Written answers

Tuesday, 25 April 2006

9:00 pm

Eoin Ryan (Dublin South East, Fianna Fail)
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Question 300: To ask the Minister for Finance the amount of revenue generated from the Irish Financial Services Centre annually since its inception. [14724/06]

Photo of Brian CowenBrian Cowen (Laois-Offaly, Fianna Fail)
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I am informed by the Revenue Commissioners that figures of the estimated corporation tax paid in the years 1989 to 2005 inclusive by the Irish Financial Services Centre are shown in the following table. The figures for 2004 and 2005 include corporation tax yield from IFSC companies whose activities were previously taxable at 10%, now taxable at the standard rate of corporation tax. Other tax remitted by the IFSC, 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 institutions themselves.

Year Estimated corporation tax yield from the Irish Financial Services Centre
â'¬ million
1989 4.7
1990 28.4
1991 59.1
1992 98.5
1993 172.6
1994 263.5
1995 159.0
1996 286.2
1997 332.9
1998 359.0
1999 546.5
2000 478.1
2001 606.8
2002 704.9
2003 618.4
2004 699.0
2005 823.5

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