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Tax Code

Dáil Éireann Debate, Wednesday - 26 January 2022

Wednesday, 26 January 2022

Questions (53, 54, 55)

Pearse Doherty

Question:

53. Deputy Pearse Doherty asked the Minister for Finance the revenue raised by the excess bank remuneration charge in each of the years since its introduction, in tabular form. [3945/22]

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Pearse Doherty

Question:

54. Deputy Pearse Doherty asked the Minister for Finance the number of relevant employees that have been subject to the excess bank remuneration charge in each of the years since its introduction disaggregated by specified institution in tabular form. [3946/22]

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Pearse Doherty

Question:

55. Deputy Pearse Doherty asked the Minister for Finance the number of times an employer has failed to make and deliver a return on time to the Revenue Commissioner as specified under subsection 10 of section 531AAD on the Direct Tax Acts since the introduction of the excess bank remuneration charge. [3947/22]

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Written answers

I propose to take Questions Nos. 53 to 55, inclusive, together.

Section 531AAD of the Taxes Consolidation Act 1997 provides for a charge to be levied on bonus and similar payments over €20,000 paid to employees of financial institutions that received financial support from the State under the Credit Institutions (Financial Support) Act 2008. This charge, known as the “excess bank remuneration charge”, is incorporated into the Universal Social Charge (USC) and applies in all respects as if it were USC except that it is charged at a higher rate of 45%. I am advised by Revenue that the revenue raised to date by this charge is as follows:

Year

Revenue raised

2011

€1.288m

2012 – 2021

Nil

As regards the information sought by the Deputy in relation to the number of times an employer has failed to make and deliver a return on time, I am advised by Revenue that due to on-going Covid-19 related work restrictions it is not possible to access returns for tax years prior to 2014 in the time available, as such records are only available in hard copy:

Year

No of Returns under s.531AAD(1) TCA 1997 received post 14th day from the end of the year.

2014

4

2015

3

2016

4

2017

4

2018

3

I am advised by Revenue that the number of relevant employees that have been subject to the excess bank remuneration charge in each of the years since its introduction is as set out in the table below.

Year

Number of Individuals

2011

47

2012 – 2021

Nil

However, as Revenue is bound by the provisions of section 851A of the Taxes Consolidation Act 1997 concerning taxpayer confidentiality, it is unable to provide a disaggregation by specified institution.

Question No. 54 answered with Question No. 53.
Question No. 55 answered with Question No. 53.
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