Pearse Doherty
Question:100 Deputy Pearse Doherty asked the Minister for Finance the amount the income levy in place last year would have returned in a full year if all those under the tax net were excluded from it. [29978/11]
View answerTuesday, 18 October 2011
Questions (93)
Written answers
The Income Levy was collected by the Revenue Commissioners as a component of Income Tax. I am informed by the Revenue Commissioners that it is estimated that €1,446 million was collected from the Income Levy in the calendar year 2010. However, as is normal, it would have been expected that the total Income Levy liability for the income tax year 2010 would be higher at €1,710 million and the difference would have been collected in 2011/12.
I am advised by the Revenue Commissioners that the estimated full year cost to the Exchequer of applying an exemption from the Income Levy for income earners outside the income tax net in 2010, in addition to the pre-existing Income Levy exemptions, would be in the order of €215 million in 2010.
These figures are estimates from the Revenue tax-forecasting model using actual data for the year 2009 adjusted as necessary for income and employment trends for the year 2010. They are, therefore, provisional and may be revised.