Oireachtas Joint and Select Committees
Tuesday, 18 November 2014
Committee on Finance, Public Expenditure and Reform: Select Sub-Committee on Finance
Finance Bill 2014: Committee Stage
8:20 pm
Michael Noonan (Limerick City, Fine Gael)
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Both the contractor and the applicant must go on a Revenue website. As of last week about €200 million worth of work was registered and it consisted of, and this is not quite accurate, somewhere around 4,000 individual jobs. I now have the figures - it was 3,464 contractors and €243 million worth of work, and of course they have to be tax compliant. I am not saying these contractors were not tax compliant before they got into this type of work, but there is an incentive to move into the legitimate economy and be tax compliant. It is working; there is a great deal of activity around. It can be seen not only in the cities but all over the country. The Department has received no complaints about the application process for the scheme, so it seems to be working. The tax relief is deferred, as Deputy Doherty knows, so we will only have a full picture when the tax rebates begin in 2015.