Oireachtas Joint and Select Committees
Thursday, 15 November 2018
Public Accounts Committee
2017 Annual Report of the Comptroller and Auditor General and Appropriation Accounts
Vote 9: Office of the Revenue Commissioners
Chapter 17: Revenue's Progress in Tackling Tobacco Smuggling
Chapter 18: Management of High Wealth Individuals' Tax Liabilities
Chapter 19: Corporation Tax Losses
9:00 am
Mr. Niall Cody:
Deputy Pearse Doherty has probably asked that question in recent years because I remember some of these questions being asked. It would be difficult to forecast with the accuracy we would like. It would really depend on how a wealth tax was designed and what it involved.
The CSO and the Central Bank produce a wealth survey that gives some basis for figures. The ESRI and the Department of Finance compiled a report on how to model a wealth tax. On a macro basis, it would be possible to approximate a figure.
On statements of assets, in certain circumstances we can look for a statement of affairs in individual cases but we have to have cause and a reason. It is a bit like some of the discussion regarding corporation tax losses. It would be helpful if Revenue had a breakdown of certain figures but there are requirements. We can only have a breakdown of certain figures if we have the law in place to require the reporting of those figures. That is this type of area.