Michael McGrath
Question:129. Deputy Michael McGrath asked the Minister for Finance the amount expected to be collected from the 1% band of the universal social charge in 2016; and if he will make a statement on the matter. [36833/15]
View answerThursday, 22 October 2015
Questions (129, 130, 131, 132, 133)
Michael McGrath
Question:130. Deputy Michael McGrath asked the Minister for Finance the amount expected to be collected from the 3% band of the universal social charge in 2016; and if he will make a statement on the matter. [36834/15]
View answerMichael McGrath
Question:131. Deputy Michael McGrath asked the Minister for Finance the amount expected to be collected from the 5.5% band of the universal social charge in 2016; and if he will make a statement on the matter. [36835/15]
View answerMichael McGrath
Question:132. Deputy Michael McGrath asked the Minister for Finance the amount expected to be collected from the 8% band of the universal social charge in 2016; and if he will make a statement on the matter. [36836/15]
View answerMichael McGrath
Question:133. Deputy Michael McGrath asked the Minister for Finance the amount expected to be collected from the 11% band of the universal social charge in 2016; and if he will make a statement on the matter. [36837/15]
View answerWritten answers
I propose to take Questions Nos. 129 to 133, inclusive, together.
I am advised by the Revenue Commissioners that, on the basis of my Department's projected forecast of €4 billion in Universal Social Charge (USC) receipts for 2016, the USC yield for the 1%, 3%, 5.5%, 8% and 11% rates is tentatively estimated to be in the order of €171 million, €213 million, €1,519 million, €313 million and €665 million respectively. These are the estimated first year yields for each of the new Budget 2016 USC rates and the balance of the overall 2016 USC receipts will be at the pre-Budget USC rates.
The full year yield for the Budget 2016 USC rates of 1%, 3%, 5.5%, 8% and 11% rates is estimated to be in the order of €237 million, €296 million, €2,109 million, €434 million and €924 million respectively.
It is assumed that the question pertaining to the 11% rate of USC is in regards to the 3% surcharge on individuals who have non-PAYE income that exceeds €100,000 per annum. The figures quoted above for the 11% rate includes both receipts at 8% and from the 3% surcharge for all cases paying the surcharge. In effect, these receipts include all USC charged on incomes above €70,044 for those paying the surcharge.
All the figures provided are based on estimates for 2016, using the actual data for the year 2013 (the latest year for which data are available) adjusted as necessary for income, self-employment and employment trends in the interim. They are provisional and may be revised.