Banks’ profits and corporation tax
The two principal banking groups reported combined pre-tax profits of £82.6 million and corporation tax payable of £8.6 million. The Minister said the Commission on Taxation had been asked to examine financial institutions’ tax contributions; the Chair then directed the next questions to written reply.
asked the Minister for Finance (a) the total amount of profits earned by the Irish banks in the most recent year for which figures are available; (b) the tax paid to the Exchequer on those profits; and (c) whether he considers this level of taxation to be satisfactory.
Comment on this
I assume that the Deputy is referring to the two principal Irish banking groups. According to their published accounts, the pre-tax profits of these two groups for the year ended 31 March 1980 amounted to £82.6 million and Irish corporation tax currently payable £8.6 million.
Regarding the general matter of the banks' contribution to taxation, as I have already indicated to the Deputy in reply to his questions on bank leasing — that refers to questions which were postponed — the Commission on Taxation have been asked to examine the contribution to taxation by financial institutions as a whole and I await their considered views.
