Written answers
Tuesday, 7 February 2012
Department of Finance
Tax Yield
9:00 pm
Michael McGrath (Cork South Central, Fianna Fail)
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Question 136: To ask the Minister for Finance the revenue, actual and projected, to be raised from the pension fund levy for each of the years 2011 to 2014; the cost of each of the related measures undertaken under the jobs initiative; and if he will make a statement on the matter. [6761/12]
Michael Noonan (Limerick City, Fine Gael)
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The Jobs Initiative publication from May of last year clearly outlined the expected revenue yields to be generated from the pension levy over the 2011 – 2014 period. In addition, the publication also included details of the proposed current and capital expenditure and other revenue measures. This information was most recently included in the response to PQ 4718/12 & PQ 4719/12 on January 26th also
The outturn for the pension levy in 2011 was €463 million as opposed to the original forecast amount of €470 million.
The implementation of a jobs and growth strategy is a key priority of this Government. The Jobs Initiative contains a range of measures aimed at assisting in employment generation – providing opportunities for those who are out of work, to restore public morale and confidence in the economy and encourage spending by consumers. The Government is currently finalising a comprehensive Action Plan for Jobs which will set out further measures to be taken in 2012 to support job creation. This Action Plan, which complements last year's Jobs Initiative, will be published in the coming weeks.
A summary of the original measures and associated estimated yields and costs is set out in the table below:
| 2011(€m) | 2012(€m) | 2013(€m) | 2014(€m) | Total | |
| Revenue | |||||
| *Air Travel Tax | -15 | -90 | -105 | -105 | -315 |
| VAT | -120 | -350 | -350 | -60 | -880 |
| PRSI | -95 | -208 | -201 | -33 | -536 |
| Pension Funds Levy | +470 | +470 | +470 | +470 | +1,880 |
| Expenditure (Additional) | -40 | -30 | -30 | -30 | -130 |
| Net Benefit (+) / Loss (-) | +201 | -208 | -216 | +242 | +19 |
rounding may affect totals
*It should be noted that the proposed suspension of the Air Travel Tax, at an estimated cost of €15 million in 2011, €90 million in 2012 and
€105 million in a full year, was conditional on the airlines increasing passenger numbers in terms of restoring routes and capacity. Following discussions with the airlines in that regard, the Government decided to retain the Air Travel Tax in 2011, pending a further review in the spring.
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