andMr. P. Barry asked the Minister for Finance the number of firms who availed of the special 25 per cent of corporation tax introduced in 1977 by expanding employment and volume sales by over 3 and 5 per cent respectively; and the number of additional jobs involved.
Written Answers. - Corporation Tax.
343.
Claims for the reduced rate of corporation tax for manufacturing companies must be supported by accounts and other data. In general, the submission to the Revenue of accounts of companies covering periods falling within the early part of the financial year 1977 commenced only recently. The submission of accounts covering the latter part of that year will not, broadly speaking, be completed until as late as the middle of 1979. Accordingly it will not be possible until the latter part of 1979 to assemble, for the financial year 1977, comprehensive statistical material of the kind sought by the Deputies.
344.
andMr. P. Barry asked the Minister for Finance how his original pre-budget estimate of £108 million in revenue from corporation tax in 1978 was made up; the anticipated timing of payments throughout the year; the level of economic growth on which it was predicted; and if he will give the same information in relation to his revised post-budget estimate of receipts.
The estimates of revenue from corporation tax in 1978 are based on company profits in earlier years, since this is the basis of the 1978 payments. From past experience it is expected that a significant proportion of the payments will be made in the first quarter of the year.