Alan Dillon (Mayo, Fine Gael)
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498. To ask the Minister for Finance the status of the introduction of a special savings incentive scheme similar to the ISA savings scheme in the UK and the TFSA scheme in Canada; and if he will make a statement on the matter. [19153/21]

Paschal Donohoe (Dublin Central, Fine Gael)
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I note the Deputy's query in relation to the introduction of a scheme in Ireland similar to the UK ISA scheme and the TFA scheme in Canada. In this regard, I would highlight that the National Treasury Management Agency (NTMA), through State Savings products, already offers a wide range of tax free savings products to the general public, including Prize Bonds and fixed rate savings bonds/certificates. Both short term and long term fixed rate products are offered, with maturities from 3 to 10 years.

The currently available tax-free State Savings products therefore allow the saver to invest in a competitive, flexible product which is tax free and afforded full State protection. The NTMA keeps these products under review and has indicated that they continue to see strong flows into them.

More generally, tax policy and legislation is reviewed by the Tax Strategy Group (TSG), as part of the annual Budget and Finance Bill process, and is considered in the wider policy context.