Ireland Releases Tax Profile Data

by Jason Gorringe, Tax-News.com, London

15 February 2012

The Irish Finance Department has published profiles of expected Exchequer tax revenues for 2012 which show figures consistent with Budget forecasts.

Two separate documents have been published, the first creating a combined aggregate tax revenue and debt servicing expenditure profile which is presented on a cumulative basis. The second is a disaggregated, individual tax-head profile, presented on both a cumulative and a monthly basis.

According to the Department, the profiles are consistent with the forecasts for tax revenue and debt servicing expenditure underpinning Budget 2012, which was delivered late last year.

The profiles allow for comparison of the actual monthly Exchequer tax revenue and debt servicing outturns against target over the course of 2012. Outturns for tax revenue and debt servicing expenditure for January are shown, as per the end-January, 2012 Exchequer Statement, with the exception of corporation tax.

The Statement, released last week, showed receipts 17% higher than in the same period last year, representing just over 10% of the annual Budget 2012 target. Total revenue amounted to EUR3.4bn (USD4.5bn).

February's target is EUR1.8bn, with EUR2.7bn expected in March, and EUR2.1bn in April. May is predicted to bring in EUR3.6bn, June EUR2.5bn, July EUR3.3bn, August EUR1.9bn, September EUR4.0bn, October EUR2.5bn, November EUR5.7bn, and December EUR2.4bn.

The Department has clarified that some EUR251m of the corporation tax paid into the Exchequer in January, 2012 relates to receipts that were actually due in December, 2011. These receipts did not therefore form part of the original Budget 2012 estimate for corporation tax of EUR3.7bn and are excluded for the purposes of profiling the annual corporation tax target.

Budget 2012 projected overall tax revenues in 2012 of EUR35.8bn. It will include revenues generated from the Pension Levy and Health Insurance Levy, which are to be collected in the third quarter, along with increases in Motor Tax rates.

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