Written answers
Thursday, 8 May 2008
Department of Finance
Tax Yield
5:00 pm
Leo Varadkar (Dublin West, Fine Gael)
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Question 95: To ask the Minister for Finance the estimate of the revenue that would be gained by restoring the residential property tax and applying it to residential properties, rental and homes, over a threshold of â¬3 million, â¬4 million and â¬5 million; and if he will make a statement on the matter. [17395/08]
Brian Lenihan Jnr (Dublin West, Fianna Fail)
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A Residential Property Tax was introduced by Finance Act 1983 and abolished in Finance Act 1997. There is insufficient data available that would allow for estimation of the revenue that would arise from a re-introduction of this tax.
Leo Varadkar (Dublin West, Fine Gael)
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Question 96: To ask the Minister for Finance the estimate of the amount of revenue that would be gained from applying a minimum effective income tax rate of 20% to tax-payers who have reduced their income tax bill to lower than 20% through tax incentives and other measures; and if he will make a statement on the matter. [17396/08]
Brian Lenihan Jnr (Dublin West, Fianna Fail)
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I assume the Deputy is referring to the restriction of reliefs measure that I introduced in Budget and Finance Act 2006, which took effect from 1 January 2007. The measure aims to ensure that those with high incomes pay a minimum effective tax rate of approximately 20% and restricts the use of various listed tax incentives in this regard. It is currently estimated that this measure will yield approximately â¬70 million in a full year. As the final date for receipt of tax returns in respect of the 2007 tax year is 31 October 2008, the actual amount raised will not be known until well into 2009.
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