asked the Minister for Finance the cost or estimated cost in terms of revenue foregone to the Exchequer due to the concession to company directors who are assessed for income tax by reference to their salary per the company's accounts as opposed to their P.60 salary; and if he will make a statement on the matter.
Written Answers. - Income Tax Concessions.
51.
The Revenue Commissioners inform me that the figure used for the purposes of the end of year review for income tax purposes in the case of directors is the figure shown as a charge for directors' salaries in the accounts of the company for the relevant year. The Revenue Commissioners do not consider the cost of this practice to be significant but the actual figure could not be obtained without undertaking inquiries which could only be carried out at a disproportionate cost. The practice is under review by the Revenue Commissioners.