Dáil Éireann - Volume 628 - 22 November, 2006

Written Answers. - Tax Code.

Mr. Stanton asked the Minister for Finance the estimated average value of tax and PRSI concessions on contributions to approved pension schemes including occupational schemes, AVCs, PRSAs and self-employed and director arrange[340] ments to PAYE payers who contributed to such schemes and similarly for non-PAYE taxpayers who contributed to such schemes in the most recent year for which data is available; and if he will make a statement on the matter. [39646/06]

  Mr. Cowen: I am informed by the Revenue Commissioners that the latest relevant figures available are in respect of the income tax year 2003.

Figures in respect of employee contributions to occupational pension schemes, that is schemes set up by the employer, represent estimates in aggregate form provided on a tentative basis. Subject to these limitations, and using data on the numbers of employee contributors obtained from the Pensions Board, the approximate average value to each employee contributor of tax concessions in respect of the total combined estimates of contributions by employees and employers is estimated at €1,637.

The average value of income tax concessions for contributions to Retirement Annuity Contracts (RACs) which are available to the self-employed and to employees not in occupational pension schemes and to Personal Retirement Savings Accounts (PRSAs) is estimated at €2,411 and €2,500, respectively.

Estimates of PRSI costs in relation to pension contributions have not been compiled and are not available.