Dáil Éireann díospóireacht -
Tuesday, 30 Sep 2003

Vol. 571 No. 1

Written Answers. - Tax Yield.

Bernard J. Durkan

Ceist:

399 Mr. Durkan asked the Minister for Finance if he expects end of year returns under various taxation headings to be in accordance with his projections and in line or at variance with outturns for the past five years; if he will outline the significance of any shift; and if he will make a statement on the matter. [21270/03]

Minister for Finance (Mr. McCreevy)

The budget day forecast was for total tax receipts of €31,646 million in 2003. Exchequer tax receipts to end-August were €19,093 million. The end-August position showed pluses and minuses between the various tax heads. Net receipts for corporation tax were 4.2% below target reflecting a weaker than expected level of economic activity. Excise duties were 5.6% below target and VAT is about 1% below profile reflecting lower than expected levels of personal consumption. Receipts from capital taxes were 12% below target but the bulk of receipts from this source are not due until the last four months of the year.

On the other hand, overall receipts from income tax were broadly on target while stamp duties were running 22.8% ahead of target due to the level of activity in the residential property market. With the release of the end-June 2003 Exchequer returns, I said that a shortfall in revenue of up to €500 million may arise at year end. My Department will review the position as part of the end-September Exchequer returns which will be published on 2 October.

The outturns for the past five years under the various taxation headings are set out in the following table:

Cumulative Exchequer Tax Receipts (€ millions) in the years 1998 to 2002

Tax Head	1998	1999	2000	2001	2002
Income Tax	7,283	8,028	9,113	9,347	9,063
Corporation Tax	2,622	3,441	3,887	4,156	4,803
Customs	203	172	208	165	134
Excise	3,583	4,060	4,263	4,050	4,441
CGT	247	454	776	882	628
Capital Taxes	141	193	222	169	150
Stamps	686	913	1,107	1,227	1,167
VAT	5,422	6,194	7,470	7,920	8,885
Other	294	110	27	10	23
Total	20,480	23,565	27,072	27,925	29,294