Tax Code

Dáil Éireann Debate, Tuesday - 27 January 2015

Tuesday, 27 January 2015

Ceisteanna (212)

Mick Wallace

Ceist:

212. Deputy Mick Wallace asked the Minister for Finance his plans to introduce a 1% billionaires' tax as proposed by the UN in the World Economic and Social Survey 2012 the revenue of which could be used to aid Ireland in its commitment to a more carbon-efficient economy, particularly in view of the estimation by Princeton Environmental Institute director (details supplied) that the 500 million richest persons on the planet are responsible for about half of all global emissions; and if he will make a statement on the matter. [3694/15]

Freagraí scríofa

Minister for Finance

I have no plans to introduce a tax along the lines suggested by the Deputy.

Ireland was one of the first Member States to introduce a Carbon Tax on fossil fuels which as well as providing for much needed revenues also went some way towards addressing environmental concerns. The tax was introduced, at an initial rate of €15 per tonne of CO2 emission, on a phased basis in Budget 2010 and applied to petrol and diesel from budget night 2009 and to all other fossil fuels (except solid fuels) from 1 May 2010.  The rate was increased to €20 per tonne of CO2 emission in Budget 2012.  It was extended to solid fuels from May 2013 at a rate of €10 per tonne which increased to €20 per tonne in May 2014.  The provisional carbon tax receipts for 2014 are €385.2m.

I am generally not in favour of the hypothecation of taxes as it reduces the flexibility of the Government to prioritise and allocate funds as necessary at a particular time.