Written answers

Friday, 16 September 2016

Department of Finance

Tax Collection Forecasts

Photo of Tommy BroughanTommy Broughan (Dublin Bay North, Independent)
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328. To ask the Minister for Finance the estimated yield to the Exchequer from the introduction of a third rate of income tax at 48% on incomes of over €100,000; and if he will make a statement on the matter. [26115/16]

Photo of Michael NoonanMichael Noonan (Limerick City, Fine Gael)
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I am advised by Revenue that the estimated first & full year yield to the Exchequer from a new third rate of Income Tax at 48% on incomes of over €100,000 would be in the order of €531 million and €687 million respectively.

These figures are estimates from the Revenue tax forecasting model using latest actual data for the year 2014, adjusted as necessary for income, self-employment and employment trends in the interim. They are estimated by reference to projected 2017 incomes, they are provisional and may be revised.

Photo of Tommy BroughanTommy Broughan (Dublin Bay North, Independent)
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330. To ask the Minister for Finance the estimated yield to the Exchequer from corporation tax in 2017; and if he will make a statement on the matter. [26117/16]

Photo of Michael NoonanMichael Noonan (Limerick City, Fine Gael)
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The position is that my Department's latest official forecast of €7,545 million for corporation tax receipts in respect of 2017 was projected as part of the overall forecasts contained in the recent Summer Economic Statement 2016.  However, as the Deputy will appreciate, all tax-heads will be reviewed as part of annual budgetary process.  Therefore, the next official forecast for 2017 in respect of corporation tax receipts will be contained in Budget 2017, which will take account of the most up to date economic and fiscal information.

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