Vol. 403 No. 8
80 Mr. Noonan (Limerick East) asked the Minister for Finance the estimated amount of tax forgone by the Exchequer in 1990 arising from relief under the business expansion scheme; and the proportion of this which arose from tourist related business expansion schemes.
Statistics on the business expansion scheme are compiled on the basis of amounts invested in the scheme as formally notified to the Revenue Commissioners up to 5 April in each year. On this basis the estimated tax foregone on investments notified to the Revenue Commissioners in the tax year 6 April 1989 to 5 April 1990 is £41 million. Of this, an estimated £13 million is associated with tourist projects. While some of this tax forgone relates to the 1989 calendar year, the bulk will affect the Exchequer in 1990.
Tax forgone on investments notified to Revenue in the current tax year to date is estimated at £23 million, of which an estimated £10 million refers to tourism projects. The bulk of this will affect the Exchequer in 1991.
