Oireachtas Joint and Select Committees

Wednesday, 14 June 2023

Committee on Budgetary Oversight

Taxation of Assets and Wealth: Discussion with Oxfam

Photo of Rose Conway-WalshRose Conway-Walsh (Mayo, Sinn Fein) | Oireachtas source

I really do appreciate that. I must apologise. I got caught in the Chamber and I just could not get out. This is a subject I am extremely interested in. I will look back on the transcript and I look forward to the exchanges there. If the witnesses have answered any of these questions already, please ignore them. It was said the wealth tax has become more feasible due to technical and political reasons. If the technical barriers and how they became more surmountable in recent years has not already been elaborated on, perhaps the witnesses could do that, but if they have done so, it is fine.

It was mentioned that Elon Musk legally avoided all capital gains tax that would have incurred had he sold the shares to purchase Twitter. How significant a challenge is the collateralisation finance in terms of effectively taxing wealth?

Regarding the citizens’ assembly, why is it the right way for moving forward on effective wealth and tax distribution?

Public registries of beneficial owners were mentioned. What are the challenges in implementing such a registry with a current lack of financial transparency? Finally, should clear transparency on beneficial ownership be a prerequisite for any company hoping to win a public contract or to have a transfer of public money?

I really appreciate the Chair letting me in.

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