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Dáil Éireann debate -
Wednesday, 4 Apr 1962

Vol. 194 No. 8

Written Answers. - Income Tax and Surtax Yields.

86.

asked the Minister for Finance the variations in the yield of income tax and surtax in the form of a reply of 6th April 1960 for each of the years 1960/61 and 1961/62 on the basis that it is (a) the first year in which such alteration was made, (b) the second year and (c) a year in which the full effect of the alteration was felt.

Following is the information:

Year

Estimate of increase or decrease in yield if rates in force in the year* had been varied by 10 per cent. either way

(a) Income Tax

(b) Sur-tax

First year

Full year

First year

Full year

£000's

£000's

£000's

£000's

1960-61

1,800

2,500

80

175

1961-62

2,400

3,000

85

190

* Sur-tax assessed for 1961-62 is payable on 1st January 1963, and does not, therefore, affect the yield for 1961-62, It is presumed that in this case the reference to an increase or reduction in the rates charged in that year is to be taken as a reference to the rates charged in respect of the previous year, i.e., 1960-61, the Sur-tax for which is payable on ths 1st January, 1962 (i.e., 1961-62). The other year is dealt with similarly.

NOTE.—Income Tax and Sur-tax receipts for any year consist of tax payments made in that year in respect of tax due for various years. For example, the Income Tax receipt for 1961-62 consists of Income Tax paid in respect of (a) the year 1961-62, (b) the year 1960-61 and (c) various earlier years. The Sur-tax receipt for 1961-62 consists of Sur-tax paid in respect of (a) the year 1960-61, (b) the year 1959-60 and (c) various earlier years.

As regards (b) of the question, it should be noted that there is no significant difference between second year figures and those for a full year.

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