Dáil Éireann Debate, Wednesday - 13 July 2022
142. Deputy Ged Nash asked the Minister for Finance the estimated total savings to the Exchequer from applying only the standard rate of tax to all discretionary tax expenditures costing in excess of €5 million in tabular form; and if he will make a statement on the matter. [38645/22]
View answerI am advised by Revenue that the estimated yields from the standard rating of income tax reliefs costing in excess of €5 million and currently available at the marginal rate, based on data from 2019 tax returns, the latest year for which fully analysed data are available, are as shown in the following table. These estimates do not take into account any possible behavioural change on the part of taxpayers as a consequence of such a change.
|
Reliefs and Expenditures |
Full Year Yield (€m) |
|
Dispositions such as Maintenance Payments |
6 |
|
Employing a Carer |
2 |
|
Health Expenses (Nursing Homes) |
9 |
|
Permanent Health Benefit Premiums |
2 |
|
Employee Pension Contribution |
516 |
|
Rental Deduction for Leasing of Farm Land |
7 |
|
Stock Relief (General) (S666 Taxes Consolidation Act 1997) |
2 |
|
Foreign Earnings Deduction |
2 |
|
Donations to Charities and Approved Bodies |
10 |
|
Total |
556 |
