asked the Minister for Finance the percentage increases between 1963 and 1968 (a) in the personal allowance for single persons for income tax purposes and (b) in the maximum deduction for the remuneration of a director controlled company for corporation profits tax.
Ceisteanna—Questions. Oral Answers. - Income Tax Allowances.
43.
(a) There has been no change in the personal allowance for a single person in the period referred to by the Deputy. (b) Over the same period, when regard is had to the increase proposed in section 27 of the Finance Bill, 1968, the limit on deductions for corporation profits tax purposes in respect of remuneration of directors of director controlled companies has been increased by 166? per cent.
I should emphasise that there is no basis for comparing the personal allowances for income tax purposes and the limit referred to. This latter limit merely affects the amount of corporation profits tax paid by a director controlled company. Any remuneration received by a director of such a company is chargeable to income tax and surtax in his hands in the ordinary way.