Michael McGrath (Cork South Central, Fianna Fail) | Oireachtas source

From my party's point of view, if the Finance Bill were to be amended to make provision for such a report to be prepared it would send a very negative and indeed damaging signal in terms of investment in Ireland. It must be stated we have already very high capital tax rates in Ireland of 33% on capital gains tax and capital acquisitions tax. We have relatively high income tax rates in this country and we have a local property tax also. We must bear in mind the mobility that now exists in regard to investment and assets and while I am sure the intention of the amendment is to look at persons who are tax resident in Ireland and examine, irrespective of where their assets are located, how they would fall within the net of this wealth tax, from my point of view it is very much about having an environment in Ireland that is pro-investment.

Many of the people who are fortunate enough to be millionaires in net terms are the very same people who choose Ireland as the place to invest. They are the employers in many cases and they run very successful businesses, which is to be commended. Everyone should pay their fair share of tax, but to have a tax which in itself is designed to deliberately target net assets which have already been taxed through income tax and capital gains tax would not send out the right signal for Ireland and for that reason we oppose the amendment.

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