Dáil Éireann Debate, Tuesday - 15 September 2020
277. Deputy Ged Nash asked the Minister for Finance the additional revenue raised from a reduction in the threshold on the value of Irish property owned to €2 million from €5 million; and if he will make a statement on the matter. [23741/20]
Amharc ar fhreagra278. Deputy Ged Nash asked the Minister for Finance the additional revenue raised from a reformed domicile levy of €400,000 per year on Irish domiciled persons who have a worldwide income greater than €1 million, own Irish property greater than €2 million and pay €300,000 or less in Irish income tax; and if he will make a statement on the matter. [23742/20]
Amharc ar fhreagra279. Deputy Ged Nash asked the Minister for Finance the additional revenue raised from a doubling of the domicile levy from €200,000 to €400,000 under the existing criteria; and if he will make a statement on the matter. [23743/20]
Amharc ar fhreagraI propose to take Questions Nos. 277 to 279, inclusive, together.
The Domicile Levy is applicable to Irish domiciled individuals whose worldwide income exceeds €1m, whose Irish property is greater in value than €5m and whose income tax liability in a year is less than €200,000.
I am advised by Revenue that there is no basis from the data available in tax returns to estimate the yields which might arise from re-configuring the Domicile Levy in the ways suggested by the Deputy. The individuals who could come under the scope of the Levy in the Deputy’s proposals are not currently required to file tax returns to indicate their relevant incomes or property.
I am further advised by Revenue that €2.3 million was collected under the Levy in 2019. This revenue may be doubled if the Levy charge was increased from €200,000 to €400,000, assuming no change in behaviour.
