asked the Minister for Finance the amount of the social insurance contribution allowed as a deduction from income tax under P.A.Y.E. and the amount allowed to voluntary contributors as a deduction from income under P.A.Y.E.
Ceisteanna—Questions. Oral Answers. - Social Insurance Contributions: Deductions from Income Tax.
10.
Section 9 of the Finance Bill, 1961, provides for the allowance as a deduction in computing income for income tax purposes of so much of a social insurance contribution as is referable to widow's (contributory) pension, orphan's (contributory) allowance and old age (contributory) pension. The section covers contributions paid by voluntary contributors as well as those paid by employed contributors.
When the section becomes law, the part of a contribution which is to be treated as referable to any, or all, of the benefits mentioned will be determined by the Minister for Social Welfare. Appropriate adjustments will be made in computing, subsequent to 5th April, 1962, the final tax liability of employees for 1961-62.