Revenue Investigations Help Boost Ireland’s Tax Take
The Irish Finance Minister Brian Cowen announced that tax revenues were EUR1
billion ahead of estimates for the first nine months of the year, helped by
the additional receipts raised from the Revenue Commission's special investigations. According to the data released by the Finance Department on Tuesday, a total
of EUR26.4 billion in tax receipts was collected in the first nine months,
a rise of 7.5% - more than double the 3.4% increase predicted by the government. Personal income tax receipts were EUR300 million higher than expected during
the period in question, boosted by Revenue investigations into hidden offshore
accounts and insurance related schemes. VAT receipts meanwhile came in EUR350 million
higher than expected. However, corporate tax revenues were EUR280 million below
target. The data showed that an Exchequer deficit of EUR1,123 million was recorded
in the first three quarters of 2005. This compares to an Exchequer deficit of
EUR418 million for the first three quarters of 2004 and a budgeted deficit of
EUR2,988 million for 2005 as a whole. The figures were welcomed by the Finance Minister, who said that the public
finances remain in a "sound position." "Tax revenues are well ahead of profile. This includes extra monies this
year from Revenue’s special investigations," observed Mr Cowen. He
added that public expenditure in 2005 is expected to be broadly in line with
estimates. .
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