Dáil Éireann Debate, Tuesday - 4 October 2016
142. Deputy Pearse Doherty asked the Minister for Finance the cost to the State of the historical farm rescue package scheme of 1982 to 1985, which included a waiver of corporation tax normally payable by banks involved in the scheme; the amount of tax forgone broken down by financial institution; and if he will make a statement on the matter. [28485/16]
Amharc ar fhreagraIt is assumed that the Deputy is referring to the Reduced Interest Scheme for Farmers in Severe Financial Difficulty.
I am advised by Revenue that information on the scheme is no longer readily available. Additionally, in accordance with statutory obligations to protect taxpayer confidentiality, the Revenue Commissioners would not be able to provide a breakdown of the tax forgone by each financial institution even if the information were to be retrieved.
The Deputy may be interested to know, however, that based on available records approximately 6,200 farmers were engaged in the scheme with a total estimated cost of £20 million to the Exchequer. This cost includes both direct cash payments as well as the reduced Corporation Tax receipts from the introduction of the scheme.
