asked the Minister for Finance what were industrial profits after taxation in the years 1957, 1961, 1962 and 1963.
Ceisteanna—Questions. Oral Answers. - Industrial Profits.
11.
As the reply contains statistical material, I propose, with your permission, a Cheann Comhairle, to have it circulated with the Official Report.
Following is the reply:
Statistics are not available in the form requested by the Deputy. The following information may, however, be of assistance to him.
Income Tax and Corporation Profits Tax.
|
Year |
Standard Rate of Income Tax in the £ |
Net Produce of Income Tax under Schedule D |
Net receipt of Corporation Profits Tax |
|
£ |
£ |
||
|
1957-58 |
7s. 6d. |
14,253,900 |
2,930,253 |
|
1961-62 |
6s. 4d. |
15,511,500 |
3,667,444 |
|
1962-63 |
6s. 4d. |
18,183,000 |
4,515,618 |
|
1963-64 |
6s. 4d. |
21,249,000(provisional) |
7,533,426 |
NOTES.
1. The rate of Corporation Profits Tax on companies which was formerly 10 per cent on profits in excess of £2,500 per annum was raised under Section 37 of the Finance Act, 1963, with effect from the 1st January, 1962. The new rates were 5 per cent on so much of the profits of a company as did not exceed £2,500 and 15 per cent on profits in excess of that figure, subject to certain temporary abatements where the profits did not exceed £3,125 per annum.
2. The net produce of tax under Schedule D includes tax levied on profits from businesses of all kinds, on British dividends and on certain interest. It is not possible to give separate figures for the tax under Schedule D, or the Corporation Profits Tax, levied on industrial profits.
3. The net produce figures and the figures for the net receipt of Corporation Profits Tax are after allowance of various reliefs to industry such as capital allowances and "exports" relief.