Mary Harney (Dublin Mid West, Progressive Democrats)

The purpose of the resolution is to keep pace with the changes in interest rates in the market over the past 12 months. If an employer gives a loan to an employee at 2% below the market rate, this represents a benefit-in-kind and is taxed accordingly. The purpose of the resolution is to take account of the increase in interest rates and therefore the increase in the benefit to employees during the past 12 months. It is estimated to raise €3 million next year and €4 million in a full year.

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