possible to apply a reduced VAT rate to hand-woven or hand-knitted products.

Written Answers — Department of Finance: World Bank (18 Sep 2024)

Jack Chambers: Since my appointment in June, I have not yet had to opportunity to speak with Ajay Banga, the President of the World Bank. The IMF/World Bank Group Annual Meetings, which take place next month in Washington D.C., will provide me with an opportunity to meet with President Banga.

Written Answers — Department of Finance: Revenue Commissioners (18 Sep 2024)

Jack Chambers: I propose to take Questions Nos. 193 and 194 together. Revenue’s approach involves the use of advanced analytics and a multiplicity of detection technologies and ensuring the optimum deployment of resources on a risk-focused basis. In that context, I understand that operational requirements and arrangements regarding the deployment and use of detection technology and resources,...

Written Answers — Department of Finance: Tax Code (18 Sep 2024)

Jack Chambers: The importance of indigenous enterprise, in particular small and medium enterprises (SMEs), to the Irish economy is reflected in the Programme for Government commitments. My Department has a number of tax incentives in place to encourage investment in the economy and in particular in indigenous SMEs. These measures help businesses access investment, scale-up and expand, and include the...

Written Answers — Department of Finance: Departmental Reviews (18 Sep 2024)

Jack Chambers: I propose to take Questions Nos. 196 and 197 together. A draft report was submitted to me for consideration in recent weeks and this is in line with the Review’s Terms of the Reference. The review was wide ranging and examined a range of issues relevant to the funds sector. As part of my consideration of the draft report, I will consider the exact timing of the publication of the...

Written Answers — Department of Finance: Tax Reliefs (18 Sep 2024)

Jack Chambers: I am advised by Revenue that it is not possible to estimate the cost of the proposal outlined by the Deputy. As donations below the €250 threshold do not qualify for tax relief they are not declared to Revenue. Accordingly, Revenue has no relevant data from which to estimate the potential cost of removing the threshold.