Richard Boyd Barrett
Ceist:173. Deputy Richard Boyd Barrett asked the Minister for Finance the amount the State has forgone in tax write-downs due to the use of section 110 according to the latest available figures. [36317/17]
Amharc ar fhreagraWednesday, 26 July 2017
Ceisteanna (173)
Freagraí scríofa
I am informed by Revenue that as Corporation Tax returns do not require separate entry of information in respect of the tax foregone due to the use of section 110, it is not possible to provide the figures requested.
However, the Deputy may wish to note that the estimated tax yield from the section 110 and funds changes introduced in the 2016 Finance Act were estimated at €50 million at the time of their introduction. This estimate was both conservative and prudent. To estimate the yield from these amendments into the future requires predicting changes in property prices as well as behavioural changes. It is too early for the Department or Revenue to revise the final amount expected in 2017 or beyond, however based on receipts received to date it is likely that the expected yield will be exceeded.