I thank the Deputy for bringing this recently published paper on wealth taxation by Emmanuel Saez and Gabriel Zucman to the attention of the Department of Finance. The paper is being reviewed but, in summary, it describes the historical experience of wealth taxation in Europe and draws lessons from this. It concludes that the wealth tax base was narrow in European countries due to large exemptions, tax avoidance and evasion. The paper explains why such exemptions were granted and how the authors contend they underm…

It is expected the top 1% of taxpayers, who are those with an annual income in excess of €200,000, will have paid 25% of total income tax and USC last year. That is a very large proportion of our total income tax. In comparison, it is estimated that 75% of taxpayers, those with an income of less than €50,000, will have paid 18% of the total income tax last year. They are the most recent figures I have available. The Deputy will be aware a Commission on Taxation and Welfare was established in June 2021 and is curren…

I understand there is a small handful of wealthy people. I do not know any of them or where they live. I have not encountered them but I take the Deputy's point. If they are tax resident in Ireland, they are covered for all taxation therein. A small proportion of taxpayers, some 1%, pay 25% of all income tax. We have a similar pattern in corporation tax, where a small handful of major companies pay the vast bulk of it. To that extent, we collect tax, whether wealth or income tax, from the very profitable, wealthy o…

I thank the Deputy for highlighting the issue of the insurance market in Ireland. It is a key priority for this Government and, as he will be aware, we have established a Cabinet subgroup on insurance reform, chaired by the Tánaiste. Several Departments sit on the quarterly group meeting. The Department of Finance has a key role because insurance is a regulated industry. It comes directly under the purview of that Department because the Central Bank regulates that industry. There are three major forms of insurance …

There are a couple of things I want to say on that. I acknowledge the case of that business. I am happy to talk to the Deputy about that company next week. If it is closed, it is closed, but if there is anything we can do through the industry, rather than through the Department of Finance, such as putting it in touch with people who may be able to help, we will be happy to help in that way or in any other way we can. At government level, legislation to strengthen the role of the Personal Injuries Assessment Board, …

We expect the PIAB and duty of care legislation to pass through the Oireachtas this year, although it will be after the summer. With regard to the issue the Deputy is referring to, which is the publication of independent information as to what is actually happening, we can have a very useful discussion next week. Next week, the Central Bank will publish its second ever report on employer and public liability insurance costs, claims and premiums. When we are back here in the middle of the week, we will have a report…

I thank the Deputy for raising this issue. As she has said, she has consistently raised this matter with the Minister for Finance. The help-to-buy incentive is a scheme to assist first-time purchasers with the deposit they need to buy or build a new home or apartment. The Deputy knows this but I am saying it for those listening. There are many different schemes so I wanted to put on record which one we are talking about. The incentive gives a refund of income tax and deposit interest retention tax paid to the State…

I will clarify because it may be a little bit confusing. The Deputy may understand it but not everyone watching will. The selection from a number of bidders was in accordance with the relevant public procurement guidelines for procurements costing in the range of €25,000 to €144,000. It was expected that the tender would fall within that range. It is not necessarily the price. We have not given the price. I do not have the price here today. Mazars was only recently appointed. The tender process closed on 28 April. …

I thank the Deputy for the additional questions. I do not have some of the information to hand. I will ask officials to forward to the Deputy as much information as possible on her questions in the coming days. I am not sure whether information on the cost of the review can be provided. I do not know the answer to that. There is a broader issue. I am generally in favour of the scheme, whereas the Deputy is not. However, that is a broader issue and does not concern the specifics of the scheme. I benefited from getti…

To date in 2022, I have had 13 meetings with various credit union stakeholders, including the representative bodies, the Credit Union Advisory Committee, CUAC, and individual credit unions. I have also spoken at the AGMs of the Irish League of Credit Unions, the Credit Union Development Association, CUDA, and the Credit Union Managers Association, CUMA, as well as at the National Supervisors Forum summer forum just last weekend. I have met various credit union representative bodies which broadly supported the propo…

The proposals being brought to Cabinet are specifically for legislation. They concern the 12 topics on which we want to legislate and there is agreement on those. After the proposals have been brought to Cabinet, I hope they will go for pre-legislative scrutiny as quickly as possible. On the timeline for getting the legislation through the Dáil in the second half of this year, the pre-legislative scrutiny process could take a day, a week or four or five months. That is outside my control. I know the Joint Committee…

The Deputy raised a number of points, which merit a more detailed discussion on another occasion, given the time constraints today. The levies the credit unions pay have been cut by 55% since this Government came into office, resulting in a very substantial saving of around €6 million. Three different credit union proposals have been approved by the Central Bank for lending to approved housing bodies, AHBs. It is now up to the credit unions and the AHBs to work out the commercial arrangements for that. The option t…

I propose to take Questions Nos. 10 and 27 together. I thank the Deputies for their questions. The decline in consumer spending in the first quarter of this year was mainly due to the mobility restrictions introduced because of the omicron wave of the pandemic. The Deputy referred to recent engagement with the Central Statistics Office, CSO, in his question. On the question of the cost of living, the Government has acted swiftly and frequently to address this issue, including through budget 2022 measures and more r…

I will not go through the full list of measures we have introduced on an almost bimonthly basis since 1 January. Most recently, we reduced the rate of VAT for the hospitality sector to increase employment. The main task we have is getting people back to work. The best way of dealing with poverty in a household is to have an earned income in the house. That is better than the alternative. That measure was intended to get people back working in the hospitality industry, in our pubs, restaurants and hotels. There are …

We will continue to assist households in dealing with the cost of living where it is possible to do so. It is imperative that policies are designed in a manner that does not increase inflation. Putting more Government and taxpayer money into the economy to try to counteract the effects every time there is an increase in inflation rates would add to the inflationary pressure. Budgetary policy must be carefully crafted to avoid becoming a part of the very problem we are trying to address. The pandemic continued into …

I thank the Deputy and appreciate his raising this matter. Addressing vacancy and dereliction, and maximising the use of the existing housing stock, is a priority objective of the Government, as evidenced in the Housing for All strategy. One of the four pathways in the plan is specifically dedicated to this area. The Minister for Finance has been advised by his colleague, the Minister for Housing, Local Government and Heritage, that the existing Derelict Sites Act imposes a general duty on every owner and occupier …

Everyone would agree with the Deputy's last point. When you get a letter from Revenue, you have to take it seriously. The Revenue Commissioners will get you eventually. Even if you are dead, Revenue will get what you owe from your estate. That is one of the sure things in life. I understand that the operation of the legislation - the complications and implications involved - was very difficult and unwieldy. Issues arose relating to boundaries, registration, property ownership and so on. My local authority has issue…

I concur with everything the Deputy said. We all agree that we should be able to move on this more quickly. I acknowledge the work of the Joint Committee on Housing, Local Government and Heritage which put a lot of time into its report on this issue. I am not personally aware of any Private Members' Bill but that can be discussed in Government circles and with relevant Ministers. I hope the aforementioned report is published as soon as possible. The Department of Finance has to stand back until it sees the report. …

I thank Deputy Ó Murchú for raising this issue, which we have discussed previously. I appreciate and acknowledge his interest in this area. He is concerned to help various groups that are affected by limited access to public liability insurance. The Government recognises the concerns felt by many groups regarding the cost and availability of insurance and has prioritised insurance reform. As the Deputy is aware, we have an action plan for insurance reform and 80% of the actions under that plan have been done at gov…

In certain cases, local authorities may not want to get involved but sometimes they can be pushed. This is especially true for semi-public areas but whether they can be taken in charge by local authorities is a separate issue. Regarding new insurance businesses in Ireland, I joined IDA Ireland at a conference last Tuesday in Amsterdam at which the agency was meeting potential new clients. I also met a large American insurance company this week. I will not put its name on the record of the House today but it has sta…