Michael Ahern
Ceist:160 Mr. M. Ahern asked the Minister for Finance the cost in a full year of a 1 per cent reduction under all tax heads; and if he will identify each separately. [17023/96]
Vol. 469 No. 1
160 Mr. M. Ahern asked the Minister for Finance the cost in a full year of a 1 per cent reduction under all tax heads; and if he will identify each separately. [17023/96]
It is presumed that the question relates to a reduction of one percentage point in the rates of each of the taxes and duties mentioned. The cost of the rate changes requested in so far as it is available, is:
Reductions of 1 per cent in tax rates
Taxhead |
Estimated Cost to the Exchequer |
Full year |
|
£m |
|
Income Tax |
139.5 |
Value Added Tax |
109.0 |
Excise |
39.3 |
Corporation Tax |
19.0 |
Stamp Duties |
17.5 |
Capital Acquisitions Tax |
6.5 |
Residential Property Tax |
8.0 |
Capital Gains Tax |
1.1 |
All Taxes |
339.9 |
161 Mr. M. Ahern asked the Minister for Finance the cost of reducing the standard rate of tax by 1 per cent and the marginal rate of tax by 1 per cent. [17024/96]
162 Mr. M. Ahern asked the Minister for Finance the cost of widening the standard rate band by 1 per cent and the marginal rate band by 1 per cent. [17025/96]
I propose to take Questions Nos 161 and 162 together.
Change |
Full year cost |
£ |
|
Reduce standard rate from 27% to 26% |
89.5 |
Reduce top rate from 48% to 47% |
50 |
Widen the standard rate band by 1% (i.e. by £94 single/£188 married) |
12 |
163 Mr. M. Ahern asked the Minister for Finance the estimated cost to the Exchequer of reducing corporation tax to 27 per cent for businesses with profits of less than £100,000. [17026/96]
The full year cost of reducing the current corporation tax rate of 30 per cent to 27 per cent for all companies on the first £50,000 of profits and increasing this band to £100,000 is estimated at £25 million in a full year. The full year cost of introducing a 27 per cent corporation tax rate confined solely to those companies with profits of £100,000 or less, is put at £10 million.