Michael Noonan
Ceist:520 Deputy Michael Noonan asked the Minister for Finance the projected revenue forgone in 2011 from abolition of the travel tax; and if he will make a statement on the matter. [33973/10]
Amharc ar fhreagraWednesday, 29 September 2010
Ceisteanna (430, 431, 432, 433, 434)
Freagraí scríofa
It is estimated that the revenue forgone from the abolition of the air travel tax would be around €110 million in a full year.
Michael Noonan
Ceist:521 Deputy Michael Noonan asked the Minister for Finance the projected revenue in 2011 from a €5, €10 and €15 per tonne increase in the carbon tax; and if he will make a statement on the matter. [33974/10]
Amharc ar fhreagraIt is estimated that the additional full year yield, inclusive of VAT, from an increase in the current carbon tax rate (€15 per tonne) of €5, €10, and €15 per tonne would be approximately €110 million, €220 million and €330 million respectively. The yield in 2011 would of course depend on the timing and phasing of any such increase in the carbon tax. On the assumption that a €5 per tonne increase was applied from Budget night on all fuel products, the estimated yield in 2011 would be approximately €95 million.
Michael Noonan
Ceist:522 Deputy Michael Noonan asked the Minister for Finance the projected revenue in 2011 from a reduction in the annual earnings cap for pension relief to €100,000; and if he will make a statement on the matter. [33975/10]
Amharc ar fhreagraIt is presumed the Deputy is referring to the current annual earnings cap of €150,000, which operates to limit the level of tax-relieved personal pension contributions in any one year. The annual earnings cap acts, in conjunction with age-related percentage limits of annual earnings, to put a ceiling on the annual amount of tax relief an individual taxpayer can obtain on pension contributions.
The full year yield to the Exchequer arising from reducing the earnings cap to the amount mentioned in the question is currently estimated to be of the order of €85 million. This figure is provisional and subject to revision. A breakdown of the figures by reference to income levels is available only in respect of the tax relief for contributions to Retirement Annuity Contracts (RACs) and Personal Retirement Savings Accounts (PRSAs) to the extent that these contributions are included in the personal tax returns of tax payers.
With regard to occupational pensions, (that is, schemes set up by the employer), the figures in respect of employee contributions are available only in aggregate form. Information on such contributions is not captured in such a way as to make it possible to associate contributions with individual income levels. For that reason the estimated yield to the Exchequer in respect of these contributions is extremely tentative. The estimated yield is based on assuming that tax relief which would be affected by the changes mentioned in the question is currently allowed at the top income tax rate of 41% and at the maximum age-related percentage limit of earnings. The figure provided could therefore be regarded as the maximum Exchequer yield in respect of those taxpayers.
Michael Noonan
Ceist:523 Deputy Michael Noonan asked the Minister for Finance the projected revenue in 2011 from a restriction in interest relief on rented residential property from 75% to 50% of interest paid; and if he will make a statement on the matter. [33976/10]
Amharc ar fhreagraThe Deputy will no doubt be aware that the level at which interest repayments can be claimed against tax for residential rental properties was reduced from 100% to 75% in section 5 of the Finance Act 2009 at an estimated full year yield of €95 million. The yield to the Exchequer from a further similar reduction as mentioned in the question is likely to be of a similar order.
Michael Noonan
Ceist:524 Deputy Michael Noonan asked the Minister for Finance the projected revenue in 2011 of a 25 cent increase in excise duty on a packet of 20 cigarettes; and if he will make a statement on the matter. [33978/10]
Amharc ar fhreagraI am informed by the Revenue Commissioners that it is estimated that a 25 cent increase in excise duty on a packet of cigarettes would yield in the region of €40m.