Tax Yield

Dáil Éireann Debate, Wednesday - 3 June 2020

Wednesday, 3 June 2020

Questions (71, 116)

Michael McGrath

Question:

71. Deputy Michael McGrath asked the Minister for Finance the tax receipts for each month of 2020 to date in view of the fact that it does not seem to be set out in the Fiscal Monitor April 2020; the tax profile for each of the 12 months; the same information broken down into each tax heading in tabular form; and if he will make a statement on the matter. [8719/20]

Michael McGrath

Question:

116. Deputy Michael McGrath asked the Minister for Finance the taxation receipts that were expected for January, February, March and April 2020; the amount actually taken in as regards Table 1 in the fiscal monitor in April; the expected amount from taxation receipts in February 2020 as set out in the fiscal monitor in February; and if he will make a statement on the matter. [9739/20]

Written answers

Minister for Finance

I propose to take Questions Nos. 71 and 116 together.

The monthly tax receipts to end-April 2020 are available at my Department's databank at http://databank.finance.gov.ie/. This information is presented in the tables for the Deputy's convenience. 

In ordinary circumstances, my Department produces monthly taxation profiles at the beginning of the year based on the previous Budget's taxation forecasts. Two factors contributed to the process differing in 2020. In the first instance, the forecasts in Budget 2020 were carried out on the assumption of a 'disorderly Brexit'. As this assumption became outdated, my Department published a high-level technical update as part of the Medium Term Fiscal Strategy published in January. From this technical update, the initial monthly profiles for tax receipts were derived.

Following this, due to the unprecedented Covid-19 situation, it was necessary to substantially update the monthly profile of expected tax receipts for 2020, which was carried out on the basis of the forecasts published in the Stability Programme Update 2020. These profiles take into account the actual Exchequer tax outturn until end-April and attempt to reflect the potential impact of the pandemic on receipts.

As such, there are no revised monthly taxation profiles for the months January to April. Furthermore, unallocated receipts are not profiled. These receipts are allocated to the appropriate tax headings by the Revenue Commissioners over the course of the year. The May Exchequer returns, and all subsequent publications, will include a comparison of the tax outturn to the revised profiles.

Table 1 displays tax receipts to end-April. The revised profiles for monthly taxation receipts are presented in Table 2. The previous profiles, which were based on the Medium Term Fiscal Strategy technical update, are presented in Table 3.

Table 1: monthly tax receipts to end-April 2020, € thousands 

	January	February	March	April	Total
Customs	23,800	28,600	26,000	21,700	100,100
Excise Duty	511,968	369,066	401,936	308,709	1,591,679
Capital Gains Tax	67,571	84,591	27,675	16,245	196,082
Capital Acquisitions Tax	23,180	5,796	13,470	15,037	57,483
Stamps	143,626	134,351	124,664	118,965	521,606
Income Tax	2,197,999	1,779,739	1,665,252	1,876,840	7,519,830
Corporation Tax	115,914	466,603	287,454	32,597	902,568
Valued Added Tax	2,701,541	355,337	1,080,257	86,448	4,223,583
Unallocated Tax Receipts	29,989	18,066	-5,039	-449	42,567
Motor Vehicle Duties	91,235	79,460	82,820	76,118	329,633
Total	5,906,823	3,321,609	3,704,489	2,552,210	15,485,131

Table 2: profile of monthly tax receipts to end-2020, € millions

	May	June	July	August	September	October	November	December
Customs	19	20	25	28	28	30	30	25
Excise Duty	290	295	379	373	383	588	529	666
Capital Gains Tax	11	9	16	12	20	28	65	508
Capital Acquisitions Tax	14	15	18	21	26	67	183	13
Stamps	34	26	72	62	53	203	113	120
Income Tax	1,052	1,007	1,043	1,166	1,140	1,291	2,605	1,420
Corporation Tax	1,619	1,460	323	286	517	1,128	2,882	1,068
Valued Added Tax	980	86	1,584	138	2,064	266	2,625	317
Motor Vehicle Duties	69	60	81	73	70	86	87	69
Total	4,087	2,979	3,541	2,158	4,302	3,687	9,120	4,206

 Table 3: previous profiles of monthly tax receipts to end-2020, based on the Medium Term Fiscal Strategy, € millions

	January	February	March	April	May	June	July	August	September	October	November	December
Customs	24	37	27	22	27	28	29	35	36	35	35	30
Excise Duty	512	438	512	577	492	504	549	535	466	572	514	649
Capital Gains Tax	68	81	17	18	15	13	22	17	28	39	91	718
Capital Acquisitions Tax	23	13	18	16	19	20	24	28	34	108	228	19
Stamps	144	114	95	117	143	103	161	131	101	324	131	202
Income Tax	2,213	1,900	1,590	2,120	1,870	1,880	1,980	1,815	1,745	1,910	3,790	1,922
Corporation Tax	116	152	249	146	1,973	2,525	67	254	728	1,331	2,980	1,264
Valued Added Tax	2,717	221	2,185	169	2,482	172	2,361	222	2,480	257	2,492	172
Motor Vehicle Duties	91	80	85	82	83	75	85	73	70	73	63	64
Total	5,907	3,036	4,777	3,267	7,103	5,322	5,278	3,110	5,688	4,649	10,323	5,039