Written Answers Nos. 204-228
204. Deputy Paul Kehoe asked the Minister for Transport if his attention has been drawn to plans to change the method of communication used in motorbike driving tests between the applicant and tester; and if he will make a statement on the matter. [46050/22]
View answerThe operation of the Driver Testing Service is the statutory responsibility of the Road Safety Authority (RSA). I am therefore passing the Deputy's question to the Road Safety Authority for direct reply. If a reply has not been received within 10 working days, the Deputy should contact my office.
205. Deputy Catherine Connolly asked the Minister for Finance if he will provide a comprehensive list of all of Ireland’s double taxation agreements; if he will provide a breakdown of the percentage rate of withholding tax on dividend payments to Ireland, interest, royalties and technical fees for each country with which Ireland has a double taxation agreements in tabular form; and if he will make a statement on the matter. [45415/22]
View answerIreland has signed 76 comprehensive double taxation agreements (DTAs), 73 of which are in effect. A full list of all of Ireland’s DTAs is at Table 1. The text of each DTA, together with any amending Protocols, can be found on the Revenue website under the relevant country heading.
The rates of withholding tax in Ireland’s DTA’s in respect of dividend, interest and royalty payments are also available in tabular form on Revenue’s website but each treaty should be consulted separately to determine the correct rate to be applied to a particular payment. For ease of reference, Table 2 sets out these rates of withholding tax, including the rate applicable to technical fees, where such a provision is included in a DTA.
The relevant DTA pages of the Revenue website are updated on a regular basis to reflect any updates by way of new DTAs or amending Protocols that have been concluded by Ireland and Ireland’s treaty partners.
Table 1
|
DTAs in effect as of September 2022 (73) |
|||
|
Albania |
Ethiopia |
Macedonia |
Singapore |
|
Armenia |
Finland |
Malaysia |
Slovak Republic |
|
Australia |
France |
Malta |
Slovenia |
|
Austria |
Germany |
Mexico |
South Africa |
|
Bahrain |
Georgia |
Moldova |
Spain |
|
Belarus |
Greece |
Montenegro |
Sweden |
|
Belgium |
Hong Kong |
Morocco |
Switzerland |
|
Bosnia Herzegovina |
Hungary |
Netherlands |
Thailand |
|
Botswana |
Iceland |
New Zealand |
Turkey |
|
Bulgaria |
India |
Norway |
United Arab Emirates |
|
Canada |
Israel |
Pakistan |
Ukraine |
|
Chile |
Italy |
Panama |
United Kingdom |
|
China |
Japan |
Poland |
United States |
|
Croatia |
Kazakhstan |
Portugal |
Uzbekistan |
|
Cyprus |
Korea (Republic of) |
Qatar |
Vietnam |
|
Czech Republic |
Kuwait |
Romania |
Zambia |
|
Denmark |
Latvia |
Russia |
|
|
Egypt |
Lithuania |
Saudi Arabia |
|
|
Estonia |
Luxembourg |
Serbia |
|
|
DTAs signed but not yet in effect (3) |
|||
|
Ghana |
Kenya |
Kosovo |
Table 2
206. Deputy Brendan Griffin asked the Minister for Finance his views on matters raised in correspondence (details supplied); and if he will make a statement on the matter. [45418/22]
View answerAs the Deputy is aware the pension fund levy was introduced in 2011 to support the recovery of the wider economy and was time bound in duration. For the years 2011, 2012 and 2013, the rate was 0.60% of the pension scheme assets. For the year 2014, the rate was 0.75% of the assets and for the year 2015, the final year of the levy, the rate was 0.15%. The levy went to fund the tax reductions and expenditure measures introduced in the Jobs Initiative.
The Universal Social Charge (USC) came into effect on the 1st January 2011 to replace the Income Levy and Health Levy, neither of which gave relief for pension contributions. It was a necessary measure to widen the tax base, remove poverty traps and maintain revenue to reduce the budget deficit. It is a more sustainable charge than those it replaced and is applied at a low rate on a wide base.
The USC is an annual tax payable on an individual’s total income in a year, subject to a number of exemptions and reliefs. In particular, an individual is not liable to pay USC where his or her total income in the tax year does not exceed €13,000 and individuals aged 70 and over benefit from a lower rate of USC (provided their total income does not exceed €60,000).
Pensions, other than pensions paid by the Department of Social Protection, form part of an individual’s income for USC purposes in years in which they are paid and are charged to USC.
PRSI is not payable on an individual’s income once they have reached the age of 66.
An individual may be eligible for the yearly Age Tax Credit if they are 65 years or older in the tax year, or jointly assessed or separately assessed with a partner who is 65 years or older in the tax year.
The Age Tax Credit is as follows:
|
Status |
Amount of Credit |
|
Single, widowed, surviving civil partner or singly assessed |
€245 |
|
Jointly or separately assessed |
€490 |
In addition an individual may not have to pay Income Tax if they or their spouse or civil partner are aged 65 or over, where their total income is less than, or equal to, the exemption limits.
The exemption limits are as follows:
|
Personal circumstances |
Exemption limit |
|
Single, widowed or a surviving civil partner |
€18,000 |
|
Married or in a civil partnership |
€36,000 |
For dependent children, the exemption limits are increased by €575 per child for the first two children and €830 per child for each additional child.
207. Deputy Fergus O'Dowd asked the Minister for Finance if he will respond to a proposal from a person (details supplied) in respect of the possible withdrawal of VAT on newspapers to support the sector; and if he will make a statement on the matter. [45458/22]
View answerAs the Deputy will be aware, it is a long-standing practice that the Minister for Finance does not comment, in advance of the Budget, on any tax matters that might be the subject of Budget decision.
208. Deputy Róisín Shortall asked the Minister for Finance the year in which the remote working relief was set at the current rate of €3.20; the inflation in Ireland since that year; and if he will make a statement on the matter. [45477/22]
View answerI am advised by Revenue that there are a number of administrative and legislative provisions under which employers can support employees in working from home.
Employees may incur certain expenditure in the performance of their duties working from home, such as additional heating, electricity, and broadband costs. Revenue operates a long-standing administrative practice which allows an employer to make payments up to €3.20 to employees, for each day worked from home, subject to certain conditions, without deducting PAYE, PRSI or USC. There is no legal obligation on an employer to make such a payment, as it is at the discretion of the employer.
The home-working allowance originated in 1993; according to the CSO's CPI Inflation Calculator, the inflation rate in Ireland since January 1993 is 81 per cent which, if applied to the €3.20 rate, would amount to €5.79 today.
As the Deputy may be aware, my Department reviewed the tax arrangements for remote working as part of the 2021 Tax Strategy Group process and published the resultant paper on the Department's website. The review found that the daily tax-free rate of €3.20, up to €16 per week or €832 per annum compares favourably internationally. For example, in the UK, the weekly rate is just £6 per week or a maximum of £312 per annum.
Where an employer does not pay €3.20 per day to a remote worker, or that amount doesn’t sufficiently cover the additional cost borne by the employee as a result of working from home, the employee may be entitled to claim Remote Working Relief, which is provided for in section 114A of the Taxes Consolidation Act (TCA) 1997. This measure allows employees, subject to satisfying certain conditions, to claim an income tax deduction amounting to 30% of the relevant cost of electricity, heating and broadband for the days spent working from home as a remote worker.
Revenue has advised that the provision of equipment, such as computers, printers, scanners and office furniture by the employer to enable the employee work from home will not attract a benefit-In-kind charge, where the equipment is provided primarily for business use. In addition, the provision of a telephone line, broadband and such facilities for business use will also not give rise to a benefit-in-kind charge, where private use of the connection is incidental. These exemptions are provided for in section 118 TCA 1997.
Finally, comprehensive guidance material on the range of measures available to remote workers is published on the Revenue website. Detailed material is included in Tax and Duty Manual Part 05-02-13 Remote Working Relief, which is available at: www.revenue.ie/en/tax-professionals/tdm/income-tax-capital-gains-tax-corporation-tax/part-05/05-02-13.pdf.
209. Deputy Fergus O'Dowd asked the Minister for Finance his views on genuine concerns raised by a local business (details supplied) in respect of the worsening energy crisis that is debilitating businesses across Ireland; his plans to support businesses in the future; and if he will make a statement on the matter. [45500/22]
View answerConsumer price (HICP) inflation has picked up sharply over the course of this year and stood at 9 per cent in August. Almost every advanced economy in the world is in the same position, with inflation rates of 8.3 and 9.1 per cent recorded in the US and euro area respectively in August.
The key driver of the elevated level of inflation at present is the sharp rise in wholesale energy, food and other commodity prices since the onset of the war in Ukraine. However, as highlighted in the correspondence, pass-through price effects from higher energy prices are increasingly being felt in other sectors. Indeed, non-energy or ‘core’ inflation has picked up sharply in recent months and stood at 6.2 per cent in August, suggesting inflationary pressures are increasingly broad based.
The Government recognises the impact rising prices have had on households and businesses across the country and has taken significant action. Some €2.4 billion in cost of living measures has been announced since last October. Looking ahead, the Government will continue to address these challenges head on. Budget 2023 will be a ‘Cost of Living Budget’ and will build on the fiscal supports the Government has already provided to cushion the impact of rising prices.
The Government supported households and firms through the pandemic and will continue to do so in the face of unprecedented energy price spikes caused by Putin’s war. However, we must be cognisant that resources are limited and while government policy will absorb some of the price shock, we cannot cushion households and businesses from the entire impact. The Government has to balance the appropriate response to the increased cost of living in Ireland with the unprecedented level of global economic uncertainty and macroeconomic risk. Furthermore, in calibrating how we respond to the current challenges, it is important that we strike the right balance and ensure that policy doesn’t inadvertently add further inflationary pressures into the system.
210. Deputy Paul Murphy asked the Minister for Finance if he will review the recommendations put forward by a charity (details supplied), in particular those relating to issues of pay parity, funding adjustments, and multi-annual funding agreements in relation funding for Irish charities, community, voluntary groups and social enterprises in the upcoming Budget for 2023; and if he will ensure they are implemented in the upcoming budget. [45523/22]
View answer213. Deputy Paul Murphy asked the Minister for Finance the steps that he will take to support fundraising to recover post-Covid-19 through increasing tax and VAT measures to support charities; and if he will make a statement on the matter. [45134/22]
View answerI propose to take Questions Nos. 210 and 213 together.
As the Deputy will be aware, it is a long-standing practice that the Minister for Finance does not comment, in advance of the Budget, on any tax matters that might be the subject of a Budget decision.
211. Deputy Cormac Devlin asked the Minister for Finance if he will consider increasing the tax-free thresholds at which children in Group A and close relatives in Group B can inherit property and assets from their family as part of Budget 2023; and if he will make a statement on the matter. [45534/22]
View answerAs the Deputy may be aware, for Capital Acquisitions Tax (CAT) purposes, the relationship between the person giving a gift or inheritance (i.e. the disponer) and the person who receives it (i.e. the beneficiary) determines the maximum amount, known as the “Group threshold”, below which CAT does not arise.
The Group A threshold (currently €335,000) applies, inter alia, where the beneficiary is a child (including adopted child, stepchild and certain foster children) of the disponer. The Group B threshold (currently €32,500) applies where the beneficiary is a brother, sister, nephew, niece or lineal ancestor or lineal descendant such as a grandchild of the disponer. The Group C threshold (currently €16,250) applies in all other cases.
Any prior gift or inheritance received by a beneficiary since 5 December 1991 from within the same Group threshold is aggregated for the purposes of determining whether any tax is payable on a benefit. Where a person receives gifts or inheritances that are in excess of his or her relevant tax-free threshold, CAT at a rate of 33% applies on the excess benefit.
While a disponer may have no natural children, any stepchildren, adopted children or certain foster children can avail of the Group A threshold in respect of gifts and inheritances received from that disponer.
In addition, nieces or nephews of that disponer may qualify for favourite niece or favourite nephew relief in respect of gifts or inheritances of business assets. The relief allows a niece or nephew who qualifies for the relief to avail of the Group A threshold. Qualifying nieces or nephews are those who have worked substantially on a full-time basis for a period of five years prior to the gift or inheritance being given in carrying on, or assisting in the carrying on, the trade, business or profession, of the disponer.
For the nephew or niece to be deemed to be working substantially on a full-time basis in the business he or she must work:
- more than 24 hours per week at the place where the business, trade or profession is carried on; or
- more than 15 hours per week at the place where the business, trade or profession is carried on exclusively by the disponer, any spouse or civil partner of the disponer and the nephew or niece.
Recent Revenue estimates put the full cost of increasing the CAT Group A threshold alone from its current €335,000 to €400,000, for example, at approximately €47 million. The full cost of increasing the CAT B threshold from its current €32,500 to €35,000 is approximately €8 million.
It is worth noting that there is an exemption from CAT where dwelling houses are bequeathed by individuals who live there to successors who:
- have lived there for a specified period of time before the inheritance,
- will continue to live there for a specified period of time after the inheritance, and
- who have no beneficial interest in any other residential property at the date of the inheritance.
The policy rationale behind the dwelling house exemption is to protect the family home by ensuring that a beneficiary who has been living with the disponer, and will continue to reside there after the inheritance, does not have to sell that family home to pay a CAT liability and thus will continue to have somewhere to live.
The options available for providing increases to CAT thresholds are considered in the context of available resources as part of the annual budgetary and Finance Bill process and, like all matters, need to be balanced against competing demands.
212. Deputy Holly Cairns asked the Minister for Finance the steps that he is taking to increase the percentage of electric or hybrid vehicles owned by his Department and state agencies and bodies under the Department’s remit. [45579/22]
View answer
214. Deputy Paul Murphy asked the Minister for Finance if he agrees that bank charges should be abolished; if he will instruct financial institutes here to eliminate banking fees; and if he will make a statement on the matter. [45672/22]
View answerFirstly, I want to welcome the respective decisions of Ulster Bank and KBC to remove certain maintenance fees. This will reduce the cost that customers may incur by potentially having two current accounts open at once during the mass migration of accounts.
While I welcome these actions, as Minister for Finance, I do not have a direct function in the operations of any bank. Although the State is a shareholder in some of the banks operating in the State, they must be run on a commercial and independent basis.
The charging of fees is a commercial decision for regulated entities, but this is subject to the regulatory framework which is the responsibility of the Central Bank of Ireland. Under Section 149 of the Consumer Credit Act, 1995, credit institutions must notify the Central Bank if they wish to introduce any new customer charges or increase any existing customer charges, in respect of the provision of any of the following services:
- making and receiving and receiving payments;
- providing foreign exchange facilities;
- providing and granting credit;
- maintaining and administrating transaction accounts.
Each notification received by the Central Bank is assessed in accordance with the specific criteria set out in Section 149 of the Consumer Credit Act 1995. The Central Bank may either approve (in full or at lower levels than requested) or reject a credit institution’s application under Section 149. In fulfilling its statutory role under Section 149, the Central Bank assesses these notifications in accordance with the following specific assessment criteria as set out in the legislation:
- the promotion of fair competition;
- the commercial justification;
- the effect new charges or increases in existing charges will have on customers; and
- passing on costs to customers.
Approvals are issued in the form of a letter of direction and the entity is legally bound to comply with this letter of direction. The letter of direction sets out the maximum amount the credit institution is allowed to charge. Credit institutions are free to impose any pricing differentials for the service up to the permitted maximum and are free to waive fees at their discretion for commercial or competitive reasons.
The letter of direction also sets out that credit institutions must publish the charges to be imposed on notices, leaflets, and promotional material etc. which should be made available to customers and on the credit institutions website if appropriate (the withdrawal of the fees will also be notified to the relevant customers prior to withdrawal).
Where a regulated entity intends to introduce new charges or increase any existing charges, under provision 6.18 of the Consumer Protection Code, it must give notice to affected consumers of the introduction of any new charges or of increases in charges, specifying the old and new charge, at least 30 days prior to the charge taking effect.
In relation to current account fees, the Deputy may wish to note that the Competition and Consumer Protection Commission operates a comparison tool for current accounts (including information on fees) on its website. This can be used by consumers to find the account which best meets their needs.
215. Deputy Danny Healy-Rae asked the Minister for Finance if there will be an extension on the current 0% benefit in kind scheme for Electric Vehicles (details supplied); and if he will make a statement on the matter. [45742/22]
View answer216. Deputy Danny Healy-Rae asked the Minister for Finance if the Government will make plans to extend the VRT relief for Electric Vehicles beyond 2023; and if he will make a statement on the matter. [45743/22]
View answer217. Deputy Michael Healy-Rae asked the Minister for Finance the plans that the Government has to incentivise the business electric vehicle fleet (details supplied); and if he will make a statement on the matter. [45758/22]
View answerI propose to take Questions Nos. 215 to 217, inclusive, together.
As the Deputy will be aware, it is a long-standing practice of the Minister for Finance not to comment, in advance of the Budget, on any tax matters that might be the subject of Budget decisions.
218. Deputy Michael Healy-Rae asked the Minister for Finance if he will consider introducing a scheme, for example, a car swappage scheme for those who are not financially in a position to change (details supplied); and if he will make a statement on the matter. [45760/22]
View answerAs the Deputy will be aware, it is a long-standing practice of the Minister for Finance not to comment, in advance of the Budget, on any tax matters that might be the subject of Budget decisions.
219. Deputy Emer Higgins asked the Minister for Finance his views on the feasibility of adding beauticians, hairdressers and childcare workers to the existing list of workers who can claim flat-rate expenses; and if he will make a statement on the matter. [45770/22]
View answerThe flat rate expense (FRE) regime is operated by Revenue on an administrative basis where both a specific commonality of expenditure exists across an employment category and the statutory requirement for the tax deduction as set out in section 114 of the Taxes Consolidation Act (TCA) 1997 is satisfied, namely, that the expenses are wholly, exclusively and necessarily incurred in the performance of the duties of the office or employment by the employee concerned and that such expenses are not reimbursed by his or her employer.
The FRE regime was established to apply a uniformity of approach to tax deductibility for expenses of large groups of employees and to facilitate ease of administration for both Revenue and employees. The expense should apply to all employees in that category and not be discretionary. Revenue has advised me that it will consider FRE applications where a large number of employees incur broadly identical qualifying expenses which are not reimbursed by their employer.
Applications are generally made by the representative bodies in the employment sectors concerned and are considered by Revenue based on the specific commonality of expenses within the employment category and compliance with the strictly applied statutory requirement for a tax deduction.
Childcare workers
I am advised by Revenue that a submission was received from one body which represents early years educators in 2017, and having considered the submission, Revenue was not in a position to apply a flat rate expense, as the expenses were not wholly, exclusively and necessarily incurred in the performance of the duties of the employment. Furthermore, correspondence was received from a separate representative body which represents early years educators in 2018 requesting a flat rate expense, however, to date no submission has been received. Should Revenue receive a submission it will be considered.
Beauticians and hairdressers
I am advised by Revenue that they received correspondence in 2021 from the Hair and Beauty Industry Confederation (HABIC) which is the representative body for the personal grooming industry (beauticians, hairdressers, barbers, nail tech, spa therapists, skin specialists etc.). However, to date no submission has been received. Should Revenue receive a submission it will be considered.
A flat rate expense for cosmetologists was introduced many years ago following engagement between Revenue and a society representing qualified therapists, providing skin care treatments, who were obliged to supply and launder their own white uniforms. This FRE allowance however is specific to employees in this category only.
Finally, Revenue advises me that it remains committed to the FRE regime and encourages all taxpayers to avail of their full tax relief entitlements. It should be noted that all employees retain their statutory right to claim a deduction under section 114 of the TCA 1997 in respect of an expense incurred wholly, exclusively and necessarily in the performance of the duties of their employment, to the extent to which the expenses are not reimbursed by the employer.
220. Deputy Michael Healy-Rae asked the Minister for Finance if he will suspend major changes to taxation or supports (details supplied); and if he will make a statement on the matter. [45781/22]
View answer
221. Deputy Michael Healy-Rae asked the Minister for Finance if he will reconsider any additional vehicle registration tax on vehicles (details supplied); and if he will make a statement on the matter. [45790/22]
View answerAs the Deputy will be aware, it is a long-standing practice of the Minister for Finance not to comment, in advance of the Budget, on any tax matters that might be the subject of Budget decisions.
222. Deputy Emer Higgins asked the Minister for Finance the number of nitrous oxide canisters seized by the Revenue Commissioners on a monthly basis in each of the years of 2019 to 2021 and to date in 2022, in tabular form; and if he will make a statement on the matter. [45791/22]
View answerI am advised by Revenue that a monthly breakdown of seizures of nitrous oxide canisters cannot be provided in the timeframe available. Revenue will respond directly to the Deputy with this information.
The annual breakdown of seizures of nitrous oxide from 2019 to date in 2022 is provided in the table below:
|
Year |
Number of Seizures |
Number of Canisters |
|
2019 |
0 |
0 |
|
2020 |
8 |
33,600 |
|
2021 |
75 |
385,891 |
|
To date 2022 |
112 |
2,386 |
I am advised by Revenue that nitrous oxide is not prohibited and has a number of legitimate uses, for example in the food industry. However, where Revenue has reasonable grounds for believing that importations of nitrous oxide will not be used for legitimate purposes and is intended for human consumption as a psychoactive substance, then Revenue has the power to detain and seize nitrous oxide in accordance with the Criminal Justice (Psychoactive Substances) Act 2010.
Revenue works closely with other relevant Departments and agencies in the State including An Garda Síochána, the Department of Justice and the Health Products Regulatory Authority in acting against the illegal drugs trade. I am assured by Revenue that combating the importation of any prohibited or restricted goods into this jurisdiction is, and will continue to be, a Revenue priority.
223. Deputy Chris Andrews asked the Minister for Finance if the case of a person (details supplied) who has been placed on emergency tax for several months will be examined; and if he will make a statement on the matter. [45796/22]
View answerI am advised by Revenue that a review of the tax record of the person concerned has been undertaken and the correct tax credits, standard rate band and Universal Social Charge (USC) allocations have been applied to the current employment, on a cumulative basis as requested.
The person concerned will be able to see the adjustment on the amended Tax Credit Certificate (TCC) which issued to them on 13 September 2022. Revenue have further confirmed a revised Revenue Payroll Notification confirming the updated tax credit allocations was made available and downloaded by the employer on the 14 September 2022. Any overpayment of tax will be refunded through their payroll shortly thereafter.
224. Deputy Richard Boyd Barrett asked the Minister for Finance the amount of excise duty that would be foregone if energy prices were capped as follows: Petrol at €1.75 per litre; Diesel at €1.75 per litre; Electricity at 25c per kilowatt hour; Natural Gas at 8c per kilowatt hour; Oil (kerosene) at €1 per litre. [45818/22]
View answerI am advised by Revenue that excise duties levied on mineral oils, electricity and natural gas are not an ad-valorem tax. Mineral Oil Tax, Electricity Tax and Natural Gas Carbon Tax are specific taxes determined on the volumes supplied not on sales prices. In this regard, capping energy prices, as described by the Deputy, in respect of petrol, diesel, electricity, natural gas and oil (kerosene) would not result in any excise loss to the Exchequer.
225. Deputy Alan Kelly asked the Minister for Finance the estimated yield if the life assurance exit tax rate increased to 45%. [45867/22]
View answerI am informed by Revenue that the estimated yield of increasing the rate of Life Assurance Exit Tax can be found in Revenue’s Ready Reckoner which is available on the Revenue website at www.revenue.ie/en/corporate/information-about-revenue/statistics/ready-reckoner/index.aspx. While the exact rate change specified by the Deputy is not shown, these can be estimated on a straight-line or pro-rata basis from those provided.
226. Deputy Alan Kelly asked the Minister for Finance if he plans to invite his Canadian counterpart to Ireland before the end of this year. [45868/22]
View answerI have had the opportunity to engage with my Canadian counterpart, Minister for Finance Chrystia Freeland, on a number of occasions to date in 2022. These include virtual meetings of G7 Finance Ministers and Central Bank Governors in March and September, as well as the in-person meeting which was held in Petersberg, Bonn, from 18-20 May.
While my participation at meetings of G7 Finance Ministers and Central Bank Governors is in my capacity as the President of the Eurogroup, these engagements provide the opportunity to engage with Minister Freeland and to build further on the already excellent bilateral relationships between Ireland, the EU, and Canada, and to discuss issues of global importance and mutual interest.
While there are currently no plans for a visit to Ireland by Minister Freeland, in mid-October I am scheduled to attend the next meeting of G7 Finance Ministers and Central Bank Governors, on the margins of the annual meetings of the IMF and the World Bank in Washington DC. I look forward to this further opportunity for continued engagement with Minister Freeland, among others, to enhance our relationships, and to take stock of global developments, including the conflict in Ukraine, its impact on the global economy and energy situation, as well as the post Covid-19 economic recovery.
227. Deputy Ivana Bacik asked the Minister for Finance his plans, if any, to carry out a full review of the levy imposed on private occupational pensions; the total revenue collected by the pension levy on pensions funds; and if there are plans to restore any of the monies collected. [45876/22]
View answerAs the Deputy is aware the pension fund levy was introduced in 2011 in the wake of the financial crash and at a time when the economy was in serious difficulties. All sectors of the economy had to contribute to the recovery plan and the levy was designed to claw back a small amount of the very generous tax reliefs that those contributing to pension arrangements had benefited from over many years. It was introduced to support the recovery of the wider economy and was time bound in duration. For the years 2011, 2012 and 2013, the rate was 0.60% of the pension scheme assets. For the year 2014, the rate was 0.75% of the assets and for the year 2015, the final year of the levy, the rate was 0.15%. The levy went to fund the tax reductions and expenditure measures introduced in the Jobs Initiative, including lowering the VAT rate for the tourism sector to 9%. The levy was successful and did its job as reflected in the increased activity and employment in that sector.
I am advised by Revenue that the amount of pension levy collected for the relevant years is as published on the Revenue website at www.revenue.ie/en/corporate/documents/statistics/receipts/stamp-duty-receipts.pdf
I have no plans to repay the levies paid on private pension funds. I do not consider it financially viable or appropriate that the savings achieved over the period of the financial emergency would be annulled, in whole or in part, by making retrospective payments. The value of the funds raised by way of the levies have been used to protect and create jobs and this has helped to support the improving financial and economic position of the State. Taxpayers who may have ultimately borne the impact of the levy will have since benefited from tax reductions in the last number of Budgets.
228. Deputy Michael Healy-Rae asked the Minister for Finance if he will address a matter regarding the newspaper industry (details supplied); and if he will make a statement on the matter. [45911/22]
View answer
