Written answers
Thursday, 27 October 2005
Department of Finance
Tax Code
5:00 pm
Paul McGrath (Westmeath, Fine Gael)
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Question 149: To ask the Minister for Finance the estimated cost of reducing the top rate of income tax (details supplied) by one point or two points. [31240/05]
Brian Cowen (Laois-Offaly, Fianna Fail)
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By reference to the 2006 pre-budget ready reckoner prepared by the Revenue Commissioners the full-year costs to the Exchequer of reducing the top rate of income tax by one percentage point and two percentage points are estimated to be €205 million and €415 million, respectively.
These figures are provisional, subject to revision and estimated to the nearest €5 million. The ready reckoner is available on my Department's website, www.finance.gov.ie.
Paul McGrath (Westmeath, Fine Gael)
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Question 150: To ask the Minister for Finance the estimated cost of increasing the single person tax credit of €1,580 by €100, €200, €300 or €400. [31241/05]
Brian Cowen (Laois-Offaly, Fianna Fail)
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The increases mentioned in the question are assumed to apply in similar measures to single and widowed persons and to include the normal consequential increases in the tax credit for lone parents. These amounts doubled are assumed to apply to married couples. On this basis, and by reference to the 2006 pre-budget ready reckoner prepared by the Revenue Commissioners, the full-year costs to the Exchequer of the increases mentioned by the Deputy are estimated as follows:
Increase in personal tax credit | Estimated full-year cost |
Single/Married | â'¬m |
€100/€200 | 190 |
€200/€400 | 380 |
€300/€600 | 570 |
€400/€800 | 760 |
These figures are provisional, subject to revision and estimated to the nearest €5 million. The ready reckoner is available on my Department's website, www.finance.gov.ie.
Paul McGrath (Westmeath, Fine Gael)
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Question 151: To ask the Minister for Finance the estimated cost of increasing the PAYE allowance of €1,270 by €100, €200, €300 or €400. [31242/05]
Brian Cowen (Laois-Offaly, Fianna Fail)
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By reference to the 2006 pre-budget ready reckoner prepared by the Revenue Commissioners the full-year costs to the Exchequer of the increases mentioned by the Deputy are estimated as follows:
Increase in employee (PAYE) credit. | |
Estimated full-year cost | â'¬m |
â'¬100 | 130 |
â'¬200 | 265 |
â'¬300 | 395 |
â'¬400 | 530 |
These figures are provisional, subject to revision and are estimated to the nearest €5 million. The ready reckoner is available on my Department's website, www.finance.gov.ie.
Paul McGrath (Westmeath, Fine Gael)
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Question 152: To ask the Minister for Finance the estimated costs to the Exchequer in 2003 of tax relief on medical expenses. [31243/05]
Brian Cowen (Laois-Offaly, Fianna Fail)
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I am informed by the Revenue Commissioners that the most recent relevant information available on medical expenses relates to the income tax year 2002, in respect of which some 143,900 claims for tax relief were allowed at an estimated cost to the Exchequer of approximately €63 million.
Paul McGrath (Westmeath, Fine Gael)
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Question 153: To ask the Minister for Finance the amount of income tax and PRSI payable by a single PAYE worker in each of the past five years where gross income in each year was €30,000, €40,000, €50,000, €60,000, €70,000, €80,000 and €100,000 assuming only personal and PRSI allowances are applicable. [31244/05]
Brian Cowen (Laois-Offaly, Fianna Fail)
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Income tax* and PRSI** payable by a single PAYE worker, 2001-2005. | ||||||
Income (€) | 2001 | 2002 | 2003 | 2004 | 2005 | |
â'¬ | â'¬ | â'¬ | â'¬ | â'¬ | ||
30,000 | Income tax | 5,108 | 4,260 | 4,120 | 3,880 | 3,282 |
PRSI | 936 | 936 | 936 | 936 | 936 | |
40,000 | Income tax | 9,308 | 8,460 | 8,320 | 8,080 | 7,482 |
PRSI | 1,196 | 1,291 | 1,336 | 1,336 | 1,336 | |
50,000 | Income tax | 13,508 | 12,660 | 12,520 | 12,280 | 11,682 |
PRSI | 1,242 | 1,341 | 1,402 | 1,463 | 1,534 | |
60,000 | Income tax | 17,708 | 16,860 | 16,720 | 16,480 | 15,882 |
PRSI | 1,273 | 1,377 | 1,438 | 1,498 | 1,569 | |
70,000 | Income tax | 21,908 | 21,060 | 20,920 | 20,680 | 20,082 |
PRSI | 1,298 | 1,402 | 1,463 | 1,524 | 1,600 | |
80,000 | Income tax | 26,108 | 25,260 | 25,120 | 24,880 | 24,282 |
PRSI | 1,313 | 1,418 | 1,480 | 1,544 | 1,620 | |
100,000 | Income tax | 34,508 | 33,660 | 33,520 | 33,280 | 32,682 |
PRSI | 1,338 | 1,443 | 1,509 | 1,575 | 1,650 | |
(Rounded to the nearest euro). | ||||||
*Assumes that the single person receives the personal allowance or personal credit and the PAYE allowance or employee credit, as appropriate, in the year in question. | ||||||
**Assumes the person is insured under class A, full-rate, PRSI and that the individual's salary does not fluctuate from week to week over the course of the given year. The calculations do not include the health levy contribution of 2% applicable to all income over the threshold of €18,512 per annum for the tax years 2001 to 2004 and €20,800 per annum for the tax year 2005. |
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