Tax Exemptions

Questions (74)

John McGuinness

Question:

74. Deputy John McGuinness asked the Minister for Finance if an application in the name of Self Help Africa (details supplied) for changes to the memorandum and articles of association will be expedited and approved. [33692/13]

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Written answers (Question to Finance)

As I informed the Deputy in my reply to question no. 178 on 2 July 2013, this is a matter for the Revenue Commissioners. Self Help Africa has a charitable tax exemption and recently sought approval to amend its Memorandum and Articles of Association. The required approval was granted by Revenue on 16 May. The Revenue Commissioners made direct contact with the charity on foot of the Deputy’s previous question to ensure there were no further issues requiring clarification. The charity confirmed that there are no outstanding issues.

Pension Provisions

Questions (75)

John McGuinness

Question:

75. Deputy John McGuinness asked the Minister for Finance his plans to address the issues which have been raised relative to retirement funds such as ARFs and AMRFs and the fact that individuals have lost considerable money which was set aside for their pension funds; and if he will make a statement on the matter. [33693/13]

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Written answers (Question to Finance)

I am advised that there are a small number of pension funds that may not be entitled to compensation under the deposit guarantee scheme, DGS, or the eligible liabilities guarantee scheme, ELG, due to the nature of the products or deposit options in which those account holders invested. It is important to note that at the time the products were offered to customers there was no additional guarantee provided by the State in respect of those products. It was always the case that the ELG scheme covered only those liabilities which were entered into during the issuance window. In relation to the DGS Scheme, I am advised that the DGS Regulations explicitly specify which deposits are excluded from coverage under that Scheme. Deposits held by pension funds and retirement funds fall within the category of excluded deposits, though small self-administered pension schemes are included. The decision to include SSAPs and exclude ARFs, AMRFs and other pension funds/instruments was based on the fact that SSAPs are usually small schemes administered by the member(s) of the scheme whilst ARFs are managed by a qualified fund manager through a credit or investment institution.

There are currently no plans to alter the terms of the Deposit Guarantee Scheme. If customers are concerned about the coverage for their pension fund they can contact either my Department in respect of queries on the ELG Scheme or the Central Bank with queries about the DGS Scheme.

IBRC Liquidation

Questions (76)

Jerry Buttimer

Question:

76. Deputy Jerry Buttimer asked the Minister for Finance the position regarding any discussions that have taken place between the Irish Credit Union movement and liquidators of Irish Bank Resolution Corporation with particular reference to any financial losses that will accrue to any credit union arising from investments that were made in good faith in the form of bonds; and if he will make a statement on the matter. [33707/13]

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Written answers (Question to Finance)

As I have previously outlined, certain tracker bonds sold to credit unions which were liabilities of IBRC at the time of the liquidation have a structured deposit element which is covered by the Deposit Guarantee Scheme (DGS) for that element of the product. As a result the first €100,000 of any claim from these depositors is covered under the DGS. The products purchased by some credit unions were not covered by the Eligible Liabilities Guarantee (ELG) Scheme and there was no other State guarantee attaching to the products. Unfortunately, if a product is not eligible under the ELG Scheme, the holders of the product rank as unsecured creditors in the liquidation, in accordance with Irish company and insolvency law. Credit unions and other fixed deposit holders affected have been advised to deal with the Special Liquidator in relation to this matter. Any discussions between the Special Liquidator and IBRC fixed deposit holders is a matter for the Special Liquidator and those deposit holders.

IBRC Liquidation

Questions (77)

Clare Daly

Question:

77. Deputy Clare Daly asked the Minister for Finance if in the event of the Irish Nationwide Building Society loan book transferring to the National Asset Management Agency, individual mortgage holders would not have protection from the Ombudsman or the code of conduct on mortgage arrears. [33709/13]

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Written answers (Question to Finance)

I have been advised by the Special Liquidators that the residential mortgage customers of IBRC (in Special Liquidation) continue to enjoy the protection of the Central Bank Code of Conduct on mortgage arrears and other protections in Irish consumer law. The Special Liquidators are currently engaged in the valuation of IBRC loans and it is expected that they will begin the loan sales process later this year. I have been advised by NAMA that until that process has been completed, it is not possible to know which sub-portfolios within the IBRC loan book will be acquired by NAMA and which will be sold to third parties.

Only after NAMA has had an opportunity to review its acquired loans will it be in a position to determine its approach towards managing them.

Universal Social Charge Yield

Questions (78)

Stephen Donnelly

Question:

78. Deputy Stephen S. Donnelly asked the Minister for Finance the total amount of revenue that would be raised by the Exchequer through universal social charge for the year 2014 if there were no changes to its current rates; and if he will make a statement on the matter. [33855/13]

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Written answers (Question to Finance)

The most recently published fiscal forecast was contained in the SPU in April with estimated USC receipts in 2013 of €3,970m. If there was no change in USC rates, the estimate for 2014, consistent with the SPU, is c. €4,110m. It should be pointed out that these figures may be comprehensively revised in the context of the White Paper and Budget 2014 as emerging fiscal and economic data are taken on board.

Universal Social Charge Yield

Questions (79, 80, 81)

Stephen Donnelly

Question:

79. Deputy Stephen S. Donnelly asked the Minister for Finance if he will provide a tabular breakdown of the revenue generated by universal social charge for income brackets of €5,000 beginning with the €0 to €5,000 bracket for 2013 and the expected revenue for 2014 if there were no changes to the current rates; and if he will make a statement on the matter. [33856/13]

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Stephen Donnelly

Question:

80. Deputy Stephen S. Donnelly asked the Minister for Finance if he will provide a tabular breakdown of the revenue generated by universal social charge by age group in brackets of 5 years beginning with 15 to 20 year olds for 2013 and the expected revenue for 2014 if there were no changes made to the current rates; and if he will make a statement on the matter. [33857/13]

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Stephen Donnelly

Question:

81. Deputy Stephen S. Donnelly asked the Minister for Finance if he will provide a breakdown of revenue generated by universal social charge by gender for 2013 and the expected revenue for 2014 if there were no changes to the current rates; and if he will make a statement on the matter. [33858/13]

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Written answers (Question to Finance)

I propose to take Questions Nos. 79 to 81, inclusive, together.

I am informed by the Revenue Commissioners that while the necessary detailed basic data is not compiled in such a manner as would enable an income distribution of expected receipts to be provided, a modelled distribution of the estimated amount of USC due for the tax year 2013 by reference to projected incomes for 2013 has been compiled and is set out in the following table. Information of this type is not available for 2014.

I am also informed by the Revenue Commissioners that the figure for total USC provided in the table is a projected estimate of the total USC liability in respect of the tax year 2013 and is not intended to correspond to the cash receipts expected to be collected in the corresponding calendar year. Figures of cash receipts are subject to timing arrangements and can also be distorted by cash flow adjustments. The figures are estimates from the Revenue tax forecasting model using actual data for the year 2010, adjusted as necessary for estimated income and employment trends in the interim. These are, therefore, provisional and likely to be revised.

As far as is practicable income ranges are in brackets of € 5,000 up to €100,000, thereafter the range bands expand over wider brackets in the higher income ranges. Moreover, because of the Revenue Commissioners' obligation to observe confidentiality in relation to the taxation affairs of individual taxpayers and small groups of taxpayers, the breakdown by income bands requested by the Deputy is not provided in relation to incomes exceeding €2 million due to the small numbers of income earners with incomes in excess of that level. It should be noted that Gross Income is as defined in the Revenue Statistical Report 2011.

The numbers of income earners shown in the table counts a married couple who has elected or has been deemed to have elected for joint assessment as one tax unit although USC is an individualised charge and as such the estimated liability is calculated on the basis of individual incomes. Income range values commence in the table at € 10,036, which is the point of income at which liability to USC commences. Corresponding information by reference to age or gender is not available.

Projected income distribution of USC payers.

Range of Gross Income - €

Number

Amount of USC - €

10,036 - 15,000

140,639

41,565,010

15,001 - 20,000

165,154

86,743,582

20,001 - 25,000

182,668

146,355,934

25,001 - 30,000

172,512

189,214,278

30,001 - 35,000

154,550

217,086,921

35,001 - 40,000

141,209

242,163,441

40,001 - 45,000

114,414

229,954,056

45,001 -50,000

92,370

213,947,664

50,001 - 55,000

76,049

199,613,016

55,001 - 60,000

60,822

178,312,810

60,001 - 65,000

50,856

165,294,250

65,001 - 70,000

42,831

152,620,434

70,001 - 75,000

37,032

144,001,097

75,001 - 80,000

30,157

127,037,210

80,001 - 85,000

25,138

114,015,182

85,001 - 90,000

20,802

101,398,521

90,001 - 95,000

17,533

91,294,832

95,001 - 100,000

14,592

80,991,330

100,001 - 120,000

39,573

250,529,725

120,001 - 140,000

21,472

165,566,332

140,001 - 160,000

12,169

110,385,690

160,001 - 180,000

7,927

82,688,526

180,001 - 200,000

5,388

63,571,589

200,001 - 250,000

7,891

110,723,961

250,001 - 300,000

4,303

74,518,291

300,001 - 350,000

2,552

52,930,608

350,001 - 400,000

1,643

39,282,463

400,001 - 450,000

1,152

31,537,873

450,001 - 500,000

807

24,788,772

500,001 - 750,000

2,091

81,390,484

750,001 - 1,000,000

742

41,870,392

1,000,001 - 2,000,000

661

57,170,458

Over 2,000,000

141

38,040,330

Overall Total

1,647,839

3,946,605,061

Tax Yield

Questions (82)

Stephen Donnelly

Question:

82. Deputy Stephen S. Donnelly asked the Minister for Finance the total amount of revenue that would be raised by the Exchequer through pay as you earn tax for the year 2014 if there were no changes to its current rates and allowances; and if he will make a statement on the matter. [33859/13]

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Written answers (Question to Finance)

The most recently published fiscal forecast was contained in the SPU in April with estimated PAYE receipts in 2013 of €9,630m. If there is no change in PAYE rates or allowances, the estimate for 2014, consistent with the SPU, is c. €10,225m. It should be pointed out that these figures may be comprehensively revised in the context of the White Paper and Budget 2014 as emerging fiscal and economic data are taken on board.

Tax Yield

Questions (83, 84, 85)

Stephen Donnelly

Question:

83. Deputy Stephen S. Donnelly asked the Minister for Finance if he will provide a tabular breakdown of the revenue generated by pay as you earn tax for income brackets of €5,000 beginning with the €0 to €5,000 bracket for 2013 and the expected revenue for 2014 if there were no changes to the current rates; and if he will make a statement on the matter. [33860/13]

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Stephen Donnelly

Question:

84. Deputy Stephen S. Donnelly asked the Minister for Finance if he will provide a tabular breakdown of the revenue generated by pay as you earn tax by age group in brackets of 5 years beginning with 15 to 20 year olds for 2013 and the expected revenue for 2014 if there were no changes made to the current rates; and if he will make a statement on the matter. [33861/13]

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Stephen Donnelly

Question:

85. Deputy Stephen S. Donnelly asked the Minister for Finance if he will provide a breakdown of revenue generated by pay as you earn by gender for 2013 and the expected revenue for 2014 if there were no changes to the current rates; and if he will make a statement on the matter. [33862/13]

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Written answers (Question to Finance)

It would be far better if judges were appointed in a transparent manner, after interviews, with qualifications and brought before Oireachtas committees in order that Members of both Houses and all parties could examine them in a demanding way and that they would have to be seen, not just by the Oireachtas but the public, to have the necessary qualifications to fill these particularly serious roles in society.

It is well known that representations, particularly in the District Court, are made regularly by politicians to politicians to appoint their people, and then they fly through what is known as JAAB.

Tax Collection

Questions (86, 87, 88, 89)

Stephen Donnelly

Question:

86. Deputy Stephen S. Donnelly asked the Minister for Finance if he will provide in tabular form the complete list of tax expenditures that are due to those who pay USC, PRSI and/or PAYE and the cost of these tax expenditures for the year 2013 and the expected distribution for the year 2014 if there are no changes to the rates and eligibility criteria; and if he will make a statement on the matter. [33863/13]

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Stephen Donnelly

Question:

87. Deputy Stephen S. Donnelly asked the Minister for Finance if he will provide in tabular form the distribution of tax expenditures due to those who pay USC, PRSI and/or PAYE by gender for the year 2013 and the expected distribution for the year 2014 if there are no changes to the rates and eligibility criteria; and if he will make a statement on the matter. [33864/13]

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Stephen Donnelly

Question:

88. Deputy Stephen S. Donnelly asked the Minister for Finance if he will provide in tabular form the distribution of tax expenditures due to those who pay USC, PRSI and/or PAYE by age in 5 year brackets beginning with the 15-20 year old bracket for the year 2013 and the expected distribution for the year 2014 if there are no changes to the rates and eligibility criteria; and if he will make a statement on the matter. [33865/13]

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Stephen Donnelly

Question:

89. Deputy Stephen S. Donnelly asked the Minister for Finance if he will provide in tabular form the distribution of tax expenditures due to those who pay USC, PRSI and/or PAYE by income bracket in brackets of €5,000 beginning with the €0 to €5,000 bracket for the year 2013 and the expected distribution for the year 2014 if there are no changes to the rates and eligibility criteria; and if he will make a statement on the matter. [33866/13]

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Written answers (Question to Finance)

I propose to take Questions Nos. 86 to 89, inclusive, together.

I am advised by the Revenue Commissioners that the total identifiable costs to the Exchequer which are currently available relate to income tax and corporation tax allowances, reliefs, exemptions and tax credits and are shown in Table IT6 on the Revenue Statistical Report for 2011 which is accessible on the Revenue website at www.revenue.ie. The information is located under the main chapter heading of Income Tax and shows the information for the years 2009 and 2010 which are the most recent years for which the necessary detailed historical information is available. A breakdown of these estimates of costs by reference to liability to USC, PAYE and PRSI or by gender, age and income bracket is not available and could not be provided without undertaking an extensive and costly development of the Revenue tax model.