Aengus Ó Snodaigh (Dublin South Central, Sinn Fein)
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Question 95: To ask the Minister for Finance the amount of revenue that was raised by the new levy imposed on tax exiles by the previous Government; and if that figure is not yet available, when same will be available. [23392/11]

Michael Noonan (Limerick City, Fine Gael)
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I assume that the measure to which the Deputy refers is the Domicile Levy which was announced in Budget 2010 and introduced in Finance Act 2010. The Domicile Levy of €200,000 is charged on an individual who is Irish-domiciled and an Irish citizen whose world-wide income exceeds €1m, whose Irish-located property is greater than €5m, and whose liability to Irish income tax was less than €200,000.

The Levy will be charged for 2010 and subsequent years, but the payment for each year can be made at any time up to 31 October in the year following the valuation date, which is 31 December of each year. The first valuation date for the Domicile Levy will be 31 December 2010 and the tax return and payment of the Levy for 2010 will not be due until 31 October 2011. The figure will, therefore, not be available until after that date.

Joe Costello (Dublin Central, Labour)
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Question 96: To ask the Minister for Finance if his attention has been drawn to the fact that the Revenue Commissioners are charging a 14% interest rate on small companies in arrears; and if he will make a statement on the matter. [23397/11]

Michael Noonan (Limerick City, Fine Gael)
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The Revenue Commissioners are charged with responsibility for the timely collection and recovery of taxes and duties due to the Exchequer. Revenue has a clear focus on making sure that every person and business complies with his or her responsibilities by paying the right amount and on time. That is an appropriate and correct focus for Revenue, which I fully endorse. In that context, where businesses or individuals fail to meet their tax payment obligations on time, then they are liable to interest, as provided for by the Oireachtas in the Taxes Acts. Interest on late payment of tax operates not only as a compensation for the Exchequer for the late payment of monies due to it but also as an essential support for timely voluntary compliance by ensuring a level playing field between those who meet their obligations on time and those who pay late or who may attempt not to pay at all. The Finance Act 2009 provided for a reduction from 1 July 2009 of the rate of interest applied to late payment of tax. In the case of Income Tax, Corporation Tax, Capital Gains Tax, Capital Acquisition Tax, and Stamp Duty, the daily rate of interest was reduced from 0.0273% to 0.0219%, in effect an annual equivalent drop from 10 % to 8%. In the case of other taxes and duties i.e. Value Added Tax, PAYE/PRSI the daily rate was reduced from 0.0322 to 0.0274%, in effect an annual equivalent drop from 12% to 10%.