Richard Bruton
Question:81 Deputy Richard Bruton asked the Minister for Finance the estimate for each tax category for year end 2009 and in 2010 which underpins the pre-budget tax forecast. [42510/09]
View answerThursday, 19 November 2009
Questions (85, 86)
Richard Bruton
Question:82 Deputy Richard Bruton asked the Minister for Finance the value of revenue expected to be raised in 2009 and in 2010 from income tax and from the new levy introduced in 2009. [42511/09]
View answerWritten answers
I propose to take Questions Nos. 81 and 82 together.
The Supplementary Budget forecast total taxes in 2009 of €34.4 billion. With regards to Income Tax specifically, the Supplementary Budget forecast that €12.5 billion in Income Tax receipts would be collected in 2009, of which approximately €1.1 billion would come from the Income Levy. The Pre-Budget Outlook forecast that tax revenues will be in the region of €32 billion, around €2 billion below target, in 2009 and approximately €30.8 billion in 2010. At end-October, overall tax receipts were €1,074 million below target with the shortfall from Income Tax making up €625 million.
November is a key month for tax returns, in particular Income Tax, and, as usual, the November Exchequer Returns will be published on 2 December. The weakness in Income Tax is expected to continue in the final months of this year. The White Paper on Receipts and Expenditure will be published on 5 December and will set out the estimated end-year outturns for each tax-head as well as the White Paper tax forecasts for 2010 revenues on a pre-Budget basis. As is customary, Post-Budget tax forecasts for 2010 and later years will be published in Budget 2010.