Richard Boyd Barrett (Dún Laoghaire, People Before Profit Alliance)
Link to this: Individually | In context | Oireachtas source

429. To ask the Minister for Finance the estimated amount that could be raised from imposing a 2% public health levy on the profits of private human health and pharmaceutical companies here, including nursing homes and home care agencies. [41168/21]

Paschal Donohoe (Dublin Central, Fine Gael)
Link to this: Individually | In context | Oireachtas source

The trading profits of companies in Ireland are generally taxed at the standard Corporation Tax rate of 12.5 %.

Some of the main features of the current Corporation Tax regime are its simplicity and that it applies to a broad base. Changing this rate (or imposing additional levies on corporate profits) would involve increased complexity and could change the attractiveness of Ireland's corporate tax regime. It is not possible to accurately predict the effect that changes to the rate would have on the behaviour and decisions of large, multinational companies. This uncertainty prevents a reliable estimate being made of any yield that might accrue to the Exchequer.

Notwithstanding the above, I am further advised by Revenue that on a straightforward mathematical basis and assuming no behavioural changes by companies, the potential yield from imposing a 2% levy on the profits of private human health and pharmaceutical companies, including nursing homes and home care agencies, is tentatively estimated to be in the region of €400 million in a year. This is a tentative estimate, calculated based on data using the system of sectoral classification of businesses by NACE code.

Richard Boyd Barrett (Dún Laoghaire, People Before Profit Alliance)
Link to this: Individually | In context | Oireachtas source

430. To ask the Minister for Finance the estimated full-year cost of abolishing the local property tax. [41169/21]

Paschal Donohoe (Dublin Central, Fine Gael)
Link to this: Individually | In context | Oireachtas source

I am informed by Revenue that the yield from Local Property Tax (LPT) for 2022 under the revaluation approach set out in the Finance (Local Property Tax) (Amendment) Act 2021 is provisionally estimated to be €560 million (before any Local Adjustment Factors are applied). These yields expected to arise in future years from the forthcoming revaluation of liable properties would be lost if LPT was abolished.