Dan Boyle
Question:90 Mr. Boyle asked the Minister for Finance his views on the recent reduction in receipts from corporation tax. [24950/04]
View answerThursday, 14 October 2004
Questions (90)
Written answers
Corporation tax receipts to end September were €185 million below target. Part of the reason for this may be that a number of companies over-paid their advance preliminary tax, particularly in the autumn of last year. This has resulted in much reduced residual preliminary tax payments in 2004 to date. It may also be the case that the improvement in the economy has yet to result in greater company profits and higher corporation tax receipts. I ask the Deputy to note that almost 40% of the expected yield from corporation tax in 2004 is profiled for collection in the last quarter of 2004. In November alone, 28% is collected. As such, it is too early to speculate about the extent to which corporation tax might recover from its current shortfall position by the year's end.