Mick Wallace (Wexford, Independent)
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67. To ask the Minister for Finance if he will consider the adoption of a new wealth tax in Ireland, as set out in the newly published working paper a collaboration between the Nevin Economic Research Institute and TASC, which outlines the options for such a tax here; and if he will make a statement on the matter. [47707/13]

Michael Noonan (Limerick City, Fine Gael)
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The Think Tank for Action on Social Change (TASC) and Nevin Economic Research Institute (NERI) working paper Wealth Tax - Options for its Implementation In the Republic of Ireland, to which the Deputy refers, has not advocated a specific form of wealth tax but it has analysed a number of options and discussed issues relating to the introduction of a wealth tax. The paper suggests that a yield of 0.1% of GDP, which would be in the region of €160 million, is attainable from a wealth tax where the threshold of liability is set at €1 million and the tax rate is set at 0.6%. As I have stated in reply to a number of Parliamentary Questions in the past, to estimate the potential revenue from a tax on wealth one would need to identify the wealth held by individuals, which is not possible from the data available at present.

The paper has considered whether certain assets should be relieved or deductible for the purposes of the tax. It argued that owner-occupied houses should not be exempt from a wealth tax, which would mean that houses could be subject both to the Local Property Tax and to the wealth tax. The paper also argues against exemptions for business assets if the threshold for the wealth tax is sufficiently high. Careful consideration would have to be given to such a measure. In particular, the Government would not wish to introduce a tax which could deter the growth of enterprises in the economy. While all taxes and potential taxation options are constantly reviewed, the Government has no current plans to introduce a wealth tax.