Oireachtas Joint and Select Committees
Thursday, 8 March 2018
Public Accounts Committee
2016 Annual Report of the Comptroller and Auditor General and Appropriation Accounts
Chapter 8: Central Government Funding of Local Authorities
Local Government Fund Financial Statement 2016
Special Report No. 97 of the Comptroller and Auditor General on the Administration and Collection of Motor Taxes
9:00 am
Mr. Tim Scully:
I wish to clarify. A quarterly payment represents 28% of the annual cost. However, it would be 25% of the annual cost in any event, that is, a quarter of a year's payment. The margin for paying quarterly instead of annually is only 3%, not 28%. If tax is levied for a quarter, that equates to 25% of a yearly liability of €1,000, or €250. The actual cost of a quarterly payment is 28.25%. The extra expense is a margin of 3.25%, not 28%.
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