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Dáil Éireann debate -
Tuesday, 30 Sep 2003

Vol. 571 No. 1

Written Answers. - Tax Yield.

Bernard J. Durkan

Question:

163 Mr. Durkan asked the Minister for Finance the extent to which returns in respect of income tax, corporation tax and other revenues now, compare with those in previous years; the way in which he expects the current trend to affect the economy in the short, medium and long-term; and if he will make a statement on the matter. [20937/03]

The budget day forecast was for total tax receipts of €31,646 million in 2003. As I said in a statement on the release of the end-June 2003 Exchequer returns, a shortfall in tax revenue of up to €500 million may arise at year end. My Department will review the position in this regard on examination of the end-September Exchequer returns which will be published on 2 October.

Tax receipts to the end of August 2003 compare with tax receipts in the same period for previous years as follows:
Exchequer Tax Receipts to End August

Tax Head

2000

2001

2002

2003

€ million

€ million

€ million

€ million

Income Tax

5,640

5,950

5,279

5,247

Corporation Tax

2,972

3,221

3,421

3,160

Customs

149

118

92

94

Excise

2,754

2,528

2,790

2,816

Capital Gains Tax

127

181

200

195

Capital Taxes

155

123

102

105

Stamps

749

869

726

1,053

VAT

4,912

5,254

5,279

6,329

Other

205

76

147

94

Total

17,663

18,320

18,523

19,093

As regards the medium-term prospects for tax revenue, the Stability Programme Update, published with budget 2003, included economic and revenue projections into the medium term. These projections will be updated with budget 2004 in December next taking full account of developments in the intervening period.
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