Wednesday, 8 May 2019

Questions (157)

Catherine Connolly

Question:

157. Deputy Catherine Connolly asked the Minister for Finance the estimated additional revenue that would be raised in budget 2020 from the non-indexation of the income tax system; and if he will make a statement on the matter. [19400/19]

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Written answers (Question to Finance)

The estimated yield from non-indexation for Budget 2020, will not be finalised until the Office of the Revenue Commissioners has completed and published its Pre-Budget 2020 Income Tax Ready Reckoner, which is expected to be published in Quarter 3 2019. This sets out the cost to the Exchequer of indexing various income tax components by 1%. 

In addition, the updated Budget 2020 macro-economic drivers used in preparing these calculations will need to be endorsed by the Irish Fiscal Advisory Council in early October 2019.