Bernard J. Durkan
Question:99 Mr. Durkan asked the Minister for Finance the extent to which revenues for the first six months of 2004 are in excess of expectations; and if he will make a statement on the matter. [18877/04]
View answerWednesday, 23 June 2004
Questions (97)
Written answers
Exchequer tax receipts, which are available for the period to end-May 2004, amounted to €13,251 million. This was €632 million or 5% above profile. This excess over target was largely accounted for by income tax and capital gains tax receipts which were running €252 million and €241 million ahead of profile respectively.
Of the €252 million excess, PAYE accounted for €72 million, Schedule D for €56 million and €114 million of the remainder arises from the Revenue Commissioners audit activity, including special investigations. It should be noted, however, that the bulk of any yield from Revenue's special investigations would be once-off in nature.
The bulk of the CGT excess occurred in the first quarter of 2004 with receipts since that time slowing down. This slowdown is expected to continue so that receipts should return to a more normal pattern by year's end.
VAT and stamps receipts were also above target, +€85 million and +€66 million respectively, while excise receipts were in line with expectations. However, corporation tax receipts were running €94 million below profile. Non-tax revenue receipts to end-May were €146 million. This compares to €117 million for the same period last year.