LABOUR TD KENNY WELCOMES TAXATION MEASURES THAT WILL SEE INCREASED TAXATION ON WEALTH

Posted on December 7, 2011 3:28 PM   |   Permanent Link   

Dublin North East Labour TD Sean Kenny today welcomed the measures taken in the Budget that will result in individuals with wealth paying more tax.

"I welcome the announcement by Minister Noonan in his Budget speech that the citizenship requirement was being removed from the Domicile Levy scheme."
"By removing this requirement, the base for the levy will be broadened and it will make it more difficult for tax exiles to avoid paying the levy. It applies to those who have Irish assets worth over €5m, and whose worldwide income exceeds €1m."

"Labour in Government will be keeping the issue of the tax treatment of tax exiles under constant review. I understand that the Department of Finance will be bringing forward proposed amendments to the scheme early next year, and a public consultation process on the treatment of tax exiles will be undertaken in 2013."

"I want to also welcome the increase in the rates of Capital Acquisitions Tax and Capital Gains Tax both of which increase from 25% to 30%. The tax-free threshold in respect of Capital Acquisitions Tax will be reduced as part of this, down from over €300,000 to €250,000.

"The reality is that individuals with wealth are being asked to pay more in this budget, and I welcome that. It is true that this Government has had to make hard choices that affect public services, but it is also true that those with wealth will pay more."