Dáil Éireann debate -
Tuesday, 11 Nov 2003

Vol. 574 No. 1

Written Answers. - Tax Yield.

Bernard J. Durkan

Question:

239 Mr. Durkan asked the Minister for Finance if receipts in respect of income tax and other revenues to date are in accord with budgetary projections; if he proposes action in this regard; and if he will make a statement on the matter. [26103/03]

Minister for Finance (Mr. McCreevy):

Exchequer tax revenue received to the end of October 2003 totalled €24,231 million and represents almost 77% of the total receipts for 2003 projected at budget time last year.

The budget day target for income tax in 2003 is €9,307 million. At the end of October, the Exchequer had received €6,863 million in income tax or 74% of the target for the year. In terms of the Revenue Commissioners' profile of tax revenue for 2003, revenue net receipts for income tax were some €106 million below what had been expected to be collected by Revenue in the first ten months of the year, due mainly to a shortfall in schedule D receipts – PAYE receipts are slightly above target. Certain other tax heads, including excise and VAT, are also currently performing below the Revenue collection targets while others, including stamp duty, are performing above target.

I have previously indicated that a shortfall in tax revenue of up to €500 million may arise at year end. A lot of tax revenue has still to come in and my Department will continue to review the position regarding the expected shortfall in tax revenues in the period leading up to the budget.