Progress Update: Responses to the Public Consultation December 2023
193 submissions - 140 of them from individuals.
193 submissions - 140 of them from individuals.
Funds Sector 2030: A Framework for Open, Resilient & Developing Markets
- Thread starter GSheehy
- Start date
Got the followng email today from the Department of Finance Consultation Portal
Dear XYZ,
The Funds Review Team would like to thank you for your submission to the public consultation held between June and September last year. We also wish to draw your attention to a "Progress Update" which was published by the Department of Finance just before Christmas:
The Review Team would like to reiterate our appreciation for the constructive engagement to date - both through the public consultation and in other fora.
Kind regards,
Funds Review Team
Dear XYZ,
The Funds Review Team would like to thank you for your submission to the public consultation held between June and September last year. We also wish to draw your attention to a "Progress Update" which was published by the Department of Finance just before Christmas:
- Press Release - https://www.gov.ie/en/press-release...-update-on-review-of-funds-sector-in-ireland/
- Funds Sector 2030: A Framework for Open, Resilient & Developing Markets: Progress Update - https://www.gov.ie/en/publication/2...-update-responses-to-the-public-consultation/
- an examination of the taxation regime for funds, life assurance policies and other related investment products, with the goal of simplification and harmonisation where possible; and to do so with a net revenue-raising or neutral mandate;
- an examination of the regimes for Real Estate Investment Trusts (REITs) the Irish Real Estate Funds (IREFs) and their role in the property sector, including how they support housing policy objectives; and
- the use and scope of the Section 110 regime, both in the context of the property sector and more generally so as to ensure that the regime is fit for purpose and meeting agreed policy objectives.
The Review Team would like to reiterate our appreciation for the constructive engagement to date - both through the public consultation and in other fora.
Kind regards,
Funds Review Team
Duke of Marmalade
Registered User
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The Society Of Actuaries in Ireland have made their submission on the tax treatment - attached.
The Exec summary is below:
The Exec summary is below:
SO with a bit of luck a report will be produced by 3rd or 4th quarter 2024. The Minister of Finance will sit on it for a few months, then there will be an election and the new government will confine the report to the shelf "To be binned"
The process will restart and a further report will be prepared for publication in 2028/29 or 2030 - long finger!
IMHO a complete waste of time and effort
Reported on in the IT today, wouldn't get your hopes up too much...
"We’re open to any good suggestions that are reasonable. [But] they’ll all have to be taken into the context of the budget.”
Government considers incentives to help Dublin stock exchange after loss of big hitters
Financial services minister Neale Richmond has warned Britain it will not get ‘free pass’ on Brexit rules if Labour wins the UK election
but still the government have been talking alot lately about this topic whether it is the taxation of ETFs, and that 150 billion euros is just sitting in bank accounts earning nothing, this is a big anomoly in comparison to UK and Europe. Also the fact that the irish stock exchange is losing credibility with big name exits, they need to get some of this 150 billion invested in stocks. In the 1990s the irish stock exchange had lots of start ups and technology companies, now all it has is a few banks (much smaller than now ) and a few food companies and builders, it really has gone backwards.
Another factor is the shift to the right by the government in last 2 months in order to win back their middle class voters, this proved very successful in the recent elections so I expect they will be doing more of this, helping the people that are going to work everyday paying taxes
Wouldn't disagree with anything you've said. Cumulative inflation since the start of 2021 is something like 20%. If you'd invested in the S&P500, you'd have easily seen that off (and then some). If you had your money in the bank, you wouldn't. Just like the green agenda, people need to be encouraged / coaxed into investing, otherwise they will be poorer in the long run.
My fear is the DoF don't like giving up tax revenue (however short sighted that may be). I'll be delighted if I'm wrong but given this is a relatively recent development, I think we'll be lucky if they do any more than standardising the tax treatment of financial instruments, so that something like an ETF and an Investment Trust are taxed in the same manner.
For Life Assurance Exit Tax I'd guess a gradual reduction in rate but the stupid levy stays.
It's looking more like taxes on the industry at this stage, with customers caught in middle, and it's as a result of not messing with marginal relief on pensions. Pound of flesh and all that. Okay, that'll sound daft to some of you but all the DoF justifications for penalizing customers of these products, with levy and high rates of tax, are just stupid.
It's looking more like taxes on the industry at this stage, with customers caught in middle, and it's as a result of not messing with marginal relief on pensions. Pound of flesh and all that. Okay, that'll sound daft to some of you but all the DoF justifications for penalizing customers of these products, with levy and high rates of tax, are just stupid.
Much of the 100bn + in bank accounts is being used to finance lending to borrowers.
It is not "idle".
Yes, it is true that there are more deposits than loans, and as a result the three banks themselves deposit the money with the ECB.
But I often worry that some people think that all deposits are somehow idle. They are not.
I know that but it's "idle" from the depositors point of view as earning almost nothing in interest rates with government taking 41% tax off of that , also the banks are required to hold large proportion of government bonds so they get another cheap chunk of finance from depositors. Maybe that's the real reason for exit tax regime, it indirectly leads to money sitting in banks, which is good for banks, good for government and also borrowers .
Yes, many depositors suffer from inertia and don't shop around for better deposit rates.
Does that require public policy intervention? I don't think so.
I do agree that there isn't enough competition in banking.
DIRT is 33%, not 41%.
Why are comm banks required to own large amount of Govt bonds? I never heard of any such requirement.
Does that require public policy intervention? I don't think so.
I do agree that there isn't enough competition in banking.
DIRT is 33%, not 41%.
Why are comm banks required to own large amount of Govt bonds? I never heard of any such requirement.
There was a popular post on Reddit a few weeks ago with the steps for users to email their local TDs about their concerns with deemed disposal. The questions raised by Colm Burke and Michael Lowry is almost word-for-word the same email.
The answer is vague and unsatisfying but at least the message is getting through.
The answer is vague and unsatisfying but at least the message is getting through.
I emailed my local TDs - good to see the message got through, if anything will change who knows.
I still find the humor that in order to best secure my own financial future I have to invest in UK investment trusts and pay stamp duty to the UK - boosting their economy / funding their taxes - instead of our own countries!