Tax Credits

Tuesday, 2 July 2013

Questions (235)

Pearse Doherty

Question:

235. Deputy Pearse Doherty asked the Minister for Finance the cost to the Exchequer of increasing the PAYE tax credit by €5 per week for all income earners below €60,000 per annum. [31807/13]

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Written answers

I am advised by the Revenue Commissioners that the estimated full year yield to the Exchequer, estimated by reference to 2013 incomes, of increasing the employee (PAYE) tax credit in the manner mentioned by the deputy would be of the order of €235 million. This estimate is derived from the Revenue tax-forecasting model using actual data for the year 2010 adjusted as necessary for income and employment trends in the interim. It is therefore provisional and likely to be revised. It should also be noted that a married couple who has elected or has been deemed to have elected for joint assessment is counted as one tax unit.

Question No. 236 answered with Question No. 111.