Written Answers Nos. 348-367
349. Deputy Pearse Doherty asked the Minister for Finance in the case of crypto currency holdings, the way in which Revenue determines where the asset is located for taxation purposes; and if he will make a statement on the matter. [55014/25]
Amharc ar fhreagraI thank the Deputy for his question.
I am advised by Revenue that the term crypto currency is not defined within legislation; the characteristics of same are more aligned to those of assets. As with any other activity, the treatment of income or gains received from, or charges made in connection with, activities involving crypto assets will depend on the nature of the activities and the parties involved.
The sale, transfer, or redemption of crypto assets is most likely to be a disposal for CGT purposes unless, based on the facts and circumstances, there is a trade of dealing in crypto assets being carried on.
Where there is a tax event arising on any transaction involving the use of crypto assets, a taxpayer is required to keep proper records of that transaction, similar to other transactions.
Capital Gains Tax
CGT is a tax on gains that arise on the disposal of assets held otherwise than in the course of a trade, including crypto assets. Section 29 of the Taxes Consolidation Act (TCA) 1997 sets out the scope of CGT. An individual who is either resident or ordinarily resident and domiciled in the State is chargeable to CGT on their worldwide gains, regardless of where the asset in question is located or gain arises.
An individual who is resident or ordinarily resident in Ireland, but not domiciled in Ireland, is taxable on a remittance basis. The remittance basis means that an individual is only taxed on foreign income or gains that are brought into (remitted into) Ireland. In line with the principles of full self-assessment, whether or not the assets disposed of are situated outside the State is for the taxpayer to establish, along with evidence of their not being domiciled in the State, in order for the remittance basis to apply.
Further, Revenue guidance provides that the first step in determining whether or not the remittance basis applies to crypto assets is to note that the requirement is that the assets are situated outside the State, and not that they are not situated in Ireland. This distinction is important because, where a crypto asset exists ‘on the cloud’, it will not actually be situated anywhere and therefore, cannot be viewed as ‘situated outside the State’. The location of crypto assets is dependent on the facts and circumstances of each case; where the situs of the crypto asset is in dispute, the onus is on the taxpayer to prove where the gain accrued. Where the location of the crypto asset giving rise to a taxable gain cannot be confirmed by the taxpayer, that gain is chargeable to tax in Ireland based on residency rules.
Corporation Tax
In accordance with section 21 TCA 1997, a company resident in the State is, subject to some exceptions, chargeable to corporation tax on all its profits wherever they arise. The profits and losses of a company entering into transactions involving crypto assets would be reflected in accounts and, where they arise from a trade, will be taxable under normal Corporation Tax rules.
Income Tax
Where an individual is trading in crypto assets, the individual may become a chargeable person for income tax purposes. This places an obligation on the individual to register for Income Tax and file an annual return of income.
The question of whether a trade of dealing in crypto assets is taking place or has taken place depends on several factors and the individual circumstances. Whether an individual is engaged in a financial trade of buying and selling crypto assets will ultimately be a question of fact. A trade in crypto assets would be similar in nature to a trade in shares, securities, or other assets. Where a non-incorporated business makes a trading profit or loss on crypto asset transactions this must be reflected in their accounts and will be taxable in accordance with normal Income Tax rules.
Crypto Asset Reporting Framework
Part 1 of the OECD (2023) International Standard for Automatic Exchange of Information in Tax matters: Crypto Asset Reporting, commonly referred to as CARF and DAC8 update to Directive 2011/16/EU on administrative cooperation in the field of taxation (DAC), will be transposed into Irish legislation by 31 December 2025. Both CARF and DAC8 provide for the reporting of tax information on transactions in Crypto Assets in a standardised manner, with a view to automatically exchanging such information.
The main focus of CARF is to tackle the non or under reporting of income and gains generated from crypto assets by introducing new reporting obligations for Reporting Crypto-Asset Service Providers (RCASP’s) and new exchange of information rules for tax authorities in order to tackle the tax challenges posed by the crypto asset market. The first reporting of data is in respect of the period 1 January 2026 to 31 December 2026 and is required to take place by 31 May 2027. Exchanges with other jurisdictions will take place after this date.
350. Deputy Pearse Doherty asked the Minister for Finance the first-year cost in 2025 of the VAT change for new apartment construction; and if he will make a statement on the matter. [55015/25]
Amharc ar fhreagraThis Budgetary measure has an estimated cost of €250 million to the Exchequer in 2026 with an estimated cost of €16 million in 2025. The Deputy will recall that the November/December VAT period falls into the following year.
These estimates are tentative and reflect a very prudent approach in relation to assumptions made. As data on actual sales of apartments is received the estimates may be revised. Officials will continue to monitor the relevant data as it becomes available.
351. Deputy Pearse Doherty asked the Minister for Finance his plans to change the standard fund threshold in 2026; and if he will make a statement on the matter. [55016/25]
Amharc ar fhreagraThe Deputy will be aware that in 2023, the then Minister for Finance announced an independent examination of the standard fund threshold (SFT). The examination, which was led by an independent expert, made several recommendations for reform across the SFT regime. Following consideration of the examination, Government agreed to implement changes to the SFT regime in a phased manner, with some changes legislated for in Finance Act 2024 and others to be considered in the future. Finance Act 2024 provided for phased increases to the SFT beginning in 2026 with the SFT reaching €2.8 million by 2029. From 2030, future increases will take account of increases in average earnings.
Furthermore, an implementation group has being convened to consider the other recommendations in the examination. This group is chaired by the Department of Finance with representatives from Revenue, the Department of Justice, Home Affairs and Migration, the Department of Social Protection and the Department of Public Expenditure, Infrastructure, Public Service Reform and Digitalisation. The group has commenced its consideration of the recommendations and I expect it will report to me in Q2 2026. The work of the group will inform future consideration for changes to the SFT regime.
352. Deputy Pearse Doherty asked the Minister for Finance the estimated cost of the changes to the capital allowances for intangible assets outlined in Budget 2026; the details of the impact of the measure; and if he will make a statement on the matter. [55017/25]
Amharc ar fhreagraCapital allowances in respect of intellectual property (IP) assets are ring-fenced and may only be offset against income from trading activities in which the assets are used. In addition, for assets acquired from 11 October 2017, the deduction for IP capital allowances and interest on borrowings used to acquire the assets cannot exceed 80% of the income from such trading activities in an accounting period.
As part of Revenue’s normal compliance activities, companies’ affairs are monitored and claims for relief are regularly reviewed. A technical legislative issue was identified during such a review, and it was determined that it was necessary to introduce a measure in Finance Bill 2025 to correct this issue and ensure the legislation operates as intended. The amendment will ensure that the ring-fencing and 80% cap provisions also apply to balancing allowances arising in respect of intellectual property (IP) assets. As publication of the Finance Bill will bring attention to the issue, it was considered prudent to make the corrective changes effective from Budget night, by means of Financial Resolution.
The purpose of the measure is to protect the Exchequer, by ensuring that capital allowances cannot be used more quickly, or more flexibly, than was intended. There is therefore no Exchequer cost from the measure. A specific Exchequer yield was not estimated as this would require projections as to future disposals of intangible assets by companies, in addition to predicting changing values of such assets and future profitability.
353. Deputy Albert Dolan asked the Minister for Finance if there are any technical, legal, operational, or policy constraints preventing his Department, when publishing quarterly reports of payments or purchase orders over €20,000, from including additional columns that link each payment to its underlying procurement process specifically tender/contract title; name and address of the awarded contractor/supplier; contract award date; contract duration; expected contract value (excl. VAT); maximum contract value (excl. VAT); the unique identifier from the relevant contract award notice; and where such constraints exist, to provide details explaining his Department’s current process for reconciling each reported payment with the corresponding published contract award notice on eTenders. [55058/25]
Amharc ar fhreagraThe Department of Finance publishes details of contracts in line with relevant Irish and EU guidelines and regulations. Circular 05/2023 (Initiatives to assist SMEs in Public Procurement) sets out the threshold for publication of contract award notices and these are available to view on the eTenders platform.
The publication of quarterly reports of payments or purchase orders over €20,000 is produced using the information available in the financial management system (FMS). The FMS facilitates the administration of purchase orders and payments of invoices from an accounting rather than procurement perspective. The inclusion of additional detail in relation to underlying procurement processes would be administratively complex requiring substantial time and resources.
My department maintains an internal contracts register which has details of contracts in place within the department.
354. Deputy Albert Dolan asked the Minister for Finance if all contracting authorities under the aegis of his Department are in full compliance with Circular 05/2023, in particular the mandatory requirement to publish contract award notices for all contracts above €25,000; and if he will provide details of the monitoring or enforcement arrangements in place to ensure this requirement is met. [55075/25]
Amharc ar fhreagraThere are a broad range of bodies under the aegis of the Department. Due to differing corporate governance structures, the oversight relationship between the Department and each body varies.
The Code of Practice for the Governance of State Bodies 2016 (the Code) provides a framework for the application of best practice in corporate governance by commercial and non-commercial State bodies. The Code inter alia provides that “Management, and ultimately the Board, should ensure that there is an appropriate focus on good practice in purchasing and that procedures are in place to ensure compliance with procurement policy and guidelines.”
The information sought by the Deputy in relation to the bodies under the aegis of my department is set out below.
Tax Appeal Commission
The Tax Appeals Commission is in full compliance with Circular 05/2023 and publishes all contract award notices for any contracts above €25,000. The Tax Appeals Commission maintains a central register of all contracts which is updated on each relevant occasion and monitored by the Accounts manager to ensure compliance with the above Circular 05/2023. In addition to these measures, compliance with Circular 05/2023 is also reviewed by the Tax Appeals Commission’s auditors and the Comptroller & Auditor General on an annual basis.
National Treasury Management Agency (NTMA)
The NTMA’s procurement practices align with the matters addressed in Circular 05/2023. Regarding the reference to publication of contract award notices in particular, the NTMA publishes contract award notices for contracts valued above €25,000 awarded, including where procurements were managed outside of eTenders. In respect of frameworks, the NTMA does not publish separate contract award notices for individual call-offs from frameworks on the basis that all relevant information in relation to the total value of a framework, and each of the parties appointed to such framework, is published in the Contract Award Notice applicable to the establishment of the framework. When the NTMA conducts mini-competitions under its frameworks, it notifies the relevant framework members of the outcome, including information on the relevant relative advantage(s) of the winning tender (including, where relevant, as to price).
Internal reporting controls including escalation protocols are in place to monitor publication of contract award notices.
Please note the NTMA provides certain business and support services and systems to Home Building Finance Ireland and Strategic Banking Corporation of Ireland. Procurement services are one such service provided to these bodies.
Office of the Revenue Commissioners
I am advised by Revenue that their Central Procurement Unit (CPU) controls and monitors procurement within Revenue through the setting and application of Revenue’s procurement policy, regular engagement with applicable business areas, providing guidance on all procurement needs and the appropriate procurement processes to follow. Management of a Central Contract Register and the use eTenders for the publication of competitions and applicable Contract Award Notices is also part of the overall role of CPU.
The Central Procurement Unit endeavours through the use of eTenders and this central register, to meet all requirements of Circular 05/2023, including the publication of Contract Award Notices. Revenue continues to introduce internal processes to fill any gaps that might exist, in the identification of all contracts where a Contract Award Notice is required, and are continuously improving these processes and procedures in this regard. As an example, Revenue publishes information on all expenditure in excess of €20,000 on the Revenue website on a quarterly basis.
Revenue continues to work closely with the Office of Government Procurement (OGP) on these matters to ensure compliance with this circular.
National Asset Management Agency (NAMA)
Procurement in NAMA is consistent with the principles of the various guidelines set by the OGP save in respect of that part of the Department of Public Expenditure and Reform’s Circular 05/2023 which requires all procurements over €50,000 to be advertised on the national procurement website www.eTenders.gov.ie. Given that NAMA operates in a commercial environment and must maintain its commercial competitiveness, NAMA has adopted alternative procurement processes which seek to provide optimum value for money while taking account of a number of other factors including, inter alia, efficiencies gained from the use of procured panels of suitable service providers/advisors, confidentiality, conflicts of interest and timelines for commencement of delivery of services. In certain instances, it is deemed appropriate to obtain duly authorised derogations from procurement (i.e. not run a competitive tender process). Derogations are only approved in limited circumstances underpinned by legitimate commercial and/or legal reasons and are reported in the Statement of Internal Financial Control in each years NAMA published Annual Report which is available on www.nama.ie website.
Irish Fiscal Advisory Council (IFAC)
The Irish Fiscal Advisory Council is aware of its obligations and is in compliance with the Circular 05/2023 and routinely publishes details of contracts awarded above €25,000 on its website www.fiscalcouncil.ie.
Irish Financial Services Appeals Tribunal (IFSAT)
IFSAT is in full compliance with Circular 05/2023, and in respect of the mandatory requirement to publish contract award notices for all contracts above €25,000.
Central Bank of Ireland (CBI)
The Central Bank of Ireland operates a Corporate Procurement Policy that is approved by the Central Bank Commission. The procurement requirements of the Central Bank are conducted in line with the Policy and the internal governance framework it establishes. The Policy seeks to comply with all European and national law and guidelines as set out by the Office of Government Procurement except in respect of the publication of contract award data for all procurements over €25,000 on the national tendering website (eTenders). The Central Bank has decided to meet this transparency requirement by continuing to publish award notices for contracts advertised on eTenders at the National Tender threshold entry point of €50,000 and in addition to publish contracts valued at over €25,000 on the Central Bank’s website (www.centralbank.ie/about/freedom-of-information/freedom-of-information-publication-scheme/procurement) by amending the Freedom of Information threshold from €50,000 to €25,000 for the reasons of operating efficiency and effectiveness.
The Office publishes award notices for all contracts awarded in excess of €25,000 on eTenders, including for those awarded under the Office of Government Procurement framework contracts, following clarification on this from the Office of Government Procurement.
The Office also publishes a quarterly report of awards over €25,000 on the office website.
Credit Review Office
The Credit Review is in full compliance with Circular 05/2023.
Credit Union Restructuring Board (ReBo)
The Credit Union Restructuring Board’s functions as a body ceased in March 2017 and it was operationally wound down in July 2017. A caretaker Board comprising two Department officials and an existing director (the Central Bank nominated non-voting director) was appointed from 1 August 2017, in order to meet the requirements of the Credit Union and Co-operation with Overseas Regulators Act 2012. The caretaker Board must remain in place until ReBo is dissolved by legislation, however it is not possible at this time to determine a final dissolution date.
Any costs arising for ReBo are paid from the Credit Union Fund, and this process is managed by the Credit Union Policy Section in the Department. ReBo is in full compliance with Circular 05/2023, including the requirement to publish contract award notices for all contracts above €25,000.
Irish Bank Resolution Corporation (IBRC)
Circular 05/2023 relates only to Public Sector Bodies of which IBRC is not one and so the circular has no application.
Disabled Drivers Medical Board of Appeal (DDMBA)
Circular 05/2023 relates only to Public Sector Bodies of which the DDMBS is not one. The DDMBA do not have an independent budget and do not contract for any services.
Department of Finance
The budget for Credit Union Advisory Committee (CUAC) is a sub-head of the Department of Finance overall budget annually. Any contracts awarded by CUAC would be conducted in full compliance with Circular 05/2023, including the requirement to publish contract award notices for all contracts above €25,000. Since this Circular became effective in 2023, CUAC have not awarded a contract with a value of over €25,000.
Investor Compensation Company DAC (ICCL)
ICCL has a Nil response to this PQ as it is outside its scope. For the purposes of providing some context to the ICCL's response, on the basis of legal advice, ICCL does not meet the definition of a contracting authority as defined in EU Procurement Directives, as transposed into Irish legislation.
Financial Services and Pensions Ombudsman (FSPO)
The FSPO is in full compliance with the circular. Our Internal Auditors seek evidence of Contract Award Notices publications as part of their procurement audits.
355. Deputy Colm Burke asked the Minister for Finance if consideration would be given to reviewing and removing the deemed disposal rule for investors as this can be punitive on investors and investment; whether consideration has been given to removing it to date; and if he will make a statement on the matter. [55088/25]
Amharc ar fhreagra357. Deputy Noel McCarthy asked the Minister for Finance the current situation with respect to the eight-year deemed disposal rule; if any consideration was given to the abolition of this rule in the context of Budget 2026; his plans for the reform of this rule as recommended in the Funds Review Report; and if he will make a statement on the matter. [55115/25]
Amharc ar fhreagra359. Deputy Cathal Crowe asked the Minister for Finance his views on a matter (details supplied); and the timeline for reviewing the matter. [55125/25]
Amharc ar fhreagraI propose to take Questions Nos. 355, 357 and 359 together.
The Deputies' questions relate to the deemed disposal rules. These rules apply to investments in Irish domiciled investment funds and life assurance products, as well as equivalent offshore funds and certain foreign life assurance products. For Irish domiciled investment funds and life assurance products, the gross roll up regime applies and taxation occurs upon the occurrence of a chargeable event, including deemed disposal. Under the deemed disposal rules, and regardless of whether a disposal in fact occurs, tax is levied eight years after an investment is made, and every subsequent eight years. The tax is levied on any gain in the value of the investment from the date of acquisition to the date of the deemed disposal. On the ultimate disposal of the investment, any tax paid as a result of a deemed disposal is allowed as a credit against the final tax liability. Deemed disposal applies in the gross roll up regime, but also within the regime applying to equivalent offshore funds and certain foreign life assurance policies. Deemed disposal was introduced as an anti-avoidance measure.
As the Deputies may be aware, the final report of the Funds Review, ‘Funds Sector 2030: A Framework for Open, Resilient & Developing Markets’ was published in October 2024 and included recommendations to support and encourage retail investment, including the removal of deemed disposal. A focus on retail investment is also a key aspect of the European Union Savings and Investment Union.
I am committed to taking the necessary action to support retail investment in Ireland. Recognising the complexities of the current system, my officials are developing a roadmap for the taxation of retail investment, which will set out the intended approach to simplify and adapt the tax framework to encourage retail investment in future Finance Bills. The roadmap will also take account of developments at EU level in respect of the Savings and Investments Union and is expected to be published by early 2026.
While work on the roadmap is underway I have taken action in Budget 2026, announcing changes to the relevant applicable tax rates. Finance Bill 2025 will provide for a reduction in the rate of Investment Undertaking Tax (IUT), Life Assurance Exit Tax (LAET) and the rate of tax applicable to investments in equivalent offshore funds and certain foreign life assurance policies from 41% to 38% from 1 January 2026.
356. Deputy Cathal Crowe asked the Minister for Finance the number of properties in County Clare which fall under Band 1, Band 2 and Band 3 of the local property tax; the way in which these properties are valued for this purpose; and if he will make a statement on the matter. [55092/25]
Amharc ar fhreagraI am advised by Revenue that the most recent data showing the number of properties in County Clare which fall under Band 1, Band 2 and Band 3 are shown in Table 1. Properties in Band 1 and 2 are charged at a fixed rate of €90 and €225. Properties in band 3 are calculated by applying 0.1029 to the band’s midpoint value. LPT is a self-assessment tax. This means that taxpayers are obliged to calculate their LPT liability based on their assessment of the market value of their property. Revenue does not value properties for LPT but instead provides guidance on how properties can be valued, and an online valuation tool is available to assist with this. This information and data refer to the valuation period 2021-2025.
Declared property values on 1 November 2025 will determine LPT liabilities each year for the years 2026 to 2030 period.
More information on the 2026 -2030 campaign can be found on the Revenue website at: www.revenue.ie/en/property/local-property-tax/index.aspx.
Table 1: Breakdown of Property Count in Co. Clare
|
Overall Property County: Co. Clare |
Band 1 |
Band 2 |
Band 3 |
Remaining |
|
52,633 |
28,190 |
14,423 |
7,976 |
4,044 |
358. Deputy Barry Ward asked the Minister for Finance if he is concerned that the recent increase in tax for vaping products coming into effect as of 1 November 2025 could have a knock-on increase in the number of cigarette smokers; if this was considered as part of the decision to increase this targeted tax measure; and if he will make a statement on the matter. [55117/25]
Amharc ar fhreagraThe E-liquid Products Tax (EPT), as legislated for in Chapter 1 of Part 2 of the Finance Act 2024, will come into effect from 1 November 2025. Under the new law, the EPT will apply to both nicotine-containing and non-nicotine-containing e-liquid products at a single flat rate of 50 cent per millilitre of e-liquid.
The introduction of the EPT underlines Ireland’s ongoing commitment to safeguarding public health and tackling the increasing consumption of vapes and related products due to the health risks associated with their use, particularly for young people.
The popularity of e-liquid products among young people is a primary public health concern, particularly due to the gateway effect these products can have in relation to the uptake of other nicotine or tobacco containing products. The EPT will help to make these products less affordable and accessible for young people.
Although e-cigarettes may be used as a cessation device in some instances, in Ireland no e-cigarette product currently on the market has a licensed indication for smoking cessation. The National Stop Smoking Clinical Guidelines do not recommend e-cigarettes as a smoking cessation aid as these products have not gone through the same safety and quality checks as licensed stop smoking medicines, such as nicotine replacement therapy (NRT). This position is also supported by the World Health Organisation.
The EPT aligns with measures implemented across a number of EU Member States and proposed as part of the revision of the EU Tobacco Tax Directive. It also complements work being done by my colleague, the Minister for Health, to further regulate e-liquid products.
Budget 2026 saw an increase of 50 cent applied to the price of a pack of 20 cigarettes in the most popular price category. Assuming the full increase is passed through to the final retail price, this will increase the cost of a 20 pack to €18.95, a price level which discourages cigarette smoking. Pro rata increases were applied to other tobacco products and similarly the level of tax on these products discourages their purchase.
Ireland is committed to a policy of high taxation of tobacco in order to encourage people to quit smoking. The HSE offer a number of free programmes and supports to those who wish to stop smoking through the QUIT service, including a range of NRT which are offered free of charge from local stop smoking clinics. Furthermore, the EPT will not apply to medicines licensed or authorised by the Health Products and Regulatory Authority for the purposes of nicotine replacement therapy.
360. Deputy Conor D. McGuinness asked the Minister for Finance if beauty service providers will be included in the reduced 9% Vat rate announced in Budget 2026, as hairdressers are. [55127/25]
Amharc ar fhreagraPer Budget 2026, the second reduced VAT rate of 9% will apply to services provided by hairdressers from 1 July 2026. This measure will extend to all hairdressing services including those provided by Beauty Salons.
The Deputy should be aware that all VAT legislation must comply with all provisions of the EU VAT Directive which holds that all goods and services are liable at the standard rate which must be at least 15%. Hairdressing services are included in a schedule of goods and services under Annex III of the Directive where a reduced rate of VAT may be applied.
Beauty Salons which provide services consisting of the care of the human body, including beauticians, are not included in this list. However, Ireland currently avails of a historical derogation within the Directive that sees the services provided by beauty salons charged at the reduced VAT rate of 13.5%. A condition of this historical derogation is that a rate no lower than 12% may be set and the rate "parked" at Ireland's reduced VAT rate of 13.5%.
Beauty Salons will charge 9% VAT on their hairdressing services.
361. Deputy Peadar Tóibín asked the Minister for Finance to provide a list of all studies, research and reports commissioned by his Department that were outsourced, in each of the past five years, in tabular form; the names of the companies to which each study, research and report was outsourced; the total cost for each; the number of reports finalised and presented to him that have yet to be released by his Department; the dates on which any such reports yet to be released were first provided to him; and if he will make a statement on the matter. [55161/25]
Amharc ar fhreagraDetails of studies, research and reports commissioned by my Department are set out in the attached table.
|
Year |
Studies, research and reports commissioned |
Organisation commissioned |
Total Cost (Ex VAT) |
Number of reports finalised |
Date reports yet to be released provided to Minister |
|
|
Modelling of the multinational sector |
Joint project with ESRI |
€62,310 |
1 |
N/A |
|
|
Capital buffers |
Joint project with ESRI |
€18,434 |
1 |
N/A |
|
|
Recovery scenarios from COVID19 |
Joint project with ESRI |
€68,607 |
1 |
N/A |
|
|
Impact of COVID19 on SMEs |
Joint project with ESRI |
€34,257 |
1 |
N/A |
|
|
Corporation tax elasticities |
Joint project with ESRI |
€13,944 |
1 |
N/A |
|
|
Sectoral exposure to COVID and Brexit |
Joint project with ESRI |
€38,346 |
1 |
N/A |
|
|
US trade patterns and risks |
Joint project with ESRI |
€40,670 |
1 |
N/A |
|
|
Fiscal cost of ageing |
Joint project with ESRI |
€8,875 |
1 |
N/A |
|
|
Europe’s Economic and Monetary Union Beyond Covid-19 |
Independent academic report from Professor Federico Fabbrini, Full Professor of EU law at Dublin City University. |
€15,000 |
1 |
N/A |
|
|
HBFI MEOP Benchmarking Exercise |
KPMG |
€20,000 |
1 |
N/A |
|
2020 |
Desktop Review of Costs and Outcomes of Large Scale Liquidations |
RSM consulting |
€24,750 |
1 |
N/A |
|
|
Scenarios on economic recovery from COVID-19 |
Joint project with ESRI |
€38,203 |
1 |
N/A |
|
|
Banking sector modelling |
Joint project with ESRI |
€50,711 |
1 |
N/A |
|
|
Transition to a low carbon economy |
Joint project with ESRI |
€20,256 |
1 |
N/A |
|
|
Fiscal cost of aging |
Joint project with ESRI |
€14,291 |
1 |
N/A |
|
|
Firm dynamics and productivity |
Joint project with ESRI |
€4,896 |
1 |
N/A |
|
|
SME survival and recovery following COVID-19 |
Joint project with ESRI |
€37,776 |
1 |
N/A |
|
|
SME investment and financing |
Joint project with ESRI |
€32,344 |
1 |
N/A |
|
|
Initial impacts of Brexit on Irish trade |
Joint project with ESRI |
€34,809 |
1 |
N/A |
|
|
HBFI MEOP Benchmarking Exercise |
KPMG |
€30,000 |
1 |
N/A |
|
|
The nature of outbound flows of direct investment income from Ireland |
Mr Seamus Coffey |
€4,800 |
1 |
N/A |
|
2021 |
The changing nature of outbound royalties from Ireland and their impact on the taxation of the profits of US multinationals |
Mr Seamus Coffey |
€4,800 |
1 |
N/A |
|
|
The role of firm dynamism in productivity - joint research with ESRI |
Joint project with ESRI |
€36,372 |
1 |
N/A |
|
|
Flows into self-employment - joint research with ESRI |
Joint project with ESRI |
€29,877 |
1 |
N/A |
|
|
SME Structural Change Research - joint research with ESRI |
Joint project with ESRI |
€46,926 |
1 |
N/A |
|
|
Potential Impact of the War in Ukraine on the Irish Economy |
Joint project with ESRI |
€69,615 |
1 |
N/A |
|
|
Economic impacts of climate transition - joint research with ESRI |
Joint project with ESRI |
€45,505 |
1 |
N/A |
|
|
Report on the drivers of cost and availability of finance for residential development |
KPMG |
€80,000 |
1 |
N/A |
|
|
Help to Buy Review |
Mazars |
€64,300 |
1 |
N/A |
|
|
A study on Cross Border Employments |
ESRI |
€60,000 |
1 |
N/A |
|
|
Research Economic into Outbound Payments of Dividends and Interest |
Mr Seamus Coffey |
€4,800 |
1 |
N/A |
|
|
Retail Banking Review Technical Paper – International Comparison |
Deloitte |
€96,800 |
1 |
N/A |
|
2022 |
Report of the Inter Departmental Working Group on the Review of the Domestic Implementation of Restrictive Measures (Sanctions) |
External chair compiled the report. (paid Jointly by Department of Foreign Affairs, the Department of Enterprise, Trade and Employment and the Department of Finance |
€8,750 |
1 |
N/a |
|
|
HBFI MEOP Benchmarking Exercise |
KPMG |
€30,000 |
1 |
N/A |
|
|
HBFI MEOP Benchmarking Exercise |
KPMG |
€30,000 |
1 |
N/A |
|
|
Assessing the Potential Impact of Population Ageing on the Public Finances |
Joint project with ESRI |
€20,000 |
1 |
Q4 2023 |
|
|
Impact of the Global Tax Reforms on Ireland’s Corporate Investments and wider economy |
Joint project with ESRI |
€30,000 |
1 |
Q4 2023 |
|
|
Examination of the Standard Fund Threshold (2023/2024) |
Dr Donal de Buitléir |
€13,680 |
1 |
N/A |
|
|
A Study of Cross-Border Employment in Ireland |
Joint project with ESRI |
€60,000 |
1 |
Q4 2023 |
|
|
The Changing Interest Rate Environment and the Impact on Macro-Financial Linkages |
Joint project with ESRI |
€60,000 |
1 |
Q4 2023 |
|
2023 |
Joint Research Programme on the Development of the Economic and Social Research Institute’s Ireland Environment, Energy and Economy Model (2023/2024) |
Joint project with ESRI |
€100,000 per year (incl Vat) |
1 |
Q4 2024 |
|
|
Money Laundering, Terrorist Financing and Proliferation Financing National Risk Assessment |
Grant Thornton |
€1.2M (ex-VAT) |
Zero (report yet to be finalised - contract ends 7 November 2025) |
N/A |
|
|
Review of the Taxation of Share-Based Remuneration |
Indecon Economic Consultants |
€105,325 (ex-VAT) |
1 |
N/A |
|
|
Development of a National Financial Literacy Strategy for Ireland* |
OECD |
€155,976 (ex-VAT) |
1 |
N/A |
|
|
Research proposal on monitoring SME investment in Ireland |
Joint project with ESRI |
€28,185 |
1 |
Q4 2024 |
|
|
Ageing population |
Joint project with ESRI |
€106,322 |
1 |
Q4 2025 |
|
|
The Economic Impacts of Deglobalisation |
Joint project with ESRI |
€20,756 |
1 |
Q1 2025 |
|
2024 |
Assessing the Labour Market Impact of the Green Transition in Ireland |
Joint project with ESRI |
€41,515 |
1 |
Q3 2025 |
362. Deputy Malcolm Byrne asked the Minister for Finance the measures his Department is putting in place to monitor the reduction in VAT on certain services from 13.5% to 9.5%; and whether it will be passed on to the consumer; and if he will make a statement on the matter. [55196/25]
Amharc ar fhreagra363. Deputy Malcolm Byrne asked the Minister for Finance the measures his Department is putting in place to monitor the reduction in VAT on new apartments from 13.5% to 9.5%; whether it will be passed on to the purchaser; and if he will make a statement on the matter. [55197/25]
Amharc ar fhreagraI propose to take Questions Nos. 362 and 363 together.
VAT operates across the EU in accordance with a common framework set by EU VAT law, with which Irish VAT law is required to comply. VAT is a consumption tax, levied on the cost of a good or service. However, it is designed so that the supplier, and not the consumer, is obliged to account for the tax. The VAT on the supply is based on the selling price the business charges the customer. In most economic sectors, businesses are free to decide on the price level that they charge their customers and on changes to that level. VAT law does not regulate the selling price, nor does it require businesses to alter prices when VAT rates are raised or lowered. Rather, the general VAT law obligation on a business is to properly account to the tax authority for VAT on a supply at the correct tax rate, based on the amount the business charges its customer, and subject to certain rules.
Last week, in Budget 2026, I announced several measures that will apply the second reduced VAT rate of 9% to certain supplies that were previously subject to VAT at the reduced rate of 13.5%. As outlined in my speech, there are different policy objectives underlying each of these various measures. Therefore, the measures can be expected to have different impacts in the various specific market sectors to which they relate, including as regards whether their impact may be more inclined to affect supply or price level.
The temporary application of the second reduced VAT rate to the supply of gas and electricity had been due to expire on 31 October 2025, with such supplies then due to revert to the 13.5% reduced VAT rate. As part of the Budget, a Financial Resolution was passed by the Dáil which now extends the application of the 9% rate to gas and electricity until 31 December 2030. This will be confirmed in the Finance Bill. A temporary reduction for these supplies was first introduced in May 2022 as part of the Government’s response to the then energy crisis, and it has been extended since then in order to reduce the impact on households of the cost of living. While the pricing of utilities is a matter for the independent Commission for Regulation of Utilities, I understand that the impact of the VAT rate reduction for gas and electricity has been passed on to consumers.
The 9% VAT rate will also apply to the supply of apartments, as part of social policy. Following a Financial Resolution passed by the Dáil on Budget Day, this measure applies from 8 October 2025 until 31 December 2030, and this will be confirmed in the Finance Bill. The policy aim of the rate reduction is to stimulate the supply of apartments by helping to address the viability gap that has been identified as a factor constraining suppliers in the market from delivering the required quantity of apartment units to meet housing demand.
With effect from 1 July 2025, the 9% rate will also apply to hospitality sector food and catering and to hairdressing services. This will be legislated for in the forthcoming Finance Bill. As outlined in my Budget speech, the objective of the measure is to support businesses in these services sectors who are facing increase cost pressures, and therefore the measure is expected to support over 150,000 jobs in these sectors.
As I have indicated, subject to certain regulatory restrictions that apply in specific sectors such as utilities, it is generally a matter for individual suppliers to determine their price levels, and this will remain the case. While my Department does not monitor the price impacts of specific tax rate changes, it will continue to keep the effectiveness of the overall VAT system under review, in liaison with Revenue who, as part of their role in collecting tax and administering the tax system, will continue to ensure compliance with VAT law requirements.
364. Deputy Peadar Tóibín asked the Minister for Finance the amount collected in carbon tax in each month since its establishment, in tabular form. [55215/25]
Amharc ar fhreagraI am advised by Revenue that the amounts collected in Carbon Tax in each month since its establishment are shown in the following tables.
|
Month |
2025* |
2024 |
2023 |
2022 |
|
Jan |
92.0 |
85.6 |
78.2 |
64.5 |
|
Feb |
106.4 |
100.8 |
61.6 |
70.6 |
|
Mar |
104.9 |
83.1 |
96.1 |
61.5 |
|
Apr |
107.0 |
104.1 |
92.3 |
80.5 |
|
May |
103.9 |
86.5 |
71.1 |
61.3 |
|
Jun |
91.7 |
89.4 |
88.2 |
69.0 |
|
Jul |
91.1 |
82.6 |
62.7 |
55.3 |
|
Aug |
83.0 |
76.9 |
70.9 |
60.9 |
|
Sep |
90.2 |
72.3 |
74.7 |
58.3 |
|
Oct |
- |
88.9 |
70.0 |
63.8 |
|
Nov |
- |
96.6 |
76.7 |
64.6 |
|
Dec |
- |
100.7 |
92.2 |
80.4 |
|
Total |
870.2 |
1,067.5 |
934.7 |
790.6 |
|
*Provisional until post year end |
|
|
|
|
|
Month |
2021 |
2020 |
2019 |
2018 |
|
Jan |
56.1 |
46.6 |
41.7 |
42.8 |
|
Feb |
48.6 |
44.0 |
34.9 |
37.3 |
|
Mar |
43.1 |
46.9 |
36.1 |
40.4 |
|
Apr |
62.5 |
41.7 |
36.8 |
44.9 |
|
May |
51.0 |
29.9 |
38.9 |
41.0 |
|
Jun |
57.1 |
43.3 |
32.8 |
31.4 |
|
Jul |
48.6 |
32.4 |
30.2 |
31.7 |
|
Aug |
55.0 |
38.8 |
30.4 |
26.1 |
|
Sep |
46.5 |
33.2 |
29.8 |
31.3 |
|
Oct |
57.9 |
41.8 |
34.3 |
29.8 |
|
Nov |
59.6 |
44.1 |
39.7 |
40.4 |
|
Dec |
66.4 |
50.9 |
44.6 |
34.1 |
|
Total |
652.3 |
493.6 |
430.5 |
431.1 |
|
Month |
2017 |
2016 |
2015 |
2014 |
|
Jan |
27.0 |
23.0 |
21.8 |
25.1 |
|
Feb |
50.7 |
50.8 |
51.4 |
45.1 |
|
Mar |
40.1 |
36.6 |
37.2 |
38.4 |
|
Apr |
43.8 |
48.6 |
43.7 |
31.3 |
|
May |
34.3 |
35.3 |
30.3 |
35.1 |
|
Jun |
37.8 |
40.2 |
38.3 |
34.5 |
|
Jul |
30.2 |
29.2 |
28.3 |
28.3 |
|
Aug |
29.4 |
31.7 |
32.9 |
25.2 |
|
Sep |
29.5 |
28.1 |
31.2 |
29.5 |
|
Oct |
30.4 |
33.5 |
32.2 |
28.0 |
|
Nov |
32.3 |
31.4 |
36.2 |
31.6 |
|
Dec |
34.2 |
41.8 |
35.4 |
33.1 |
|
Total |
419.6 |
430.2 |
419.0 |
385.4 |
|
Month |
2013 |
2012 |
2011 |
2010 |
|
Jan |
26.0 |
16.8 |
14.5 |
2.5 |
|
Feb |
42.7 |
41.3 |
44.7 |
17.3 |
|
Mar |
33.6 |
24.5 |
23.3 |
13.4 |
|
Apr |
37.6 |
34.2 |
32.1 |
15.2 |
|
May |
29.4 |
26.0 |
19.4 |
14.8 |
|
Jun |
39.2 |
33.3 |
26.9 |
18.9 |
|
Jul |
25.8 |
27.9 |
22.1 |
23.4 |
|
Aug |
30.5 |
26.7 |
20.5 |
18.5 |
|
Sep |
28.8 |
26.4 |
22.2 |
20.3 |
|
Oct |
28.0 |
29.7 |
22.9 |
24.3 |
|
Nov |
32.3 |
33.6 |
24.3 |
23.1 |
|
Dec |
34.4 |
33.6 |
25.3 |
31.5 |
|
Total |
388.4 |
354.0 |
298.2 |
223.1 |
365. Deputy Michael Cahill asked the Minister for Finance the number of people who purchased a house under the help-to-buy scheme for 2023, 2024 and 2025 in Kerry; and if he will make a statement on the matter. [55295/25]
Amharc ar fhreagraThe Help to Buy (HTB) incentive, is a scheme to assist first-time purchasers with the deposit they need to buy or build a new house or apartment. It also aims to encourage additional supply of new houses by supporting demand.
HTB provides a refund of Income Tax and Deposit Interest Retention Tax (DIRT) paid in Ireland over the previous four years, subject to limits outlined in the legislation.
The level of support available to first time buyers under the HTB scheme, is whichever is the lesser of:
• €30,000; or
• 10 per cent of the purchase price of the new property; or,
• the amount of Income Tax and DIRT paid in the four years before application for the relief.
Based on the latest available data (30 September 2025), the scheme has supported almost 60,000 individuals or couples to buy or build their own home.
I am advised by Revenue that the table below sets out the numbers of approved claims, and the number of individuals associated with those claims, for properties located in County Kerry.
|
Year of Approval |
Claims |
Individuals |
|
2023 |
78 |
145 |
|
2024 |
75 |
133 |
|
2025 ( as of 9 Oct 2025) |
90 |
158 |
366. Deputy John Lahart asked the Minister for Finance the proposals that have been implemented and not implemented, respectively from a report (details supplied); and when the proposals not yet implemented will be implemented. [55343/25]
Amharc ar fhreagraThe Interdepartmental Pensions Reform and Taxation Group (IDPRTG) was established to carry out a number of tasks set out in the Roadmap for Pensions Reform 2018-2023. The Roadmap set out the need to promote long-term pension saving to address income adequacy in retirement, in particular for low income earners.
The IDPRTG is chaired by the Department of Finance and includes representatives from the Department of Public Expenditure, Infrastructure, Public Service Reform and Digitalisation; the Department of Social Protection; the Office of the Revenue Commissioners; and the Pensions Authority. In 2020 the IDPRTG published a report which set out a list of actions to aid in the harmonisation and simplification of supplemental pensions. A number of the reforms suggested by the IDPRTG 2020 report been implemented or are actively being progressed.
In total, 11 actions have been completed, namely:
• the abolition of the Approved Minimum Retirement Fund?(Finance Act 2021);
• the inclusion of an Approved Retirement Fund option for remaining death-in-service benefits?after the payment of the lump sum (Finance Act 2021);
• removal of the “15-year rule”, which prevented transfers from Occupational Pension Schemes to PRSAs where an individual had more than 15 years of benefits (Finance Act 2021);
• changes to the treatment of employer contributions to PRSAs (Finance Acts 2022 & 2024);
• introduction of taxation provisions for the Pan-European Pension Product (Finance Act 2022);
• the cessation of authorisation of new Retirement Annuity Contract products (Finance Act 2023);
• removal of the upper age limit for accessing PRSA assets, facilitating a “whole-of-life” PRSA (Finance Act 2023);
• design of a financial incentive for the automatic enrolment retirement savings system;
• introduction of taxation provisions for the automatic enrolment retirement savings system (Finance Act 2024);
• Pensions Authority review of the PRSA product approval process and the need for pre-approval in the case of non-material changes to an existing PRSA product;
• Pensions Authority review of the use of / need for multiple PRSAs by individuals.
In relation to the remaining actions, several are currently being advanced. It is important to note that a number of these outstanding reforms are technical in nature, while others have wider policy implications which necessitate careful consideration through the normal policy channels.
The IDPRTG has provided a valuable cross departmental forum where key policy stakeholders can engage, and the Group continues its work to bring about further reforms of the supplementary pension landscape over the medium to longer term.
367. Deputy Albert Dolan asked the Minister for Finance if his Department and each body under its aegis discloses expenditure on external consultancy and adviser fees, by category (details supplied) in their annual report and or financial statements for each accounting year; if they provide direct web links to the most recent publications where these Section 1.5 disclosures are set out for his Department and for each aegis body; and if they provide the total consultancy and adviser fees by the Section 1.5 categories for each of the past five years for his Department and for each aegis body, respectively; and the internal controls that are in place to ensure that these category-level disclosures are made annually and that procurement of such services complies with applicable competitive tendering rules, in tabular form. [55366/25]
Amharc ar fhreagraThe information sought by the Deputy is set out in the attached document.
