Department of Finance Tax Strategy Group weighs scheme to aid low-paid workers
The Government's Tax Strategy Group questions whether refundable income tax credits tackle poverty. Photograph by: Niall Carson/PA WireTax credits that would boost low-paid workers’ wages could cost the State around €1 billion, says a Government report published on Tuesday.
The Department of Finance Tax Strategy Group is considering the introduction of refundable income tax credits, a system that would mostly benefit low-paid workers. In a report published on Tuesday, the group says that Revenue “tentatively estimates” the likely cost of such a scheme at €1 billion, leading to a significant loss of income to the State.
The Tax Strategy Group’s findings are closely watched as they are traditionally seen as an indicator of policies under discussion ahead of the Budget. The group is made up of officials from the departments of the Taoiseach, Tánaiste, Finance, Public Expenditure, Enterprise and Social Protection. Officials from the Revenue Commissioners are also involved.
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