Michael Noonan (Limerick City, Fine Gael) | Oireachtas source

I thank the Senator for his contribution, but I do not propose to accept the recommendation. The Government has no plans to introduce a wealth tax, although all taxes and potential taxation options are, of course, constantly reviewed. Wealth can be taxed in a variety of ways, some of which are already in place in Ireland. Capital gains tax, CGT, and capital acquisitions tax, CAT, for example, are taxes on wealth that are levied on an individual or a company on the disposal of an asset in the case of CGT or the acquisition of an asset through gift or inheritance in the case of CAT. Deposit interest retention tax, DIRT, is charged at a rate of 41%, with limited exemptions, on interest earned on deposit accounts. The local property tax which was introduced in 2013 is a tax based on the market value of residential properties and an asset tax along the lines for which the Senator is arguing.