Pat Rabbitte (Dublin South West, Labour)
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Question 147: To ask the Minister for Finance the amount received to date by the Revenue Commissioners' Office in respect of deductions of tax at maturity on maturing SSIA accounts; the total anticipated take by the Exchequer when all SSIAs have matured; and if he will make a statement on the matter. [39220/06]

Brian Cowen (Laois-Offaly, Fianna Fail)
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I am informed by the Revenue Commissioners that the tax arising on maturing SSIA accounts, in respect of accounts maturing in May, June, July, August and September 2006, was €99.3m.

My Department currently expects that the total exit tax accruing to the Exchequer from the maturing of all SSIAs will be approximately €400 million over the period 2006-2007. However, the exact value of the exit tax to be received is subject to a number of uncertainties. These include the possibility of accounts closing before maturity, participants varying their monthly contributions, the actual investment returns arising and the level of take-up of the Pension Incentive Tax Credit allowing the certain transfer of SSIA funds into pension products. This incentive gives qualifying account holders a 1 for 3 bonus on their subscriptions to a pension product, subject to a maximum of €2,500 and also a proportionate credit on the exit tax payable on the accrued investment return.