Paschal Donohoe (Dublin Central, Fine Gael) | Oireachtas source

I thank the Deputies for the different points they raised, which I will address in turn. Deputy McGrath asked how many individuals have incomes above a certain level. That information is not available in the report but I will see whether, in the context of this debate, I can get that information for the Deputy. As to why I am changing the scheme for new participants but keeping it in place for one more year, the expectation of some people is that this change should not apply to those who are already benefitting from the scheme. I do not share that view. I am of the view that the growth in the number of participants with salaries of more than €1 million raises questions that need to be addressed now. What I am trying to do is achieve a degree of balance by allowing the scheme to remain in its current form for one more year for those who are already participating in it, after which it will come to an end. I believe that is proportionate.

Deputy McGrath also asked how the report will be done. My approach at this point is that it will be led by my Department in consultation with the Revenue Commissioners. We have not yet decided whether we will have a consultant do some work on the report. We may well use a consultant but the review will be led by my Department, with some input from the Revenue Commissioners.

8 o’clock

With regard to Deputy Burton's questions on the need to ensure sustainable employment and that businesses that move into Ireland are sustainable and ones we want to keep here for a longer period, that spirit is much of what has guided the regulatory work the Central Bank has done in terms of looking at the kind of enterprise and economic activity that could be located here when Brexit happens. It wants to ensure, in particular from a financial services point of view, new companies or new parts of companies that locate here are genuinely sustainable, which is what I want to see happen as well.

The Deputy asked what effect Brexit will have on this. From a totally precautionary point of view, in a post-Brexit Ireland or EU, the case could be made for no change to try to maximise the number of individuals with potential jobs who would be resident here in Ireland. I do not believe that is appropriate. We reviewed this scheme versus comparable schemes elsewhere. It is a competitive scheme but I believe issues of equity mean the right thing to do is to bring in the cap at this level.

In regard to the point made by Deputy Pearse Doherty on the number of jobs to which we can relate the current scheme, the Revenue Commissioners have figures in this regard showing that, for 2016, the number of jobs created was 477 and the number of jobs retained was 607. I want to look at this scheme afresh for next year. I am familiar with the world in which such schemes work. This has led me to make this decision in regard to the cap. We will look at the scheme next year with fresh eyes to evaluate whether it is meeting the objectives it was intended to meet.

Deputy Doherty asked what my priorities are. The only priority I have is to ensure we have a tax code that is fair and gives us the opportunity to compete in a very mobile world for certain forms of jobs that I believe it is valuable to have in our country.

The Deputy asked about the levels of relief that will be available to individuals participating in the scheme. To illustrate, for someone on €500,000, the answer is €51,000, and for someone on €3 million, the answer is €351,000. I believe the change I am proposing, as the Deputy has acknowledged, is one that is needed and will allow the scheme to operate in the way it should operate while dealing with an issue that has to be addressed.

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