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In 2011 the European Commission outlined proposals for a Europe wide financial transactions tax (FTT). Since then the proposal has been pursued by ten countries under ‘enhanced cooperation’ procedures with plans evolving to introduce the tax during 2016/2017. To date Ireland has not signed up to adopting a FTT.
This paper estimates the revenue that Ireland would collect from participating in the European FTT. Drawing on data from official sources, it first establishes the size of the FTT tax base for Ireland. Subsequently, the paper estimates a baseline tax revenue and considers the robustness of this estimate using a suite of sensitivity tests.
The paper finds that were Ireland to adopt a FTT, the net revenue yield would be between €320m and €360m per annum.