Dáil Éireann Debate, Tuesday - 15 November 2022
206. Deputy Noel Grealish asked the Minister for Finance the status of the working group to consider the taxation of funds, life assurance policies and other investment products, as mentioned during his budget 2023 speech; if he will provide the names of the working group membership; if representatives of the insurance and brokerage industries will be included; and if he will make a statement on the matter. [56416/22]
View answerAs the Deputy may be aware, the working group he refers to is a recommendation of the Commission on Taxation and Welfare who published their report Foundations for the Future earlier this year.
The Commission considered how the overall balance of taxation might shift in order to sustainably fund public services over the longer-term, and made a range of recommendations aimed at improving the sustainability of the taxation and welfare systems.
Chapter 6 of the report addresses Tax Equity and Base Broadening. One of the recommendations in this chapter is the establishment of a working group to examine and make recommendations for modernising the taxation and administration of investments.
The Commission set out a number of matters that should be considered by the group including: identifying the range of investment products and investors; reviewing the tax treatment of investors in these products; consideration and analysis of the different treatment of different products; options for harmonisation; and anti-avoidance rules.
My Department is currently considering how best to implement the Commission’s recommendations, taking into account the fact that a comprehensive review of this complex area, with a view to presenting options for reform, is a significant task and will, as the Commission’s report notes, require time and resources to be allocated to it. The Commission has recommended that the group include officials from the Revenue Commissioners and my Department, and consult with relevant experts and stakeholders.
