Ciarán Cuffe
Ceist:176 Mr. Cuffe asked the Minister for Finance the reason tax returns are considered behind tar get in most tax categories to date in 2003. [20941/03]
Written Answers. - Tax Yield.
The latest – 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.