Vol. 562 No. 3
100 Mr. F. McGrath asked the Minister for Finance if he will propose a new creative levy on the recent profits of ?1.4 billion by Ireland's biggest bank in order to fund ?35 million worth of services for children and adults with intellectual disabilities. [5940/03]
As the Deputy is aware, there is provision for a special contribution from financial institutions contained in the Finance Bill before the House. This contribution is in the form of a stamp duty which, if enacted, will raise €300 million over the next three years, and this will increase the funds available for Exchequer funding in all areas, including those mentioned by the Deputy. It would not be appropriate to single out one company and apply a different tax regime to it.
It should also be borne in mind that any multinational company resident in Ireland with subsidiaries in other jurisdictions will initially be liable to taxation in these countries in respect of the profits in those other countries. The question of Irish taxation on the profits of such subsidiaries only arises when the subsidiaries remit dividends to the parent company and credit must then be given for taxation paid in the other country if it is a country with which Ireland has a double taxation treaty.
I have no plans to introduce an imposition of the type proposed by the Deputy on the profits of a particular bank.
