Written answers
Wednesday, 18 October 2006
Department of Finance
Tax Yield
9:00 pm
Olivia Mitchell (Dublin South, Fine Gael)
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Question 141: To ask the Minister for Finance the expected rise in income tax receipts in 2007 as a result of termination of SSIAs; and if these moneys are being allocated to particular purposes. [33170/06]
Brian Cowen (Laois-Offaly, Fianna Fail)
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My Department currently expects that there will be a gain to Income tax in 2007 of approximately €600 million over 2006 arising from the discontinuance of the tax credit contribution to SSIA's and also the exit tax yield from maturing SSIA's.
It should be noted that in 2007 the gain arising from the ending of the SSIA scheme will be broadly offset by the cash-flow loss from the ending of the transitional arrangements for the movement of the payment date for Corporation tax from a prior to a current year basis which was introduced in Budget 2002.
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