Written answers
Tuesday, 14 June 2005
Department of Finance
Tax Yield
9:00 pm
Arthur Morgan (Louth, Sinn Fein)
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Question 321: To ask the Minister for Finance the tax revenue raised by the financial services sector here for the Exchequer in each of the past five years. [19838/05]
Brian Cowen (Laois-Offaly, Fianna Fail)
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I am informed by the Revenue Commissioners that figures for the estimated corporation tax paid in the years 2000 to 2004, inclusive, by banks, their Irish subsidiaries, banking activities in the IFSC, insurance companies and building societies are shown in the following table.
Year | Estimated corporation tax yield from the financial services sector |
â'¬m | |
2000 | 965 |
2001 | 1,080 |
2002 | 1,280 |
2003 | 1,100 |
2004 | 1,300 |
The amounts do not include foreign tax paid by Irish financial institutions in respect of their overseas operations, which is likely to be significant. Specific annual contributions to the Exchequer of €103.2 million in 2003 and €102.8 million in 2004 were also made by certain deposit-taking institutions.
Other taxes remitted by the banking sector such as PAYE, DIRT on deposit interest and stamp duties on credit cards, ATM cards and cheques are not included in the figures given, since the tax liability is not on the banks themselves.
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