Dáil Éireann Debate, Thursday - 19 December 2013
107. Deputy Kevin Humphreys asked the Minister for Finance the cost of returning personal income tax credits to 2010 levels reversing the changes from budget 2011; and if he will make a statement on the matter. [55024/13]
View answerI am advised by the Revenue Commissioners that the estimated full year cost to the Exchequer, estimated by reference to 2014 incomes, of returning the personal and PAYE tax credits to their 2010 levels for single and widowed persons, as well as for lone parents and for married couples/civil partners, would be of the order of €560 million. There would also be an additional full year cost of €30 million if the other secondary tax credits were also returned to their 2010 levels, such as homecarer tax credit, dependant relative tax credit, incapacitated child tax credit, blind persons credit, age credit and various additional tax credits for widowed persons.
These figures are estimates from the Revenue tax-forecasting model using actual data for the year 2011 adjusted as necessary for income and employment trends in the interim. They are therefore, provisional and likely to be revised.
