Dáil Éireann Debate, Tuesday - 23 July 2019
238. Deputy Richard Boyd Barrett asked the Minister for Finance the estimated amount that could be raised from imposing a 2% public health levy on the profits of private human health and pharmaceutical companies here, including nursing homes and home care agencies. [33532/19]
View answerThe trading profits of companies in Ireland are generally taxed at the standard Corporation Tax rate of 12.5 per cent. Some of the main features of the current Corporation Tax regime are its simplicity and that it applies to a broad base. Changing this rate (or imposing additional levies of corporate profits) would involve increased complexity and could change the attractiveness of Ireland's corporate tax offering. I am informed by Revenue that it is not possible to accurately predict the effect that changes to the rate would have on the behaviour and decisions of large, multinational companies.
I am advised by Revenue that, based on the most recent figures available, on a straightforward mathematical basis and assuming no behavioural changes by companies, the potential yield from imposing a 2% levy on the taxable profits of private human health and pharmaceutical companies, including nursing homes and home care agencies, is tentatively estimated to be in the region of €235 million in a year.
