Written answers
Wednesday, 24 September 2008
Department of Finance
Tax Yield
9:00 pm
Michael Noonan (Limerick East, Fine Gael)
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Question 290: To ask the Minister for Finance the estimated yield in 2009 from a 1% increase in both the higher rate and the standard rate of income tax; and if he will make a statement on the matter. [30221/08]
Brian Lenihan Jnr (Dublin West, Fianna Fail)
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Using the data in the Pre-Budget 2009 income tax ready reckoner, a 1% increase in both the higher rate and the standard rate of income tax would yield about €920 million in a full year.
The yield quoted is provisional, subject to revision and estimated to the nearest €5 million. The ready reckoner is available on my Department's website, at www.finance.gov.ie.
Michael Noonan (Limerick East, Fine Gael)
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Question 291: To ask the Minister for Finance the estimated yield in 2009 from a 1% increase in each rate of VAT; and if he will make a statement on the matter. [30222/08]
Brian Lenihan Jnr (Dublin West, Fianna Fail)
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I am informed by the Revenue Commissioners that, based on data currently available, the estimated yield in a full year arising from a 1% increase in the 13.5% and 21% VAT rates is €315 million and €454 million respectively.
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