Dáil Éireann Debate, Tuesday - 13 October 2015
44. Deputy Thomas P. Broughan asked the Minister for Finance his plans to increase the low contribution of Ireland’s tax revenue from capital and wealth assets; and if he will make a statement on the matter. [35235/15]
Amharc ar fhreagraCapital and wealth assets can be taxed in a variety of ways, some of which are already in place in Ireland. Capital Gains Tax (CGT) and Capital Acquisitions Tax (CAT) are, in effect, taxes on wealth, in that they are levied on an individual or company on the disposal of an asset (CGT) or the acquisition of an asset through gift or inheritance (CAT). Deposit Interest Retention Tax (DIRT) is charged at 41%, with limited exemptions, on interest earned on deposit accounts. Local Property Tax (LPT) introduced in 2013 is a tax based on the market value of residential properties.
Both CGT and CAT rates have been increased significantly over recent years, from 20% in 2008 to 33% in and from 2012, in order to ensure that the taxation of capital makes its contribution to the consolidation of our fiscal position.
I should say, however, that I have no plans to introduce a wealth tax. All taxes are, of course, constantly reviewed and the results of my decisions on the latest review of taxation are being published in this afternoon's Budget.
