The Parliamentary Budget Office (PBO) has published a new report – An Overview of Taxes on Wealth in Ireland. The report provides an overview of taxes on wealth, including property and assets, in Ireland. It outlines existing taxes, their value to the Exchequer, and identifies relevant recommendations from the Commission on Taxation and Welfare.
As tax revenues in Ireland are highly concentrated on income and corporation tax receipts from a relatively small number of taxpayers, the report notes the need to consider broadening the tax base on a greater variety of sources. However, it cautions that as those who pay taxes on wealth are more likely to be high earners, this could lead to increased concentration of overall tax receipts from a relatively small proportion of taxpayers and must be considered within the context of the overall competitiveness of Ireland’s economy.
The report concludes that additional base-broadening measures should be considered by government to increase the number of taxpayers and further diversify revenue sources.
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