Written answers
Tuesday, 24 September 2013
Department of Finance
Corporate Tax Regime Issues
Michael McGrath (Cork South Central, Fianna Fail)
Link to this: Individually | In context | Oireachtas source
194. To ask the Minister for Finance the revenue that would be raised from increasing the corporation tax rate on passive investment by 5% from 25% to 30%; and if he will make a statement on the matter. [39558/13]
Michael Noonan (Limerick City, Fine Gael)
Link to this: Individually | In context | Oireachtas source
I am informed by the Revenue Commissioners that the full year yield to the Exchequer, estimated in terms of expected 2014 profits, of increasing the 25% rate of corporation tax by 5% for all income that is currently taxable at this rate would be tentatively estimated at €50 million. While this estimate is technically correct it does not take into account any behavioural change on the part of taxpayers as a consequence. It is not possible to identify the amount of this potential yield that would relate solely to passive investment income. However, from indicative information provided in corporate tax returns, it appears that the majority of this yield would be in respect of investment income.
No comments