Seán Crowe (Dublin South West, Sinn Fein)
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Question 71: To ask the Minister for Finance if he expects to meet the €1,500 million additional revenue raising target for 2012 as set out in the EU-IMF support programme. [18589/11]

Dessie Ellis (Dublin North West, Sinn Fein)
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Question 72: To ask the Minister for Finance if he will provide a report on the additional revenue raising measures currently being considered by him as part of the fifth quarter requirements of the EU-IMF programme. [18592/11]

Michael Noonan (Limerick City, Fine Gael)
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I propose to take Questions Nos. 71 and 72 together.

As part of the Memorandum of Understanding (MOU) on Specific Economic Policy Conditionality of the Joint EU/IMF Programme of Financial Support for Ireland, actions for the fifth review or to be completed by the end of the fourth quarter of 2011 include the presentation of a Budget for 2012 to include budgetary consolidation measures amounting to at least €3.6 billion.

The revised MOU noted that in relation to budgetary consolidation measures for 2012 the Joint EU/IMF Programme of Financial Support for Ireland agreed in December 2010 provided for revenue measures to yield €1.5 billion in a full year along with a reduction in expenditure of €2.1 billion. As previously stated, the Government is committed to the overall level of budgetary adjustment. However, the precise nature of the measures to be implemented in 2012 will be decided upon in advance of Budget 2012 in light of more up-to-date economic and fiscal data and the outcome of the Comprehensive Review of Expenditure, which is currently underway.

Peadar Tóibín (Meath West, Sinn Fein)
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Question 73: To ask the Minister for Finance if reducing private pension tax reliefs will form part of the additional revenue raising measures currently being considered by him as part of the fifth quarter requirements of the EU-IMF programme. [18595/11]

Michael Noonan (Limerick City, Fine Gael)
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The gradual reduction from marginal to standard rate tax relief on pension contributions commencing in 2012 forms part of the fiscal consolidation measures in the agreement with the EU, IMF and the ECB over the period 2011 to 2014. When introducing the temporary pension scheme levy to pay for the Jobs Initiative on 10 May last, I gave a commitment to examine the issue of reducing the tax relief on pension contributions to the standard rate.

The Government has initiated a Comprehensive Review of Expenditure in order to provide it with a set of decision options to meet the overall fiscal consolidation objectives and re-align spending with the Programme for Government priorities. The Review is due to be completed by end September 2011. The Government will then examine the findings and, in consultation with the EU, IMF and ECB, will introduce fiscally neutral changes to the detail of the EU /IMF Programme of Financial Support for Ireland while maintaining the overall commitment to fiscal consolidation. I will examine the scope for any change to the proposed standard rating of tax relief on pension contributions in that context.