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Dáil Éireann debate -
Wednesday, 25 Apr 1923

Vol. 3 No. 7

CEISTEANNA—QUESTIONS. [ORAL ANSWERS.] - REVENUE FROM INVESTMENTS.

asked the Minister for Finance if he will present, for the information of the Dáil, estimates by his Department showing:—

(a) The total capital invested by citizens of Saorstát Eireann in Government Stocks, Corporation Stocks, Shares in Limited Companies, and other interest bearing securities—(i) within the territory of Saorstát Eireann, and (ii) without the territory of Saorstát Eireann.

(b) The revenue which would be secured if the income derived from the investments aforesaid were subject to the full rate of tax; and

(c) the revenue which would be secured after provision is made for relief under the Double Taxation (Relief) Act, 1923.

The material necessary for supplying this information is not avail able. A certain amount of information about investments by citizens of Saor stát Eireann outside the territory of Saorstát Eireann should become avail able during the next two years as a result of the operation of the Double Taxation (Relief) Act.

Would the Minister kindly supply the Dáil with the information upon which the estimated figures of his Budget statement were based? Some estimates must have been made upon which the Minister himself based his speech.

The materials upon which the estimates were based?

Yes; there are certain figures circulated respecting the estimated receipts from Income tax. I take it that the estimated receipts were based upon certain facts within the knowledge of the Treasury Department. Can these facts, upon which the President's estimate of Income tax was based, be circulated?

If the Deputy will put down a question on that I will see what can be done to supply him with the information, but I put it to the Deputy that that would not exhaust the information; it would be very incomplete, because, in a very large number of cases, the dividends are paid without Income tax, that is free of Income tax, and in some of these cases in which it would be so paid relief would be given. If a person is interested in several companies in England and in Ireland, these are mixed in an application for re-payment. They are not all segregated—they would be in another two years—and the information, if I understand the question correctly, that the Deputy would get, would not be any more than an approximate estimate, and even faulty at that.

The Deputy can put down a new question in the light of what he has heard.

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