asked the Minister for Finance if he will state the appropriate amount of excess corporation profits tax (as distinct from ordinary corporation profits tax) included in his Budget estimate for the year ending 31st March, 1947.
Ceisteanna—Questions. Oral Answers. - Excess Corporation Profits Tax.
The Budget estimate for the year ending 31st March, 1947, included a sum of £4,660,000 in respect of corporation profits tax. This figure embraced excess corporation profits tax as well as the "ordinary" corporation profits tax. It was, of course, a figure built up by a process of estimation and it is not feasible to segregate with perfect accuracy the "excess" tax from the "ordinary" corporation profits tax, but I have calculated that for the year in question the excess corporation profits tax represents roughly about two-thirds of the total.
asked the Minister for Finance if he will furnish the following information for the five years ended 31st March, 1946; (a) the number of Irish registered companies which were assessed to excess corporation profits tax (as distinct from ordinary corporation profits tax) during each year; (b) the approximate figures, for each year, of the aggregate amount of duty paid or payable on such assessments; and (c) approximate figures, for each year, of the aggregate amount of the paid-up capital of the companies assessed.
As the reply contains tabular matter, I propose, if the Ceann Comhairle permits, to circulate it with the Official Report. Following is the reply:—
I regret that the statistics available in relation to excess corporation profits tax do not enable me to furnish particulars under (a) and (b) of the question for the financial years indicated. I can, however, supply figures which give for Irish registered companies the amount of excess corporation profits tax assessed in respect of accounting periods ended in the calendar years from 1941 to 1945, inclusive. The figures indicate also the number of Irish registered companies assessed in respect of those periods. They were compiled to show the position as at the 31st March, 1946. I should point out that the figures should be read with some reservations, as those for any given year are subject to variation according as further assessments are made and existing ones adjusted. This applies especially to the figures for the later years in respect of which an appreciable number of assessments and adjustments of assessments remains to be made.
Following are the figures available under (a) and (b) of the question:—
Excess Corporation Profits Tax.
|
Year |
Net tax assessed (Irish registered companies) |
Number of cases assessed (Irish registered companies) |
|
£ |
||
|
1941 |
886,150 |
458 |
|
1942 |
1,524,350 |
573 |
|
1943 |
2,170,550 |
631 |
|
1944 |
2,749,300 |
707 |
|
1945 |
1,209,650 |
335 |
NOTE: For the purpose of the above table, tax assessed in respect of an accounting period ended in any calendar year has been treated as applicable to that calendar year. Thus, tax assessed in respect of profits arising in the accounting period ended on the 30th June, 1942, would be attributed to 1942. While the tax figures have been "rounded off" they may be regarded as approximately accurate. The table was compiled to show the position as at the 31st March, 1946. It takes into account adjustments of assessments so far as they were made at that date, and also repayments of tax arising out of "deficiencies," i.e., the amounts by which the profits in any particular chargeable accounting period fell short of the pre-emergency standard profits.
To extract the information required at (c) of the question would involve the examination of about 700 files for each of five years. The time and labour this task would demand could not be spared in present circumstances.