Houses of the Oireachtas

All parliamentary debates are now being published on our new website. The publication of debates on this website will cease in December 2018.

Go to

Written Answers - Tax Yield

Tuesday, 7 February 2012

Dáil Éireann Debate
Vol. 754 No. 3

First Page Previous Page Page of 369 Next Page Last Page

 136.  Deputy Michael McGrath Information on Michael McGrath Zoom on Michael McGrath  asked the Minister for Finance Information on Michael Noonan Zoom on Michael Noonan  the revenue, actual and projected, to be raised from the pension fund levy for each of the years 2011 to 2014; the cost of each of the related measures undertaken under the jobs initiative; and if he will make a statement on the matter. [6761/12]

Minister for Finance (Deputy Michael Noonan): Information on Michael Noonan Zoom on Michael Noonan The Jobs Initiative publication from May of last year clearly outlined the expected revenue yields to be generated from the pension levy over the 2011-2014 period. In addition, the publication also included details of the proposed current and capital expenditure and other revenue measures. This information was most recently included in the response to PQ 4718/12 and PQ 4719/12 on January 26th also.

The outturn for the pension levy in 2011 was €463 million as opposed to the original forecast amount of €470 million.

The implementation of a jobs and growth strategy is a key priority of this Government. The Jobs Initiative contains a range of measures aimed at assisting in employment generation — providing opportunities for those who are out of work, to restore public morale and confidence in the economy and encourage spending by consumers. The Government is currently finalising a comprehensive Action Plan for Jobs which will set out further measures to be taken in 2012 to support job creation. This Action Plan, which complements last year’s Jobs Initiative, will be published in the coming weeks.

A summary of the original measures and associated estimated yields and costs is set out in the table below:

Revenue 2011 (€m) 2012 (€m) 2013 (€m) 2014 (€m) Total
*Air Travel Tax -15 -90 -105 -105 -315
VAT -120 -350 -350 -60 -880
PRSI -95 -208 -201 -33 -536
Pension Funds Levy +470 +470 +470 +470 +1,880
Expenditure (Additional) -40 -30 -30 -30 -130
Net Benefit (+) / Loss (-) +201 -208 -216 +242 +19

rounding may affect totals

*It should be noted that the proposed suspension of the Air Travel Tax, at an estimated cost of €15 million in 2011, €90 million in 2012 and €105 million in a full year, was conditional on the airlines increasing passenger numbers in terms of restoring routes and capacity. Following discussions with the airlines in that regard, the Government decided to retain the Air Travel Tax in 2011, pending a further review in the spring.

Last Updated: 04/04/2015 20:05:39 First Page Previous Page Page of 369 Next Page Last Page