Written answers
Tuesday, 10 October 2017
Department of Finance
Tax Credits
Carol Nolan (Offaly, Sinn Fein)
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54. To ask the Minister for Finance his plans to increase the earned income tax credit to the same level as the PAYE credit; and if he will make a statement on the matter. [42360/17]
Paschal Donohoe (Dublin Central, Fine Gael)
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The Earned Income Credit was introduced in Budget 2016 and then increased in Budget 2017. The tax credit is available to taxpayers with active self-employed trading or professional income and to business owners or managers who do not have access to the PAYE credit on employment income from their business. The credit provides a significant benefit to small business-owners right across the country including small retailers, publicans, farmers and tradesmen. It is estimated that approximately 147,500 income earners are currently in a position to benefit from the credit.
In Budget 2017, the Earned Income Credit was increased in value from €550 to €950.
As the Deputy will appreciate, with less than a week to go to Budget 2018, it would be inappropriate for me to comment at this point on what may or may not be contained in that Budget.
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