Thursday, 5 July 2012

Questions (71)

Bernard J. Durkan

Question:

67 Deputy Bernard J. Durkan asked the Minister for Finance the level to which he expects tax revenue returns under various headings to meet targets in the current year; and if he will make a statement on the matter. [32923/12]

View answer

Written answers (Question to Minister for Finance)

The performance of Exchequer tax revenues against target in the period to end-June is set out in the following table:

Exchequer Tax Revenues

End-June 2012 Target €m

End-June 2012 Outturn €m

Excess/Shortfall €m

Excess/Shortfall %

Income Tax

6,846

7,061

215

3.1%

VAT

5,160

5,189

29

0.6%

Corporation Tax

1,706

1,980

274

16.1%

Excise

2,244

2,209

-35

-1.6%

Stamps

225

222

-3

-1.2%

Capital Gains Tax

161

172

11

6.5%

Capital Acquisitions Tax

53

47

-6

-11.3%

Customs

112

109

-3

-2.6%

Levies

0

Unallocated Tax Deposits

26

Total

16,507

17,014

507

3.1%

Rounding may affect totals

The performance of tax revenues in the year to date is encouraging but we must not lose sight of the fact that we are only half-way through the year and there are significant targets to meet in the months ahead, particularly in the fourth quarter. November is expected to be the biggest month of the year for tax revenue collection given the concentration of corporation tax and income tax, particularly from the self-employed, in that month.

Close to 47 per cent of total Exchequer tax revenues expected this year have so far been collected. While I do not wish to speculate about the likelihood of how individual tax revenues might perform in the second half of the year, I am reasonably confident, on the basis of data for the first six months, that total aggregate tax revenue will meet target this year.

Questions Nos. 68 to 70, inclusive, answered with Question No. 20.
Question No. 71 answered with Question No. 40.