Emer Currie
Question:424. Deputy Emer Currie asked the Tánaiste and Minister for Finance the main policy achievements of his Department since 22 January 2025; and if he will make a statement on the matter. [30477/26]
View answerTuesday, 28 April 2026
Questions (424)
Written answers
Since 22 January 2025, the Department of Finance has delivered a number of policy achievements which include:
Previous PQ responses Dáil Question No. 345 (Ref: 38754/25) answered on 15 July 2025, Dáil Question No 162 (Ref: 70523/25) 10 December 2025 and Dáil Question No 56 (Ref: 23076/26) 25 March 2026 respectively, summarised the policy achievements of my Department up to March 2026. I have included additional policy achievements since my last update in March in my response below.
Annual Progress Report 2026
The Government’s Annual Progress Report (APR) for 2026 was published on 21 April. The publication is an important milestone in Ireland’s annual economic and fiscal cycle and forms a central part of our engagement with the European fiscal framework. The APR set out the Department of Finance’s latest macroeconomic and fiscal forecasts for the remainder of the decade, providing an evidence-based assessment of where our economy stands today and the risks the economy faces into the future.
It is an EU legal requirement and part of the reformed European fiscal architecture. Ireland’s second APR was prepared in line with guidelines prepared by the European Commission. It also incorporates the Department’s spring forecasts for the main economic and fiscal variables for the period 2026-2030.
State’s Shareholding in the Banking Sector
The State retains a 57.4 per cent shareholding in Permanent TSB. The board of PTSB announced a Formal Sale Process (“FSP”) on 30 October 2025. This process was conducted under the Irish Takeover Rules and resulted in the board unanimously recommending a cash offer from a subsidiary of BAWAG Group AG. The Tánaiste and Minister for Finance, with the agreement of Cabinet, committed to voting all of the Minister’s PTSB shares in favour of BAWAG’s cash offer. The FSP continues to be, conducted in accordance with the Irish Takeover Panel Rules and under the supervision of the Takeover Panel. The Recommended Cash Offer is envisaged to be implemented by means of a High Court sanctioned Scheme of Arrangement.
Commencement of the Credit Union Strategy Project
The Strategy Project, a Programme for Government commitment, commenced in April and will deliver a sector-wide approach to futureproof the credit union movement.
The Project Governance Board has commenced work to agree the Terms of Reference, governance arrangements, and a workplan for engagement with credit unions and their members. This phase represents the initial setup of the project.
Participation from credit union CEOs, Directors, and suitably qualified staff will be required at later stages. Further details on the project scope, timelines and participation arrangements will be communicated in due course.
Once these elements are approved, the Strategy Committee will begin its work of strategy development. The overall project is expected to take approximately 12 months to complete.
Continue to progress enactment of the Credit Union (Amendment) Act 2023
The provisions of the Credit Union (Amendment) Act 2023 relating to corporate credit unions will commence when the Central Bank of Ireland has developed the appropriate regulations.
The sector is considering the potential uses of the corporate credit union, including centralised treasury function, and a number of initiatives are already in progress. A significant level of informal discussions are taking place amongst credit union stakeholders to develop the potential uses of such an entity, so that appropriate regulations can be developed.
A corporate credit union could be a transformative tool for the sector that will support agreed strategic initiatives, but it will require significant collaboration within the sector. In addition to this, the Central Bank of Ireland will need to develop a comprehensive set of regulations on the operation of such an entity.
Funds Review
The Funds Review was published in 2024. An Implementation Plan was published in October 2025, as committed to in the Programme for Government. At the time of publication, thirty of the recommendations were either complete, on a path to completion or progressing including completion of substantive recommendations on ETFs and the AIF Rulebook, both by the Central Bank.
Twelve recommendations remained under consideration, including four related to retail investment tax which will take account of developments at EU level. To address four of the outstanding recommendations, a Roadmap is being developed, for publication in the coming months, which will set out a proposed approach to simplify and adapt the tax framework to encourage retail investment. However, in the meantime, amendments were made in Finance Act 2025 to reduce the rate of taxation that applies to Irish and equivalent offshore funds and Irish and foreign life assurance products from 41 per cent to 38 per cent.
In line with a further recommendation, the first annual savings and investment forum is was held on 31 March 2026. In addition, an amendment was made in Finance Act 2025 to support the growth of private assets through Investment Limited Partnerships.
As a result of the foregoing thirty-six of the forty-two recommendations are now either complete, on a path to completion or progressing.
Local Property Tax (LPT)
The Finance (Local Property Tax and Other Provisions (Amendment) Act 2025 was enacted in July last year. This Act provided for a new method of calculating LPT liabilities in advance of the new valuation period commencing this year, with reference to the self-assessed market values as of 1 November 2025. Statistics published by the Revenue Commissioners last month following revaluation show that 97% of property owner valuations are the same or one band higher or lower than the Revenue guidance. LPT continues to have high rates of compliance, with all of the tax’s yield accruing to local authorities.
Living City Initiative
The Living City Initiative was extended to Athlone, Drogheda, Dundalk, Letterkenny and Sligo on 8 April 2026.
Budget 2026
Budget 2026 introduced a number of tax changes to support households, the housing market, enterprise, SMEs and the Agricultural sector and climate action. Many of these changes came into effect from 1 January 2026 with more due to come into effect on 1 July 2026.
OECD Side-by-Side Package Agreement
On 5 January 2026, a Side-by-Side Package Agreement on Global Minimum Tax was approved and adopted by the OECD / G20 Inclusive Framework on Base Erosion and Profit Shifting (BEPS), including Ireland. The Agreement delivers a solution which preserves the objectives of the Global Minimum Tax while allowing for co-existence with the US tax system and other qualifying regimes in the future. Officials are continuing to engage at the OECD to support implementation of global minimum tax through further administrative guidance and simplification measures.
Enhanced Credit for Visual Effects Work
An amendment to the existing Section 481 Film Tax Credit has received State Aid approval from the European Commission for enhanced tax credit for visual effects work. The measure will allow for a new 40 per cent rate of tax credit for productions with a minimum of €1 million of eligible expenditure on relevant VFX work. This rate will apply to eligible expenditure of up to a maximum of €10 million per production. The standard rate of 32 per cent will continue to be available in respect of eligible expenditure above this cap. Regulations are currently being drafted, and the enhanced rate will commence thereafter.
Question No. 425 answered with Question No. 407.