Thursday, 28 November 2019

Ceisteanna (91)

Michael McGrath

Ceist:

91. Deputy Michael McGrath asked the Minister for Finance the tax paid by the funds, asset management and international financial services industry; and if he will make a statement on the matter. [49678/19]

Amharc ar fhreagra

Freagraí scríofa (Ceist ar Finance)

I am advised by Revenue that its primary method of classifying businesses is the European standard NACE code.

I am further advised that the majority of the businesses referred to by the Deputy are included in the ‘financial and insurance activities’ NACE sector. The tax paid by businesses in this sector is available at the following link: https://www.revenue.ie/en/corporate/information-about-revenue/statistics/receipts/receipts-sector.aspx.

This link provides the following information.

Tax Paid by Financial and Insurance Activities (€ million)

Year 

VAT Internal

PAYE Income Tax and   USC

Self Employed Income Tax

Corporation Tax

Capital Gains Tax

Overall 

2016 

420.40

2,091.77

103.52

2,064.18

51.43

4,731

2017 

445.52

2,219.15

97.18

2,302.55

51.87

5,116

2018 

381.23

2,255.48

62.69

2,105.40

73.67

4,878

The Deputy may also wish to note the research paper published on the Revenue website in respect of Corporation Tax receipts in 2018, which is available at link: https://www.revenue.ie/en/corporate/documents/research/ct-analysis-2019.pdf. This paper includes information on payments from Section 110 companies (Table 16) and withholding tax in respect of Irish Real Estate Funds (Table 18).