Dáil Éireann Debate, Thursday - 29 May 2014
57. Deputy Denis Naughten asked the Minister for Finance if he will ensure that VAT and levies paid by Setanta Insurance policyholders will be refunded directly to them; the total amount collected by the Exchequer in 2013 and 2014, respectively; and if he will make a statement on the matter. [23587/14]
View answerI am advised by the Revenue Commissioners that insurance and reinsurance transactions and the supply of related services by insurance brokers and insurance agents are exempt from VAT. In such circumstances no VAT would have been charged to policy holders and no VAT would have been collected by the Exchequer. I am informed by the Revenue Commissioners that any levy paid by an insurance company under Section 125 of the Stamp Duties Consolidation Act 1999 is a liability of the insurer, not of the insured policyholder, notwithstanding that the premium the insurer charges may reflect the levy.
The tax affairs of the company mentioned by you are confidential, as are the tax affairs of all taxpayers. Accordingly, the Revenue Commissioners are not in a position to disclose details of the amounts collected by them from the insurer in question for 2013 or 2014.
