Tuesday, 25 April 2006

Questions (254)

Eoin Ryan

Question:

300 Mr. Eoin Ryan asked the Minister for Finance the amount of revenue generated from the Irish Financial Services Centre annually since its inception. [14724/06]

View answer

Written answers (Question to Minister for Finance)

I am informed by the Revenue Commissioners that figures of the estimated corporation tax paid in the years 1989 to 2005 inclusive by the Irish Financial Services Centre are shown in the following table. The figures for 2004 and 2005 include corporation tax yield from IFSC companies whose activities were previously taxable at 10%, now taxable at the standard rate of corporation tax. Other tax remitted by the IFSC, such as PAYE, DIRT on deposit interest and stamp duties on credit cards, ATM cards and cheques, are not included in the figures given, since the tax liability is not on the institutions themselves.

Year

Estimated corporation tax yield from the Irish Financial Services Centre

€ million

1989

4.7

1990

28.4

1991

59.1

1992

98.5

1993

172.6

1994

263.5

1995

159.0

1996

286.2

1997

332.9

1998

359.0

1999

546.5

2000

478.1

2001

606.8

2002

704.9

2003

618.4

2004

699.0

2005

823.5