Doherty welcomes tighter Revenue scrutiny on High Wealth Individuals
Sinn Féin Finance Spokesperson Pearse Doherty TD has welcomed a moved by the Revenue Commissioners to lower to €20m the level of wealth required to enter the Revenue regime for High Wealth Individuals.
Deputy Doherty had proposed such a reduction, down from €50m, in last year’s Finance Bill. The decision was communicated to the Finance Committee today.
The Donegal TD said:
“I warmly welcome this move. In last year Finance’s Bill, I called for the threshold to be set at €10m. Revenue have chosen to set it at €20m, which is an improvement, but I do believe there is scope for further lowering.
“A report of the Comptroller and Auditor General last year showed the Irish threshold for high-worth individuals with assets of over €50 million, indicated ‘a high threshold compared to other jurisdictions’. We can look at international experience and the thresholds applied and see that is very clearly the case. The threshold of €50 million is high. In Spain, the threshold is €10 million; in Britain, it is £10 million, while in Australia, it is the equivalent of €18.5 million.
“I am confident this new threshold will result in extra revenue for the State through greater tax compliance. There is no new tax or tax rate in this move, but it should ensure that the very wealthiest pay their due taxes.”
Note: Revenue Report can be found here : https://www.revenue.ie/en/corporate/documents/research/case-base-review.pdf