Pearse Doherty
Question:121. Deputy Pearse Doherty asked the Minister for Finance the estimated loss of revenue from abolishing the universal social charge in full in budget 2018. [14887/17]
View answerTuesday, 28 March 2017
Questions (121)
Written answers
The most recent economic and fiscal forecasts were prepared by my Department as part of Budget 2017. On that basis, the Universal Social Charge (USC) is projected to raise approximately €3.7 billion this year in Exchequer receipts terms. These revenues are expected to increase over the forecast horizon as employment and wages are projected to continue to grow.
For example, next year assuming a no policy change, which does not take account of the allocation of fiscal space beyond 2017, but does include the carryover effect of Budget 2017 changes, USC is expected to yield €4.0 billion in 2018.
Finally, as the Deputy will appreciate these figures are expected to change as part of the upcoming Stability and Programme Update, in April this year, which will incorporate the most up to-date macroeconomic data.