I am informed by the Revenue Commissioners that the relevant information on total tax receipts broken down by sector, including the financial intermediation sector for the years 2007, 2008, 2009 and 2010, are available from the Revenue Statistical Reports which are accessible on the Revenue website at www.Revenue.ie. The information is located in Table TR6, under the main chapter heading of Total Revenue. That table provides a percentage breakdown of the net receipt of PAYE, VAT, Income Tax, Corporation Tax and Capital Gains Tax by trade sector. The corresponding figures for 2011 are not yet available on the website but the equivalent figures for the financial sector are as follows:
Domestic VAT: 4.39%
PAYE: 14.38%
Self-Employed Income Tax: 2.55%
Corporation Tax: 19.21%
Capital Gains Tax: 5.17%
Aggregate Total: 10.83%
The corresponding receipts for all sectors for 2011, to which these percentages can be applied, were as follows:
Domestic VAT - €8,663m
PAYE - €11,345m
Self-Employed Income Tax - €1,397m
Corporation Tax - €3,500m
Capital Gains Tax - €416m
Aggregate Total - €25,321m
It should be noted that these receipt figures are net of any refunds of tax that were repaid during the year. A corresponding breakdown by sector is not available for Stamp Duty, VAT on Imports, Customs, Excise or Capital Acquisitions Tax. Equivalent figures for earlier years and projections for later years are not available on a similar basis.
Profit information is not available on the basis of the calendar years shown above. The only relevant information on profits is derived from corporation tax returns filed by companies in this sector for accounting periods ended in the years in question and is as shown in the following table. These periods cannot be directly associated with the calendar year receipts above as, for example, the receipts shown above are net of refunds of tax that could be associated with tax relating to earlier accounting years.
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Taxable Income and Gains of the Financial Sector (€m)
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2007
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20,379.9
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2008
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Not available.
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2009
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11,144.4
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2010
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11,323.4
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2011
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9,543.4
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It is not possible to provide information in respect of taxable income and gains for the tax year 2008 due to technical changes on Revenue computer systems.
The figures shown are based on
a
sector identifier used on the tax records called the 4 digit “NACE code (currently Rev. 2)” which is an internationally recognised economic activity code system. The NACE codes are not essential for the assessment and collection of taxes and duties and the correct allocation and maintenance of these codes is subject to the limit of available resources. NACE code classifications on tax records are compiled by reference to the primary area of economic activity reported by individual and corporate taxpayers on their own behalf and the taxes collected are allocated to those codes without reference to the precise economic activity which generated them.
While the accuracy of the NACE codes on tax records is sufficient to underpin broad sector-based analyses there will undoubtedly be some inaccuracies at individual level. This should be borne in mind when considering the information provided. The sector identified for this reply represents the closest equivalents in the NACE code system to the sector mentioned in the question.
