Dáil Éireann Debate, Tuesday - 27 July 2021
335. Deputy Ged Nash asked the Minister for Finance the estimated individual savings per relief and total savings to the Exchequer from applying only the standard rate of tax to all discretionary tax expenditures in tabular form; and if he will make a statement on the matter. [39887/21]
View answerI am advised by Revenue that the estimated yields from standard rating discretionary tax reliefs (currently at the marginal rate) are set out in the following table. The estimates are based on data from 2018 tax returns, which is the latest year currently available. The estimates do not take account any possible behavioural change on the part of taxpayers as a consequence of such a change.
|
Reliefs and Expenditures |
Full Year Yield (€m) |
|
Allowance for Seafarers |
0.1 |
|
Covenants |
0.4 |
|
Dispositions such as Maintenance Payments |
4 |
|
Donations to Approved Sporting Bodies |
0.2 |
|
Employing a Carer |
3 |
|
Health Expenses (Nursing Homes) |
8 |
|
Employee Pension Contribution |
423 |
|
Rental Deduction for Leasing of Farm Land |
6 |
|
Relief for expenditure on significant buildings and gardens |
0.9 |
|
Stock Relief (General) (S666 Taxes Consolidation Act 1997) |
1 |
|
Stock Relief (for Young Trained Farmers) (S667B Taxes Consolidation Act 1997) |
0.4 |
|
Stock Relief (for Registered Farm Partnerships) (S667C Taxes Consolidation Act 1997) |
0.1 |
|
Permanent Health Benefit Premiums |
2 |
|
Foreign Earnings Deduction |
3 |
|
Start-up Relief for Entrepreneurs |
0.4 |
|
Donations to Charities and Approved Bodies |
10 |
|
Total |
462.5 |
