Written answers
Thursday, 14 July 2022
Department of Finance
Departmental Data
Gerald Nash (Louth, Labour)
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278. To ask the Minister for Finance the estimated cost to the Exchequer of a €100 payment to those whose nearest public transport stop had less than five services a day (details supplied); the estimated cost to the Exchequer of a €100 payment to those whose nearest public transport stop had less than five services a day and also live a distance of at least 2km away; and if he will make a statement on the matter. [38798/22]
Paschal Donohoe (Dublin Central, Fine Gael)
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As set out in the Summer Economic Statement, the Government will continue to work to cushion the impact of higher inflation, to deliver high-quality public services, and to ensure that the economy and public finances remain on a sustainable pathway.
Detailed costings on any proposals in the area of public transport would be a matter for the Department of Transport. The funding of any such proposals would also be subject to negotiation with the Department of Public Expenditure and Reform as part of the annual estimates process.
Róisín Shortall (Dublin North West, Social Democrats)
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279. To ask the Minister for Finance the estimated amount of additional revenue that would be raised in 2023 through a third rate of income tax of 41% on incomes above €100,000, as well as 42%, 43%, 44% and 45% in tabular form; and if he will make a statement on the matter. [38898/22]
Paschal Donohoe (Dublin Central, Fine Gael)
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Based on Revenue’s latest Ready Reckoner (post-Budget 2022), the estimated yield in 2023 from the introduction of a third rate of income tax of 41%, 42%, 43% ,44% and 45% respectively on incomes above €100,000 are set out in the table below.
Measure | 2023 Yield *€ million |
---|---|
Third rate of Income Tax of 41% on incomes More than €100,000 | 115 |
Third rate of Income Tax of 42% on incomes More than €100,000 | 225 |
Third rate of income Tax of 43% on incomes More than €100,000 | 340 |
Third rate of Income Tax of 44% on incomes More than €100,000 | 455 |
Third rate of Income Tax of 45% on incomes More than €100,000 | 565 |
*figures are rounded to nearest €5 million
I would draw the Deputy's attention to the fact that the post-Budget 2022 Ready Reckoner is available on the Revenue Statistics webpage at:
www.revenue.ie/en/corporate/information-about-revenue/statistics/ready-reckoner/index.aspx
The Ready Reckoner provides estimated costs and yields arising from changes to a wide range of taxes and duties, including the introduction of a third rate of Income Tax above certain income levels. Amounts other than those shown in the Ready Reckoner can be extrapolated using a straight line or pro-rata calculation.
Róisín Shortall (Dublin North West, Social Democrats)
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280. To ask the Minister for Finance the estimated amount of additional revenue that would be raised in 2023 through a third rate of income tax of 41% on incomes above €100,000, as well as 42%, 43%, 44% and 45%, assuming tax band indexation of 4% in tabular form; and if he will make a statement on the matter. [38899/22]
Paschal Donohoe (Dublin Central, Fine Gael)
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I am advised by Revenue that the tables below set out the estimated costs and yields to the Exchequer, as appropriate, on a first and full year basis, of the policy changes outlined by the Deputy.
Scenario | First Year Cost €m | Full Year Cost €m |
---|---|---|
SRCOP* indexed at 4%. 41% rate over €100,000 | 200 | 220 |
SRCOP indexed at 4%. 42% rate over €100,000 | 85 | 75 |
Scenario | First Year Yield €m | Full Year Yield €m |
---|---|---|
SRCOP indexed at 4%. 43% rate over €100,000 | 25 | 65 |
SRCOP indexed at 4%. 44% rate over €100,000 | 140 | 210 |
SRCOP indexed at 4%. 45% over €100,000 | 255 | 350 |
*Standard Rate Cut-off Point
Dara Calleary (Mayo, Fianna Fail)
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281. To ask the Minister for Finance the number of staff who are abated under his Department in accordance with the Public Service Pensions (Single Scheme and Other Provisions) Act 2012, in tabular form. [38951/22]
Paschal Donohoe (Dublin Central, Fine Gael)
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I wish to advise the Deputy that there are currently no staff paid by the Department of Finance who are abated, as set out under the Public Service Pensions (Single Scheme and Other Provisions) Act 2012.
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