Written answers

Wednesday, 1 June 2016

Photo of Pearse DohertyPearse Doherty (Donegal, Sinn Fein)
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92. To ask the Minister for Finance the details of the net effect of measures carried over for a year as a result of budget 2016, in tabular form. [13885/16]

Photo of Michael NoonanMichael Noonan (Limerick City, Fine Gael)
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I assume the Deputy is referring to the carryover effect of Budget 2016 tax measures. It was estimated that there would be a total negative carryover into 2017 as a result of Budget 2016 tax measures in the region of €192 million. It should be noted that while the following table sets out the carryover effect of Budget 2016 measures, it also includes measures announced in Budget 2016, which will take effect in 2017, such as the extension of the levy of financial institutions.

Tax-HeadCarryover effect €m
Income Tax -292
PRSI-3
Corporation Tax-37
Capital Gains Tax-2
Capital Acquisition Tax -7
Stamp Duty+149
Total -192

I should point out that the exact impacts of carryover will be reviewed as part of the normal Budgetary process, as there are a lot of moving parts to be considered, such as economic growth, take up of various schemes and specific tax relevant factors, which could impact on the expected return from the measures.

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