Richard Boyd Barrett (Dún Laoghaire, People Before Profit Alliance)
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22. To ask the Minister for Finance if his attention has been drawn to the fact that a report (details supplied) shows that nine out of ten persons would favour a wealth tax; and if he will make a statement on the matter. [44721/17]

Paschal Donohoe (Dublin Central, Fine Gael)
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I am aware of the Taxback.com survey as reported in a number of media articles. My officials have requested Taxback.com to share any underlying survey document and results. 

The available information indicates that the survey was based on a sample of 800 people who were customers of Taxback.com. The question these customers were asked was “Would you agree with the implementation of a wealth tax?” Based on the available options that respondents could choose from in answering the question, Taxback.com customers appear to agree with a wealth tax under certain circumstances.

At the outset, it is important to understand where Ireland stands in relation to the distribution of wealth. In 2013, the Central Statistics Office conducted the Household Finance and Consumption Survey (HFCS) providing for the first comprehensive data on household wealth in Ireland. The survey provides information on the ownership and values of different types of assets and liabilities along with more general information on income, employment and household composition. The data indicate that wealth inequality in Ireland for 2013, as measured by the Gini Coefficient, is lower than the euro area average.

My officials examine all issues related to taxation, including wealth taxation, on an on-going basis. For instance during 2016, my Department, jointly with the Economic and Social Research Institute (ESRI), conducted a research project into the distribution of wealth in Ireland and the potential implications of a wealth tax using the HFCS. The research paper, “Scenarios and Distributional Implications of a Household Wealth Tax in Ireland” is available on the ESRI website

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The paper presented results on the composition of net wealth (i.e. assets less liabilities) across both the wealth and income distributions in Ireland. A number of wealth tax scenarios, including regimes from other jurisdictions and hypothetical scenarios, were then applied to the Irish data. In each case, the associated tax bases and revenue yields, the number of liable households across the income distribution, and the characteristics of the households affected were outlined.

It should be noted that Ireland already taxes wealth in a variety of ways, such as our Capital Gains Tax (CGT) and Capital Acquisitions Tax (CAT) which are levied on an individual or 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 39%, 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. 

My Department will monitor and consider any additional information and data that comes to light and will continue to examine potential taxation sources. I do not, however, have any plans to introduce tax measures along the lines indicated in the survey responses referred to by the Deputy.