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Budgetary Oversight Committee to consider tax reliefs, credits, other measures worth €5 billion

21 Ean 2019, 11:42

The Budgetary Oversight Committee will consider the impact of tax reliefs, credits, allowances, exemptions and deferrals on Ireland’s revenue stream on Tuesday, Jan. 22, at 4 p.m.

The Committee and officials from the Department of Finance and the Revenue Commissioners will discuss a wide range of measures built into Ireland’s tax code organised under the umbrella term “tax expenditures.”

Such measures are designed, in part, to promote positive socio-economic outcomes, spur job creation and incentivise investment. The Parliamentary Budget Office estimates that their combined cost represents €5 billion in foregone revenue annually.

“Despite their significant cost to the exchequer, Ireland’s tax expenditure measures are not currently subject to regular parliamentary debate and scrutiny,” said Committee Chairman Colm Brophy TD.

“Undoubtedly many of these measures continue to drive valuable outcomes for Ireland. These include promoting arts and creativity, and encouraging R&D in high-tech clusters of industry, among many positives,” Deputy Brophy said. “But the Committee is keen to identify ways to make the review of these policies a regular feature of the political landscape and to sharpen our ability to identify instances when tax expenditure measures are no longer cost-effective or fit for purpose.”

The meeting in Committee Room 3 can be viewed live here.

For background, read the Parliamentary Budget Office’s September 2018 report Tax Expenditures in Ireland here.

Fiosrúcháin ó na meáin

Seán Pogaĉnik
Oifigeach Cumarsáide
Tithe an Oireachtais
Teach Laighean
Baile Átha Cliath 2
+353 1 618 4203
+353 86 701 3295
shawn.pogatchnik@oireachtas.ie
Twitter: @OireachtasNews

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