Eamon Scanlon
Ceist:35. Deputy Eamon Scanlon asked the Tánaiste and Minister for Finance if he plans to further increase the Government expenditure ceiling for 2026; and if he will make a statement on the matter. [40346/26]
Amharc ar fhreagraDepartmental Policies
Ceisteanna (35, 38, 52)
Paul Murphy
Ceist:38. Deputy Paul Murphy asked the Tánaiste and Minister for Finance his plans to assist people with the rising cost of living in Budget 2027; and if he will make a statement on the matter. [48191/26]
Amharc ar fhreagra
Louis O'Hara
Ceist:52. Deputy Louis O'Hara asked the Tánaiste and Minister for Finance the measures his Department will take to address the rising cost-of-living; and if he will make a statement on the matter. [46885/26]
Amharc ar fhreagraFreagraí scríofa
I propose to take Questions Nos. 35, 38 and 52 together.
Government is acutely aware of the impact that the energy prick shock has had on households and businesses. We have acted to reduce this burden, introducing two packages of supports worth over €750 million.
The first package of supports, introduced at the end of March, reduced the tax on fuel, enhanced the diesel rebate scheme and extended the fuel allowance season by an additional four weeks.
The second package of supports. introduced in April, further cut the tax on fuel bringing the total reduction in diesel to 32 cent per litre, 27 cent per litre for petrol and 7.4 cent per litre of green diesel.
The scheduled increase in carbon tax has been delayed to later in the year, and support schemes targeted at the agricultural and transportation sectors have been introduced: the Road Transporters Support Scheme will provide direct payments to haulage and coach operators, while the Fuel Subsidy Support Scheme will assist farmers, agricultural contractors and fishers.
We have shown that we are ready to intervene and provide support when appropriate, but we have also been clear that the best way to provide support is through permanent, targeted measures introduced as part of the annual budgetary process, instead of repeated in-year 'fiscal events'.
Running surpluses has given us the scope to respond flexibly and decisively to the energy price shock. It is essential that we keep our public finances on a sustainable path so that we retain the fiscal resources to respond as needed to future shocks.
The expenditure ceiling this year has been revised upward: this was in part to fund the temporary energy price supports, and partly to address pressures in the education sector.
Ireland’s Medium-Term Fiscal & Structural Plan was designed to give us the flexibility to adapt to changing circumstances: however, I am committed to maintaining an approach to overall budgetary policy that remains sustainable over the medium-term.
That is why Minister Chambers and I have made clear that next year’s expenditure ceiling will remain fixed at €125.5 billion.
Departmental Policies
Ceisteanna (36)
Barry Heneghan
Ceist:36. Deputy Barry Heneghan asked the Tánaiste and Minister for Finance whether the proposed Investment Account framework due to be introduced in 2026 will include provisions to support investment by retail investors in indigenous Irish SMEs and startup companies; whether specific incentives are being considered to encourage long term investment in Irish businesses through such accounts; and if he will make a statement on the matter. [48282/26]
Amharc ar fhreagraFreagraí scríofa
One of the aims of the Savings and Investments Union is to create better financial opportunities across the EU, providing people with more opportunities to invest and provide for their current and future prosperity. In September 2025, the European Commission adopted a Recommendation on increasing the availability of Savings and Investment Accounts (SIAs) in Member States and this included an outline of their key characteristics.
Ireland still does not have a sufficiently diversified savings and investment culture. Too much of people’s hard-earned savings remains in low-yield deposits, where inflation can erode value over time. Deposit accounts are right for many people and for many needs. But they should not be the only practical option. Investment in capital markets can offer households another path to long-term financial wellbeing, while also supporting growth and competitiveness in the wider economy.
The tax treatment of retail investments was considered as part of a broader review into the funds and asset management sector in Ireland, which culminated in the ‘Funds Sector 2030’ report that was published in October 2024.
In recognition of the importance of encouraging retail investment, Budget 2026 provided for a reduction in the rate of taxation on returns from Irish and equivalent investment funds and Irish and certain foreign life assurance policies from 41% to 38% which took effect from 1 January 2026.
In addition, Budget 2026 also included a commitment to publish a roadmap in 2026, setting out the intended approach to simplify and adapt the tax framework to encourage retail investment in future Finance Bills. The roadmap, which will be published in the coming months, will take into consideration developments at EU level in respect of the Savings and Investments Union, including the Recommendation on SIAs and continue to draw upon best practice in other countries who operate successful savings accounts.
At the recent Savings and Investment Forum, I announced the Government’s intention to introduce the legislative framework for an Investment Account in 2026. We want to make investing simpler, clearer, and more accessible for ordinary people, and help their hard-earned money work harder for them over time.
The aim is to legislate for the framework in 2026 and to allow accounts to be offered from 2027. The account will be designed as a simple, one-stop option for individuals. It will also be a key part of a broader rethink of the taxation of retail investment. The Government’s view that the account should be simple, accessible, tax efficient, easy to administer, transparent on fees and portable across borders where possible.
In terms of designing the model that best fits the Irish economy and the needs of Irish households, the views of relevant experts are being considered as well as learning from best international practices. Many countries which have implemented similar schemes have reported that investors tend to have a home bias in terms of their investment choices.
Officials in my Department are currently developing policy options regarding the investment account framework which will form part of the deliberations for Budget 2027 over the coming months.
Tax Collection
Ceisteanna (37)
Joe Neville
Ceist:37. Deputy Joe Neville asked the Tánaiste and Minister for Finance the estimated cost of reducing investment undertaking tax on retail investment gains to align with capital gains tax; and if he will make a statement on the matter. [48236/26]
Amharc ar fhreagraFreagraí scríofa
Irish resident investors investing through investment funds and life assurance policies are subject to tax through the gross roll-up regime. Under the gross roll-up regime, no annual tax on income or gains arising to a fund is charged but the fund is responsible for deducting Investment Undertaking Tax (IUT) on the triggering of a chargeable event. Generally, chargeable events occur when value passes from the fund to the investor or on a deemed disposal every 8 years.
Budget 2026 introduced a reduction in the taxation rate that applies to Irish and equivalent offshore funds and Irish and certain foreign life assurance products, from 41 per cent to 38 per cent.
Capital Gains Tax (CGT) is chargeable on a gain arising on the disposal of an asset, including a directly held share, at the rate of 33 per cent. The first €1,270 of chargeable gains of an individual, in any year, are exempt from CGT.
I am advised by Revenue, that IUT is withheld by investment funds and paid over to Revenue. These funds can contain retail investors or institutional investors or a mix of both. The make-up of investor types within the funds is not required to be reported to Revenue, therefore it is not possible to isolate the amount of IUT associated with retail investors only and as a result it is not possible to estimate a cost of reducing investment undertaking tax from 38 per cent to 33 per cent for retail investors.
Question No. 38 answered with Question No. 35.
Vacant Properties
Ceisteanna (39, 51)
Barry Ward
Ceist:39. Deputy Barry Ward asked the Tánaiste and Minister for Finance the number of properties currently liable for the vacant homes tax, broken down by local authority area; the revenue generated to date; and if he will make a statement on the matter. [48264/26]
Amharc ar fhreagra
Noel McCarthy
Ceist:51. Deputy Noel McCarthy asked the Tánaiste and Minister for Finance the total revenue raised through the vacant homes tax in each respective year from 2023 to 2025 inclusive and to date in 2026; the number of residential properties to which the tax applied during this period; and if he will make a statement on the matter. [48270/26]
Amharc ar fhreagraFreagraí scríofa
I propose to take Questions Nos. 39 and 51 together.
I am advised by Revenue that the chargeable period for the Vacant Homes Tax (“VHT”) is November to October. I am further advised that the latest available chargeable period for which the requested statistics are available is November 2024 to October 2025.
The table below outlines, for each chargeable period, the number of properties liable for VHT. The data is taken from Revenue’s Property Tax Statistics reports which are available on the Revenue website at: www.revenue.ie/en/corporate/information-about-revenue/statistics/property-taxes/yearly-stats/2026/index.aspx.
VHT returns are open to amendment by the filer and as such the underlying numbers may fluctuate. The information provided in the table is provisional and may be revised.
|
Chargeable Period |
1 |
2 |
3 |
|
Dates |
November 2022 to October 2023 |
November 2023 to October 2024 |
November 2024 to October 2025 |
|
Properties liable for Vacant Homes Tax |
3,932 |
2,301 |
1,454 |
The table below presents net collections for the calendar year for VHT from 2023 to 2025 and presents the net collections for VHT to June 2026.
|
Year |
2023 |
2024 |
2025 |
Jan – June 2026 |
|
Net collections (€M) |
1.15 |
2.36 |
2.05 |
1.25 |
Revenue have advised that it was not possible to provide the number of properties liable for VHT for the November 2024 to October 2025 chargeable period, broken down by Local Authority, within the time provided. This data will be provided to Deputy Ward directly by Revenue as soon as possible.
Tax Credits
Ceisteanna (40)
Erin McGreehan
Ceist:40. Deputy Erin McGreehan asked the Tánaiste and Minister for Finance if he is exploring the potential of a tax credit for childcare; and if he will make a statement on the matter. [48386/26]
Amharc ar fhreagraFreagraí scríofa
The Government acknowledges the cost pressures on families and parents with young children and the cost of childcare. In recognition of these pressures, several support measures are already in place to ease the burden on working parents. Budget 2026 allocated €1.48 billion to Early Learning and Childcare, an increase of €125 million, including €594 million for the national childcare scheme and €480 million for core funding.
The following tax measures are provided to assist with offsetting the costs of early learning and childcare:
• The Accelerated Capital Allowances scheme for Childcare Services encourages employers to develop childcare facilities onsite for their employees. It allows for 100 per cent wear and tear allowances in respect of the capital expenditure incurred on childcare equipment for the year in which the equipment is first used. An accelerated industrial buildings annual allowance of 15 per cent over 6 years and 10 per cent in year 7 can also be claimed for capital expenditure incurred on the construction of a childcare services facility.
• Individuals who provide child-minding services in their own home may claim childcare services relief each year, provided that they do not receive more than €15,000 income per annum from the child-minding income.
A Single Person Child Carer tax credit of €1,900 is available as well as an additional standard rate band of €4,000. Subject to meeting the relevant conditions, this credit and increased rate band is payable to a single person with a child under 18 years of age or if over 18 years of age in full time education or permanently incapacitated. The primary claimant may relinquish this credit and increase in the rate band to a secondary claimant with whom the child resides for not less than 100 days in the year.
As with all taxation matters, these measures kept under review as part of the budgetary process.
Tax Reliefs
Ceisteanna (41)
Catherine Callaghan
Ceist:41. Deputy Catherine Callaghan asked the Tánaiste and Minister for Finance if he will introduce a ‘work more, keep more’ model to reduce tax on overtime as part of Budget 2027, in the spirit of making work pay; and if he will make a statement on the matter. [48307/26]
Amharc ar fhreagraFreagraí scríofa
It is a general principle of taxation that, as far as possible, income from all sources should be subject to taxation.
Ireland has a progressive income tax system which is structured such that the more income you earn, the more tax you pay. As a person’s income increases, they move up through the various rates and bands and, as a result, while the levels of take-home pay increase overall, the amount of tax they pay also increases. The introduction of a rate of taxation on overtime that differs to the rate of taxation on other income could lead to unintended consequences such as negative behavioural changes and also tax avoidance issues.
The ‘Programme for Government 2025: Securing Ireland’s Future’, contains specific undertakings with regard to personal taxation, it commits to “implementing progressive changes in taxation if the economy remains strong, including indexing credits and bands to prevent an increase in the real burden of Income Tax while in the event of an economic downturn and unexpected deterioration in the public finances we would postpone changes to Income Tax credits or bands, as we did in Budget 2021”.
As the Deputy will be aware, to ease the burden facing average and middle-income earners, over successive Budgets the previous Government substantially increased the entry point to the higher rate of income tax for all earners by €8,700 or c. 25 per cent. The main tax credits have also been increased by €350, or c. 21 per cent. In line with the Government policy of ensuring full-time workers on the minimum wage remain outside the charge to the top rates of USC the ceiling of the 2 per cent USC rate band was increased by €6,898, or 34 per cent, from 2020 to 2025. Budgets 2024 and 2025 also cumulatively reduced the 4.5 per cent rate of USC to 3 per cent.
Finally, as the Deputy will appreciate, decisions regarding taxation measures are made in the context of the annual Budget and Finance Bill processes, at the appropriate time, and having regard to the sound management of the public finances.
Question No. 42 answered with Question No. 17.
EU Budgets
Ceisteanna (43)
Cathy Bennett
Ceist:43. Deputy Cathy Bennett asked the Tánaiste and Minister for Finance the amount Ireland contributed to and received from the EU MFF in the years 2020 and 2025; and the projected amounts for 2027 and 2030. [48257/26]
Amharc ar fhreagraFreagraí scríofa
The Deputy may recall that Ireland was a significant net beneficiary from the EU budget since accession in 1973, until 2013 when we became a net contributor, reflecting our economic transformation over fifty years of membership. We recognise the value the budget brings to our people, our civil society, and our businesses, and not least the broader gains that have arisen from Ireland’s EU membership such as the access to single market, which makes it easier for Irish businesses to trade in European markets.
My Department collects data on Ireland’s EU Budget receipts from the relevant Government Departments for publication in the EU Transactions Reports.
Ireland received of the order €1.9 billion, €2.4 billion, €2 billion and €1.7 billion from the EU budget over 2020 to 2023 respectively. These figures include areas such as agriculture, cohesion and Erasmus+.
They do not include funds directly managed by the European Commission and can differ from figures published by the Commission due to differences in accounting practices.
Data on receipts for 2024 collected from Departments, will be published in due course.
My Department does not forecast Ireland's expected EU budget receipts for future years, which depend on a range of factors, including the status and speed of domestic project implementation, and the timing of individual Department's payment requests to the European Commission.
Ireland contributed €2.6 billion, €3.5 billion, €3.6 billion, €3.7 billion, €3.4 billion and €3.5 billion to the EU budget over 2020 to 2025 respectively.
With regard to projected contributions, my Department’s most recent forecast was prepared for Budget 2026, for the remaining years of the current Multiannual Financial Framework period, which ends in 2027. My officials will continue to work on revising these forecasts as the MFF period progresses. The projected contributions for the remaining two years are €4.4 billion in 2026 and €5.0 billion in 2027. This increase is linked to several factors, including the size of the annual EU budget and Ireland’s strong economic performance.
Negotiations are ongoing at EU-level since July last year on the Commission’s proposal for the next MFF covering 2028 to 2034. Ireland’s EU budget contributions for the years 2028 to 2030 will depend on the results of those negotiations: namely, the volume of the agreed budget for the years in question, and any changes to the EU budget’s revenue system.
Defective Building Materials
Ceisteanna (44)
Joe Cooney
Ceist:44. Deputy Joe Cooney asked the Tánaiste and Minister for Finance if he will consider waiving VAT from rebuilds under the defective concrete block remediation scheme; to outline any mechanism available to him to compensate homeowners for the VAT portion of the costs incurred; and if he will make a statement on the matter. [48246/26]
Amharc ar fhreagraFreagraí scríofa
The VAT rating of goods and services is subject to EU VAT law, with which Irish VAT law is obliged to comply. In general, the VAT Directive provides that all goods and services are liable to VAT at the standard rate unless they fall within the categories listed in Annex III of the Directive, in respect of which Member States may apply a lower rate. The Directive also allows for a Member State’s historic VAT treatment to be maintained under certain strict conditions.
On this basis, Ireland has for many years continued to apply its reduced rate, currently 13.5 per cent, to all construction services.
It is not possible under EU VAT law to waive VAT in relation to rebuilds under the defective concrete block remediation scheme. It is also not possible to provide a VAT rebate for this portion of cost.
As the Deputy will be aware, when first introduced the defective concrete block remediation scheme specified a maximum grant amount of €420,000 that a homeowner can receive under the Scheme. This amount was increased by Government Order in October 2024 (S.I. 577 of 2024) by 10 per cent to €462,000.
Departmental Reviews
Ceisteanna (45)
Emer Currie
Ceist:45. Deputy Emer Currie asked the Tánaiste and Minister for Finance to provide an update on his review of the taxation of retail investment with a view to ensuring that existing investors are included in future tax measures; and if he will make a statement on the matter. [47672/26]
Amharc ar fhreagraFreagraí scríofa
I am committed to taking the necessary action to support retail investment in Ireland. Budget 2026 introduced a reduction in the taxation rate that applies to Irish and equivalent offshore funds and Irish and certain foreign life assurance products, from 41 per cent to 38 per cent.
Budget 2026 also included a commitment to publish a roadmap for the taxation of retail investment, setting out an approach to simplify and adapt the tax framework to further support retail investment while retaining necessary and important anti-avoidance protections, in a proportionate manner. The roadmap will take the Commissions Savings and Investment Account recommendation, and the Funds Review into consideration. The roadmap is expected to be published in summer 2026.
As I announced at the first annual Savings and Investment Forum, on 31 March, another key aspect of the roadmap is the development of a new investment account that aims to reduce the complexities related to retail investment taxation and which allow individuals to grow their savings more efficiently. The key guiding principles underlying the design of the new investment account are simplicity for the investor, a beneficial tax treatment for a range of investments, preserving individual funding of pensions and a focus on encouraging new retail investors.
Revenue Commissioners
Ceisteanna (46, 53)
Grace Boland
Ceist:46. Deputy Grace Boland asked the Tánaiste and Minister for Finance the steps the Revenue Commissioners has taken to ensure that those without internet access or digital skills can continue to engage fully with the tax system; if he will report on waiting times and accessibility of telephone and postal supports; and if he will make a statement on the matter. [47683/26]
Amharc ar fhreagraGrace Boland
Ceist:53. Deputy Grace Boland asked the Tánaiste and Minister for Finance the way in which the Revenue Commissioners ensure there is equitable access to its services for individuals who cannot access digital platforms, in particular older people; whether any impact assessments have been carried out on digital exclusion; and if he will make a statement on the matter. [47682/26]
Amharc ar fhreagraFreagraí scríofa
I propose to take Questions Nos. 46 and 53 together.
I am advised by Revenue that it is committed to ensuring equitable access to its services for all taxpayers, including those who cannot engage with digital platforms. Revenue operates to a published Customer Charter which details this commitment, setting expectations for timeliness, fairness, and quality across all customer interactions. I am further advised that Revenue recognises that barriers to digital engagement can arise from a wide range of circumstances, including age, low digital literacy, limited access to technology, disability, language, and other personal or socioeconomic factors.
Revenue’s PAYE phone service operates from 9:30am to 1:30pm, Monday to Friday, to allocate resources efficiently across online, postal and phone channels in line with the volume of submissions received. Revenue also provides a dedicated phoneline to assist customers with inquiries relating to Local Property Tax and extended the hours of this service during the re-evaluation period in November 2025.
The average call waiting time on Revenue’s telephone service during the period September 2024 to May 2026 was 5 minutes and 18 seconds, which compares favourably given the scale of demand placed on the service.
However, Revenue recognises that call wait times can increase during peak periods. To mitigate this, Revenue operates a callback facility on the PAYE helpline. Customers who prefer not to remain on hold can request a callback. The customer’s position in the queue is preserved, and when their turn is reached, Revenue returns the call within 20 minutes. This measure helps prevent excessive wait times during peak times. During 2025, approximately 27 per cent of PAYE helpline calls were managed through this callback facility.
A form ordering service is available to customers who do not wish to engage with digital platforms and whose preference is file paper returns. In such cases, the customer may request paper PAYE Income Tax Returns via a 24-hour automated number on 01 738 3675 or by email at custform@revenue.ie. Further details on this service are available on the Revenue website.
Revenue also offers a range of appointment services to customers to complement its extensive telephone and postal service, which for the most part removes any requirement to attend public offices. In-person appointments are currently available at several Revenue Offices around the country, including Cork, Dublin, Galway and Limerick. Customers can schedule an appointment at a time that is convenient for them.
Virtual appointments are provided nationally which allow taxpayers, accompanied by a trusted friend or family member if they so wish, to speak to a Revenue officer via a video call, through an internet-enabled smart device. Virtual appointments can be conducted from the taxpayer’s home, removing the need for them to attend a Revenue office. The appointments are conducted on Microsoft (MS) Teams and once an appointment is scheduled, Revenue will send a MS Teams meeting link which allows customers to attend this appointment virtually.
Taxpayers without access to an internet connection or a smart device can arrange for a “RevConnect” in-office virtual appointment. RevConnect is a service that allows taxpayers to attend a designated Revenue office and using Revenue equipment, speak to a Revenue official regarding their query. These virtual appointments can be made between 09:30am and 4pm Monday to Friday. The service is currently available from selected Revenue offices around the country including Castlebar, Dundalk, Letterkenny, Tralee and Waterford and it is anticipated the service will be expanded to additional locations.
In-person and virtual appointments can be arranged by calling Revenue’s National Appointments Service on (01) 738 3660, Monday to Friday between 09.30 and 13.30.
In addition to the above, Revenue recently hosted a series of information sessions from 19 May to 4 June 2026, to assist those over 65. The "All you need to know about tax" event information sessions were held in Dublin, Kilkenny and Limerick and it is intended that further similar events will be scheduled in future. The aim of these events is to enhance the supports available to older taxpayers in meeting their tax obligations, to promote awareness of Revenue's online services and the ease with which they can be used, and to reduce the compliance burden on this group of taxpayers. Further details on dates, locations, and how to register will be available on the Revenue website.
In quarter four of 2025 Revenue in conjunction with local Councils across the country launched a dedicated “Age Friendly” email service to assist taxpayers in applying for grant applications. This service has been well received by all stakeholders since its inception.
Separately, for persons with a disability or requiring additional assistance, Revenue has appointed Access Officers across its main Divisions. Access Officers provide guidance to customers requiring additional assistance. Further details on Revenue’s Access Officer service are available on Revenue's website.
I am advised that whilst Revenue has not carried out a specific impact assessment on digital exclusion, it does monitor demand for non-digital services on an ongoing basis and reviews the accessibility of its services as part of its broader customer service planning. As part of its Public Sector Duty Action Plan, Revenue has engaged with key stakeholders and advocacy groups representing people at risk of digital exclusion. It also publishes dedicated accessibility statements and action plans to ensure its services and digital platforms are inclusive. Revenue has assured me that it will continue to monitor demand for non-digital services to support taxpayers in meeting their obligations and to claim entitlements.
National Treasury Management Agency
Ceisteanna (47)
Cian O'Callaghan
Ceist:47. Deputy Cian O'Callaghan asked the Tánaiste and Minister for Finance if he will take action to ensure the NTMA divest from all ISIF global portfolio investments in companies on the UN Human Rights Council database of business enterprises; and if he will make a statement on the matter. [48193/26]
Amharc ar fhreagraFreagraí scríofa
In replying to the Deputy’s question, I want to restate the Government's clear opposition to illegal Israeli settlements, which are contrary to international law and damaging to the pursuit of peace in the Middle East.
Ireland has demonstrated its support of the Palestinian people and taken practical steps at national, EU and international levels. On 13 January, Minister McEntee announced that Ireland will provide €42 million in assistance to the people of Palestine in 2026, including €20 million in core funding to support the work of UNRWA in providing vital services to Palestinian refugees in Gaza and the West Bank, and across the region. Ireland has provided over €122 million in support to the people of Palestine since January 2023. This includes €68 million to UNRWA of which €10 million was provided in January 2026.
The Deputy is referring to the established UN Human Rights Council Database (the UN Database) identifying businesses involved in specific activities which was first issued in 2020, updated in June 2023 and most recently updated to include 158 companies in September 2025 as mandated by the UN Human Rights Council.
It is important to say that ISIF has complete independence in implementing its investment strategy under the NTMA Acts through an investment committee that reports to the NTMA's board.
I met with the NTMA earlier this year and was assured that ISIF will continue to monitor its holdings to ensure that investments remain aligned with its risk profile and investment parameters. ISIF does not comment on individual investments.
Legislation underpinning ISIF, reflects a commitment to be a responsible investor as steward of public assets by protecting and enhancing both the long-term value of the ISIF and the reputation of NTMA in how it delivers its mandate, as manager and controller of the ISIF.
ISIF has already taken an investment decision to divest from six companies, all of which remain on the updated UN Database, with a total value at the time of the divestment decision of approximately €2.95m. The six companies were Bank Hapoalim BM; Bank Leumi-le Israel BM; Israel Discount Bank Ltd; Mizrahi Tefahot Bank Ltd; First International Bank Ltd and Rami Levi Chain Stores Ltd.
It is important to state that the type of companies on the UN database where ISIF still has holdings are ones that operate all over the world and that ISIF's investment in them represents a very small proportion of its overall investments.
Unfortunately, divestment from these companies does not mean that they would stop deriving income from activities in the OPT.
The NTMA also divested from directly held Sovereign bond holdings within the Global Portfolio across Egypt, Israel, and Jordan in July 2025.
As I have outlined already, ISIF has, to date, completed several divestment programmes and excluded investments from the Fund. Exclusion is used on a limited basis, reflecting exclusions mandated by legislation including the Fossil Fuel Divestment Act 2018 and the Cluster Munitions and Anti-Personnel Mines Act 2008 and, inter alia, exclusions on sustainable investment grounds including Tobacco and Nuclear Weapons.
ISIF will continue to monitor its holdings to ensure that investments remain aligned with its risk profile and investment parameters.
A list of ISIF investments at the end of 2024 is available in the NTMA Annual Report for 2024. The position at end 2025 will be published in the 2025 Annual Report due in the coming weeks.
National Economic Dialogue
Ceisteanna (48)
Naoise Ó Muirí
Ceist:48. Deputy Naoise Ó Muirí asked the Tánaiste and Minister for Finance if he will outline the output of the decarbonisation, energy, agriculture and sustainability session at the 2026 National Economic Dialogue; and if he will make a statement on the matter. [48189/26]
Amharc ar fhreagraFreagraí scríofa
The 2026 National Economic Dialogue (NED) took place at Dublin Castle on Monday 15 June, with an overarching theme of “Reforming now for a secure future: Putting Future Forty into practice”.
The Dialogue is an important element of the Government’s budgetary framework. The Government is committed to a genuine, two-way dialogue, and the NED provides a deliberative forum for participants to engage in an open and inclusive exchange on the competing economic and social goals of the Government.
The NED is the principal institutional forum for wider public consultation and discussion on our future budgetary trajectory. It is important to note that while the NED is not intended to produce specific budget proposals or recommendations, the Government will reflect on the themes and ideas which emerged in preparing for Budget 2027.
The NED was an opportunity to consider how to make best use of the available resources in the interests of all citizens through a frank and open debate. For 2026, my Department, alongside officials from the Department of Public Expenditure, Infrastructure, Public Service Reform and Digitalisation selected key themes to focus on, namely:
Finance
Reform and Delivery
Social Protection
Housing & Skills
Competitiveness & Trade
Agriculture & Climate
Disability
Each of these themes were addressed in a closed breakout session that was chaired by Government Ministers and informed by a third party rapporteur. In the case of the session on Decarbonisation, Energy, Agriculture and Sustainability: Transitioning to a Lower Carbon Economy, both the Minister for Climate, Energy and the Environment and Minister for Transport Darragh O’Brien and Minister of State at the Department of Agriculture, Food and the Marine, Noel Grealish co-chaired the discussion. The attendees at this session were a broad cross section of the leading representatives from the Farming and Climate sector along with delegates from the Unions and large lobbying groups. The discussion was informed by a paper developed by officials from my Department and this, along with the papers for the other sessions, is available on Gov.ie.
Maeve Dineen from the Central Bank Commission was the rapporteur for the Climate and Agriculture breakout and shared some of the key findings with all the delegates at the afternoon plenary session. A recording of this panel discussion with each of the rapporteurs from each breakout and the question and answer session between delegates and myself and Minister Chambers will be available on Gov.ie shortly.
The Chair of this years' National Economic Dialogue, Professor Orla Doyle, will draft a Chair's Summary of the proceedings and this will be published on Gov.ie in the coming weeks. The publication will also include a summary report of each of the seven breakout sessions.
Tax Collection
Ceisteanna (49)
Richard Boyd Barrett
Ceist:49. Deputy Richard Boyd Barrett asked the Tánaiste and Minister for Finance if he is considering an introduction of a wealth tax for Irish millionaires and billionaires to broaden the tax base and fund critical infrastructure projects and services; and if he will make a statement on the matter. [48319/26]
Amharc ar fhreagraFreagraí scríofa
As the Deputy will be aware, wealth is already taxed in a number of ways in Ireland. These include Capital Gains Tax, Capital Acquisitions Tax and Local Property Tax. Stamp Duty also acts as a tax on wealth, including that charged on the acquisition of the shares, stocks and marketable securities of Irish registered companies, and on the acquisition of property both residential and non-residential.
The revenue raised from a wealth tax, regardless of the form it takes, may not be additional to that raised by the existing forms of wealth taxation, as the revenues from those taxes could be impacted by the introduction of a wealth tax.
In looking at the question of wealth taxes, the Commission on Taxation & Welfare's 2022 report identified challenges that would impede the implementation of a wealth tax. Their conclusion was that a new tax on net wealth should not be introduced without first attempting to substantially amend Ireland’s existing taxes on capital and wealth. The Commission argued that, as an alternative to introducing a new tax on wealth, CGT and CAT could be re-examined. These are existing taxes on wealth that have well-established, but distinct, bases and are well-understood in their operation.
A 2024 report by the Parliamentary Budget Office titled ‘An Overview of Taxes on Wealth in Ireland’ noted, amongst other things, that a specific wealth tax risks an increased concentration of overall tax receipts on a relatively small proportion of taxpayers. It proposed base-broadening measures to increase the number of taxpayers and to diversify revenue sources.
It is important to note that Ireland has one of the most progressive taxation systems and social transfers of any EU or OECD country, which contributes to the redistribution of income and to the reduction of income inequality.
In 2016, my Department worked with the ESRI to conduct a research project into the distribution of wealth in Ireland and the potential implications of a wealth tax. Recognising the passage of time that has elapsed since this research project was undertaken, my Department and the ESRI are currently conducting analysis under its Joint Research Programme of the potential impact of a tax on household wealth in Ireland. This will include scenario and distributional analysis under a range of wealth tax scenarios.
It is expected that a draft paper will be completed before the end of the year and so I do not plan on introducing a wealth tax in Budget 2027.
Cost of Living Issues
Ceisteanna (50)
Martin Daly
Ceist:50. Deputy Martin Daly asked the Tánaiste and Minister for Finance the assessment that has been carried out of the impact of Government cost-of-living measures on grocery inflation and everyday household spending, particularly in rural constituencies where transport, fuel and food costs place disproportionate pressure on families; and if he will make a statement on the matter. [40744/26]
Amharc ar fhreagraFreagraí scríofa
Government is aware that higher prices have placed very real pressures on households and businesses across the country. The Government’s role is to mitigate the impact on those households and sectors least able to absorb price changes. This is reflected in the substantial package of €750 million that we have put in place to support households and businesses.
This package of policy measures has included:
• Reducing the excise duty on diesel by a total of 32 cent per litre, on petrol by 27 cent per litre and on green diesel by 7.4 cents per litre.
• Delaying the scheduled May increase in carbon tax until later in the year.
• Introducing targeted schemes for the farming, fisheries and road transport sectors.
• Extending the Fuel Allowance season, which directly benefits a wide range of cohorts, including pensioners, lone parents, people with disabilities, carers and long-term jobseekers in the lowest income households.
Regarding the impact of these measures, those reducing the price of fuels are estimated by my Department to directly reduce the annual rate of inflation by c. ½ percentage point. This estimate is based on the weights for fuel products used in the Harmonised Index of Consumer Prices by the Central Statistics Office (CSO). These weights are representative of the spending of all households and are updated annually by the CSO. Where fuel products make up a higher proportion of households’ spending, the impact of these measures will be greater.
This estimate does not take into account the indirect second-round effects of the supports for key industries such as agriculture, haulage and transport. It is expected that these supports will further lessen the impact of higher energy prices on consumer prices for other everyday goods and services, such as groceries.
Question No. 51 answered with Question No. 39.
Question No. 52 answered with Question No. 35.
Question No. 53 answered with Question No. 46.
Artificial Intelligence
Ceisteanna (54)
Barry Heneghan
Ceist:54. Deputy Barry Heneghan asked the Tánaiste and Minister for Finance whether his Department intends to undertake specific modelling of the potential impact of artificial intelligence and automation on corporation tax receipts, particularly in sectors identified by his Department as having high exposure to artificial intelligence, including the financial services and information and communications sectors; the timeline for any such assessment; and if he will make a statement on the matter. [48281/26]
Amharc ar fhreagraFreagraí scríofa
My Department has been active in assessing the emerging impacts of AI on the Irish labour market, household income, and income tax revenues through cross-departmental research.
This research has found that Ireland’s labour market is marginally more exposed to AI than the advanced economy average and has identified sectors such as ‘Financial and Insurance’ and ‘Information and Communication’ as the most exposed. Further analysis by the Department has found that ‘AI exposed’ sectors have experienced weaker employment growth since 2023 than less exposed sectors, with the effects most pronounced among younger workers.
Joint research published this year by the Department and the ESRI found that AI adoption could lead to increases or decreases in income tax revenue in the short-term, depending on the potential balance between job displacement and productivity-driven wage increases.
The Department forecasts corporation tax receipts based on macroeconomic projections for corporate profitability, supplemented by advice on other factors that can impact on the yield e.g. once-off payments, sector specific factors, and the (potential) outcome of cross-border tax disputes.
The development and adoption of Artificial Intelligence (AI) is rapidly evolving and its long-term impacts on Ireland’s labour market, corporate profitability, and overall productivity remain highly uncertain. As such, the effectiveness of directly modelling the impacts of AI adoption on corporate profitability would be limited.
That said, the exposure of our public finances to volatile corporation tax receipts remains a key risk. In recognition of this, the Government has adopted a fiscal strategy based on three pillars of sustainability, resilience and readiness, as outlined in the Medium-term Fiscal and Structural plan. As part of that strategy, we are setting aside a portion of these potentially transitory revenues in the Future Ireland Fund to prepare for future challenges.
At the same time, AI presents significant opportunities to enhance productivity and strengthen our competitiveness. Our new National Digital and AI Strategy, published in February 2026, sets out a whole-of-Government approach to drive the adoption of trustworthy, person-centred AI for our collective good. That means equipping our workforce with cutting edge skills, strengthening digital literacy and public trust, and helping workers navigate potential job displacement through agile and accessible upskilling and reskilling opportunities.