Dáil Éireann Debate, Wednesday - 24 September 2008
290 Deputy Michael Noonan asked the Minister for Finance the estimated yield in 2009 from a 1% increase in both the higher rate and the standard rate of income tax; and if he will make a statement on the matter. [30221/08]
View answerUsing the data in the Pre-Budget 2009 income tax ready reckoner, a 1% increase in both the higher rate and the standard rate of income tax would yield about €920 million in a full year.
The yield quoted is provisional, subject to revision and estimated to the nearest €5 million. The ready reckoner is available on my Department's website, at www.finance.gov.ie.
291 Deputy Michael Noonan asked the Minister for Finance the estimated yield in 2009 from a 1% increase in each rate of VAT; and if he will make a statement on the matter. [30222/08]
View answerI am informed by the Revenue Commissioners that, based on data currently available, the estimated yield in a full year arising from a 1% increase in the 13.5% and 21% VAT rates is €315 million and €454 million respectively.
