Ruth Coppinger
Question:205. Deputy Ruth Coppinger asked the Minister for Finance the estimated amount that could be raised by applying the standard rate of VAT of 23% to financial services. [34514/17]
View answerThursday, 13 July 2017
Questions (205)
Written answers
The supply of financial services is VAT exempt across all EU Member States in accordance with Article 135 of the EU VAT Directive. Imposing VAT on financial services would require a change to the VAT Directive applicable to all Member States. Ireland could not make such a decision unilaterally.
The information provided to the Revenue Commissioners on tax returns does not require a customer to split their turnover across different economic sectors or provide information on the types of transactions or activities provided to different sectors. Therefore it is not possible at present to identify the supplies that would potentially be liable to VAT on financial services or to estimate the potential for a net yield from a change in the VAT Directive.