Results 1,421-1,440 of 9,563 for speaker:Jack Chambers

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

Jack Chambers: I propose to take Questions Nos. 353 and 354 together. As the Deputy is aware, loss relief for corporation tax is a long-standing feature of the Irish corporate tax system and a standard feature of corporation tax systems in most OECD countries. It recognises the fact that a business cycle runs over several years and that it would be unfair to tax income earned in one year and not allow...

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

Jack Chambers: The main tax reductions as announced in Budget 2022 and 2023 related to the personal income tax package. Budget 2022 included an income tax package with a first year cost of €0.54 billion and a full year cost of €0.62 billion, which included a broad range of income tax and USC measures. The single standard rate income tax band was increased by 4.3% from €35,300 to...

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

Jack Chambers: The Rent Tax Credit, 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. Claims for the Rent Tax Credit in respect of the 2022 and 2023 years of assessment can be made by PAYE taxpayers by submitting an Income Tax return for that...

Written Answers — Department of Finance: Housing Schemes (23 Jul 2024)

Jack Chambers: I am advised by Revenue that 115,241 Help-to-Buy (HTB) applications have been made to-date since the inception of the scheme. This excludes cancelled applications. Applications for HTB may be made on a provisional basis as first time buyers will want to have certainty as to their entitlements in advance of commencing the purchase of a property. An application will only progress to the...

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

Jack Chambers: Under the Finance Act 1992, Vehicle Registration Tax (VRT) is assessed on a vehicle at the time of its registration, and the tax payable depends on the VRT category of vehicle involved. VRT categories are linked to the vehicle’s technical categorisation under EU type-approval rules. VRT category A is for passenger vehicles and vehicles in this category are generally EU category M1....

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...