Dáil Éireann Debate, Tuesday - 8 November 2011
132 Deputy Pearse Doherty asked the Minister for Finance the amount of money that was brought in during the full year 2010 from the income levy on the proportion that was levied at 2% that is income up to €75,000; and if he will make a statement on the matter. [33370/11]
View answerThe 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 over €1.4 billion 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 €1.7 billion with the difference being collected in 2011/12. I am further advised by the Revenue Commissioners that it is estimated that the lower rate of Income Levy (2%) which applied to income up to €75,036 per annum will account for nearly €1.3 billion. This represents about three quarters of the estimated full year liability of €1.7 billion for the income tax year 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.
