Dáil Éireann Debate, Thursday - 19 July 2012
65 Deputy Michael McGrath asked the Minister for Finance the amount of money received in 2012 from the levy imposed on private pension funds; and if he will provide a breakdown of the way that revenue is to be spent in 2012. [36073/12]
View answerThe latest date by which payment of the temporary levy on funded pension schemes and personal pension plans introduced in 2011 to fund the Jobs Initiative must be made is 25 September each year. I am informed by the Revenue Commissioners that the yield from the levy to date in 2012 is €6.5 million. As in 2011 I anticipate that the majority of payments will be made in the run-up to the payment date. The Government introduced the temporary levy on funded pension schemes and personal pension plans in order to fund the measures introduced in the Jobs Initiative. These included a new second reduced VAT rate of 9% aimed primarily at the tourism sector, a halving of the employers PRSI rate until 2013, as well as small amounts of additional current and capital expenditure aimed primarily at ‘shovel-ready’ projects and increasing the number of available educational, training and up-skilling places.
