Results 1,281-1,300 of 9,158 for speaker:Jack Chambers

Written Answers — Department of Finance: Tax Yield (4 Jul 2024)

Jack Chambers: I am advised by Revenue that traders are not required to identify the VAT yield generated from the supply of specific goods and services on their VAT returns. Therefore, it is not possible to provide a costing for the measures outlined above using information provided on tax returns. However, a tentative estimate based on third party data for the VAT yield for 2023 on new build residential...

Written Answers — Department of Finance: Universal Social Charge (4 Jul 2024)

Jack Chambers: As the Deputy will be aware, the Programme for Government (PfG), “Our Shared Future” contains a number of specific commitments relating to income tax. These include the commitment 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...

Written Answers — Department of Finance: Economic Policy (4 Jul 2024)

Jack Chambers: Despite facing a number of economic headwinds over recent years, the available evidence suggests the economy is in good shape, at least in aggregate terms. The brightest spot in the Irish economy is undoubtedly in the labour market. At the start of this year, over 2.7 million people were in employment – a record level. Just like most other advanced economies, Ireland has had to...

Written Answers — Department of Finance: Office of the Ombudsman (4 Jul 2024)

Jack Chambers: The Financial Services and Pensions Ombudsman (FSPO) is an independent, impartial, fair and free service that helps resolve complaints against financial service and pension providers from consumers and small businesses. It plays a vital role in the robust financial consumer protection framework in place in Ireland to support consumers of financial services. In 2023, the FSPO received a...

Written Answers — Department of Finance: Programme for Government (4 Jul 2024)

Jack Chambers: International climate action, including the provision of climate finance, is a key priority for this Government. We have committed publically to increasing the climate finance provided to developing countries to €225 million annually by 2025. A Cross-Departmental Climate Finance Roadmap was published in 2022 setting out pathways as to how this goal may be achieved. Ireland provided...

Written Answers — Department of Finance: Tax Code (4 Jul 2024)

Jack Chambers: I am aware of a report ('A blueprint for a coordinated minimum effective taxation standard for ultra-high-net-worth individuals') recently commissioned by the G20 presidency which advocates for a 2% minimum annual tax on billionaires. I am not aware of any formal contact between the initiators of this proposal and my Department. While I understand the background to calls for a specific wealth...

Written Answers — Department of Finance: Tax Yield (4 Jul 2024)

Jack Chambers: The Department of Finance has opened its pre-budget costings service, this is available with effect from 1 July 2024. The procedures for availing of this service are set out in a letter dated 1 July 2024 from the Secretary General of the Department to all recognised parties and technical groups in Dáil Éireann. To ensure efficiency and fairness all costing requests should be made...

Written Answers — Department of Finance: Tax Yield (4 Jul 2024)

Jack Chambers: The Department of Finance has opened its pre-budget costings service, this is available with effect from 1 July 2024. The procedures for availing of this service are set out in a letter dated 1 July 2024 from the Secretary General of the Department to all recognised parties and technical groups in Dáil Éireann. To ensure efficiency and fairness all costing requests should be made...

Written Answers — Department of Finance: Business Supports (4 Jul 2024)

Jack Chambers: Small and medium-sized enterprises (SMEs) play a significant role in the Irish economy. As such, the Government has in place a broad range of policy measures aimed at supporting SMEs to thrive. Most recently, in May 2024 Government agreed a package of actions intended to reduce costs for SMEs. More details can be found on the Department of Enterprise, Trade and Employment's website here: . ...

Written Answers — Department of Finance: Inflation Rate (4 Jul 2024)

Jack Chambers: I propose to take Questions Nos. 247 and 254 together. The high inflation rate environment over recent years has been extremely challenging for households who had to endure an erosion of their purchasing power as a result. However enormous progress has been made over the last year or so in reducing inflation with headline HICP inflation of just 1.5 per cent in June. This is the lowest rate...

Written Answers — Department of Finance: Foreign Direct Investment (4 Jul 2024)

Jack Chambers: Ireland is widely recognised as a stable and pro-enterprise economy. This reputation is reflected in our continued ability to attract foreign direct investment (FDI) into Ireland. Indeed the most recent data show that the stock of FDI in Ireland stood at €1.2 trillion at the end of the first quarter of this year. FDI makes an important contribution to the Irish economy. According...

Written Answers — Department of Finance: Consumer Prices (4 Jul 2024)

Jack Chambers: Households have faced numerous headwinds in recent years including rising levels of inflation and the associated increase in interest rates. Inflation rose sharply since the pandemic and spiked as a result of the energy price shocks that followed the war in Ukraine. These developments put significant pressure on consumer spending as purchasing power was eroded by higher prices. The associated...

Written Answers — Department of Finance: Insurance Industry (4 Jul 2024)

Jack Chambers: The Government remains committed to addressing the issue of high public liability insurance costs through the efforts of the Office for the Promotion of Competition in the Insurance Market, a key element of the Action Plan for Insurance Reform. Established as a Programme for Government commitment and overseen by the Minister of State at the Department of Finance, the Office aims to expand the...

Written Answers — Department of Finance: Tax Code (4 Jul 2024)

Jack Chambers: As the Deputy is aware, Ireland joined with almost 140 other countries in reaching agreement in October 2021 on how to address the tax challenges arising from digitalisation of the economy. The agreement contains two pillars. Pillar One will see the allocation of taxing rights away from countries such as Ireland to countries where consumers and markets are based. It will be...

Written Answers — Department of Finance: Tax Code (4 Jul 2024)

Jack Chambers: My Department publishes the Annual Taxation Report on an annual basis in order to provide a strategic perspective of the Irish tax system. This allows for the monitoring and identification of developing trends in tax revenue to minimise fiscal vulnerabilities. The latest such report, which was published in August last year, examined the high level of concentration within the corporation tax...

Written Answers — Department of Finance: Fiscal Policy (4 Jul 2024)

Jack Chambers: As the Deputy will be aware, institutions established under the Good Friday Agreement are key to north-south co-operation and the promotion of peace and prosperity across Ireland. With thanks to the restoration of both the Northern Ireland Executive and the Northern Ireland Assembly, the North-South Ministerial Council (NSMC) met for the first time in a number of years in early April. My...

Written Answers — Department of Finance: Economic Growth (4 Jul 2024)

Jack Chambers: The domestic economy displayed solid growth in the first quarter of this year. Modified domestic demand (MDD) – my preferred measure of domestic activity – increased by 1.4 per cent in the first quarter. Irish exports appear to have turned a corner, growing by 7 per cent in the first quarter of 2024. This represents the first quarter of positive export growth in five quarters. ...

Written Answers — Department of Finance: Tax Data (3 Jul 2024)

Jack Chambers: I am advised by Revenue that as of 28 June 2024, the number of approved Help to Buy (HTB) claims, the number of applicants associated with these claims and the number of approved HTB claims in respect of the purchase of new houses or apartments, that were approved on or after 1 July 2020, broken down by county, are as set out in the table below: Property County All...

Written Answers — Department of Finance: Customs and Excise (3 Jul 2024)

Jack Chambers: In light of public health interests, continuing delays to the revision of the Tobacco Products Tax EU Directive and the Programme for Government commitment to tax e-cigarettes and vapes, it was announced last year that a domestic tax on e-cigarettes and vaping products will be introduced as part of this year’s Budget. My officials are preparing legislation for the introduction of a...

Written Answers — Department of Finance: Tax Data (3 Jul 2024)

Jack Chambers: I am advised by Revenue that traders are not required to separately identify the VAT yield from specific activities, therefore it is not possible to estimate the cost of a VAT reduction for the food-led hospitality sector using tax information alone. To calculate an estimate, Revenue uses both taxpayer returns and third party macro-economic data provided to Revenue by the Central...