Colm M. Hilliard
Question:118 Mr. Hilliard asked the Minister for Finance the source from which he expects to raise the estimated £344.944 million extra in income tax revenue for 1996. [3841/96]
Written Answers. - Income Tax Revenue.
I am advised by the Revenue Commissioners that the post-budget estimate for income tax in 1996 is £4,388 million or £265.3 million in excess of the corresponding net receipt in 1995. This increase arises from the following sources.
|
Source |
Increase in 1996 over 1995. |
|
£m |
|
|
PAYE1 |
199.8 |
|
Farmers2 |
4.0 |
|
Other Self-Employed3 |
33.9 |
|
Withholding Tax |
15.6 |
|
Deposit Interest Retention Tax |
15.9 |
|
Miscellaneous Repayments4 |
–4.0 |
|
Total |
265.3 |
Notes:
1This figure is based on income tax collected through the PAYE mechanism which covers more than income tax on ordinary wages and salaries. It includes tax paid by directors of close companies who are akin to the self-employed as well as tax on "other income" of employees such as rent and other investment income. It also includes the tax paid under PAYE on the income from employment of farmers and other self-employed individuals.
2Income tax on farming profits is collected with Schedule D tax generally and figures of tax payments by farmers are, to some extent, estimated.
3This heading includes tax paid on income from trades and professions — other than farming — together with tax paid on other income such as rent and other investment income. The figures also include relatively small amounts of tax resulting from direct assessments under Schedule E on employees. This tax is collected with tax from the self-employed and is not separately identified.
4This figure relates to tax repayments made to tax exempt individuals and bodies, such as charities and pension funds, in respect of tax deducted at source, such as income paid under covenants, or of tax credits attaching to company distributions in favour of either Irish or foreign residents.