Tuesday, 1 April 2014

Questions (181)

Michael McGrath

Question:

181. Deputy Michael McGrath asked the Minister for Finance the total tax expenditure in respect of pension contributiosn in each year from 2010 to 2013; and if he will make a statement on the matter. [15113/14]

View answer

Written answers (Question to Finance)

I am informed by the Revenue Commissioners that the total tax expenditure in respect of pension contributions for 2010 and 2011, the latest year for which data is available, is estimated to be in the region of €1,500 million in each year. These costs include the costs associated with employee and employer contributions to approved superannuation schemes, exemption of employers contributions from employee benefit in kind taxation, retirement annuity contracts and personal retirement saving accounts. It does not include the costs associated with the exemption of income and gains of approved superannuation funds or any costs associated with PRSI relief on pension contributions. Detailed data in respect of the year 2012 are currently being processed and will be available in due course while data in respect of 2013 is still in the process of being collected or, in relation to certain data, are not required to be returned until later this year.