Michael McGrath (Cork South Central, Fianna Fail)
Link to this: Individually | In context | Oireachtas source

On 6 April 2023, I published the Terms of Reference for a review of Ireland’s funds sector - ‘Funds Sector 2030: A Framework for Open, Resilient & Developing Markets’. The review is wide ranging and looking at a range of issues relevant to the funds sector. One aspect of the work of the review team is a consideration of three specific areas of taxation in line with the recommendations of the Commission on Taxation and Welfare 2022 report, Foundations for the Future.

In that context, one area being considered by the review is the taxation regime for funds, life assurance policies and other related investment products, with the goal of simplification and harmonisation where possible; and to do so with a net revenue-raising or neutral mandate.

A public consultation was launched in June 2023 and ran until 15 September 2023. A progress update, published on 21 December 2023, highlighted the main trends, risks, challenges and opportunities facing the funds industry in Ireland out to 2030, as identified in the consultation responses. This included issues raised in submissions in relation to the taxation of Exchange Traded Funds (ETFs), with specific references to the deemed disposal regime.

The review team will report to me in summer 2024 and I look forward to considering its findings at that point. On that basis it would not be appropriate to presuppose any outcomes of the review at this time.