Tommy Broughan (Dublin Bay North, Independent)
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21. To ask the Minister for Finance the estimated annual levels of tax expenditure overseen by his Department since 2008 and his priorities in closing off tax avoidance loopholes in the forthcoming Finance Bill; and if he will make a statement on the matter. [27554/16]

Michael Noonan (Limerick City, Fine Gael)
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I am informed by Revenue that it publishes cost estimates and numbers claiming for a wide range of tax expenditures on the Revenue website, up to 2014 or 2015 (the most recent year available depends on the relief). Updates for later years will be published in due course as newer data becomes available. I am advised that there are some other tax expenditures, not included in the above, for which estimates of costs are not readily available.

I would also note that my Department, alongside the last two Budgets, has published reports on tax expenditures, including overall costings similar to the Revenue tables noted above, guidelines for the evaluation of tax expenditures and detailed evaluations of a number of different expenditures. These reports are available on the Budget website. The Deputy may also wish to be aware that the latest version this report will be published next month, probably on Budget Day.

In relation to tax avoidance, where information is brought to my attention I will not hesitate to close off abuses of the tax code. The Deputy will understand that it is not generally the practice to supply details of such measures in advance. However, he will be aware I have already published draft proposals in relation to abuses that have come to light concerning section 110 companies. Details of the proposed amendment to section 110 may be found in my press release on my Department's website. The amendment as published is not finalised and may be subject to further refinements to clarify certain aspects of the provision.

The rationale for publishing said proposal was to ensure appropriate feedback is received on a technical and complex section of the Taxes Acts. As is standard practice when a technically complex piece of legislation is being examined, officials from the Department of Finance and the Revenue Commissioners have held meetings with a broad range of stakeholders including meeting with members of the Irish Debt Securities Association, the body that represents the securitisation industry and other members of the accounting, law and tax professions. My officials are currently in consultation to clarify certain aspects of the provision and to ensure the proposal successfully carries out the intention for which it was created. This is an ongoing process and I would like to reiterate that we welcome input from all stakeholders, including Deputies.