Dáil Éireann Debate, Thursday - 14 July 2022
310. Deputy Pearse Doherty asked the Minister for Finance the estimated annual revenue from applying a charge on the size of the assets of all qualifying Section 110 companies, at a rate of 0.001%, 0.01% and 0.1% in tabular form. [39529/22]
View answerI am informed by Revenue that the information requested by the Deputy is not immediately available from Revenue data and therefore it is not possible in the time available to respond to this Parliamentary Question to provide the estimates sought.
However the Deputy may find the following information, provided by the Central Bank, to be of assistance, as it provides a near approximation of the estimate sought. The assets under management of financial vehicle corporations (FVCs) and special purpose vehicles (SPVs) amounts to €1,038.5 billion at end Q1 2022. These figures should encompass the population of section 110 companies, however it should be noted that a small number of FVCs are not section 110 companies, so the total assets of section 110 companies specifically would be somewhat below this figure.
Subject to this caveat, the table below provides a breakdown of a simple calculation based on multiplying the rates requested by the total assets as at end Q1 2022. However, it should also be noted that the potential yield from a levy of the nature proposed would depend on a range of factors, including the period of charge, the assets within scope of the charge and any changes in business decisions in response to the new tax.
|
Rate |
Tax Receipts |
|
0.1% |
€1,038.5 million |
|
0.01% |
€103.85 million |
|
0.001% |
€10.385 million |
