Tax Code

Thursday, 25 September 2014

Questions (69)

Barry Cowen

Question:

69. Deputy Barry Cowen asked the Minister for Finance the costings that have been provided for the elimination of the windfall tax; and if he will make a statement on the matter. [36327/14]

View answer

Written answers

I am informed by the Revenue Commissioners that on the basis of Income Tax returns and Corporation Tax returns for 2010-2012 (the latter being the latest tax year for which the necessary information is available), there is no record of any such profits or gains having been returned. There is therefore no reliable basis for estimating the impact of its elimination.

The windfall gains provisions were introduced primarily to discourage overheating of the property market by way of speculative transactions involving rezoned land rather than as a revenue raising measure.