A ‘rich tax’ brought in to encourage tax exiles to pay their fair share has been branded “totally ineffective”- after figures revealed that just five people have paid it this year.
The Domicile Levy was introduced by Brian Lenihan in his Budget for 2010 to target wealthy Irish tax exiles who earn more than €1 million a year and also have assets of over €5 million in Ireland. The move required the exiles to pay a levy of €200,000 per year, regardless of where they are tax resident.
However figures obtained by Labour TD Gerald Nash show that just €880,000 has been brought in by the tax, and that just five exiles have so far paid it this year.
Nash described the domicile levy was “mere window dressing” and said that it had proven “totally ineffective”.
It is sickening to see vastly wealthy tax exiles turning up at ego boosting charity events dispensing their largesse like colonial overseers whilst refusing to pay tax like ordinary citizens. I would urge the Minister to address this and introduce a levy with real bite.
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