Wider base helps bring wealthy tax exiles into net
Published 07/12/2011 | 05:00
THE Government has moved to tighten up measures to bring tax exiles into the tax net here.
Finance Minister Michael Noonan announced that those who would qualify to pay the annual €200,000 domicile levy would no longer have to be Irish citizens.
Mr Noonan said that by removing this requirement, the base for the levy would be broadened and it would make it more difficult for tax exiles to avoid paying this amount.
"I intend to keep the contentious issue of the tax treatment of tax exiles under constant review," he said yesterday.
His department will be bringing forward proposed amendments early next year. It will also open a public consultation process on the treatment of tax exiles in 2013.
Since 2010, wealthy individuals who were based, or domiciled here or who were Irish citizens, were for the first time required to pay this new levy.
It applies to those who have Irish assets worth over €5m, and whose worldwide income exceeds €1m. The levy was paid on a self-assessment basis.
Last year, the Government collected €1.5m from just 10 individuals.
Irish Independent Supplement