Dáil Éireann Debate, Wednesday - 17 April 2019
65. Deputy Thomas P. Broughan asked the Minister for Finance the income tax receipts for the first quarter of 2019; the reason the budget 2019 projection for this tax yield was not achieved; and if he will make a statement on the matter. [17643/19]
View answerI can advise the Deputy that in the year to-date income tax receipts of €4,973 million have been collected against a target of €5,144 million. This represents a small shortfall of just 3.3 per cent or €171 million. However, it should be noted that income tax is a broadly based tax-head, covering a range of sub-components. In the year to end-March there was some weakness recorded in receipts derived from unearned sources of income, and early Schedule D tax payments. However, it should be noted that PAYE income tax receipts which account for about 70 per cent of the overall annual target finished the quarter broadly in line with collection targets which reflects the continuation of positive labour market developments. Separately, USC posted a similar performance.
Finally, I would caution against drawing any conclusions for the year’s performance with just one quarter of data. My Department will continue to monitor developments over the course of the year.
