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Irish Tax Revenues Continue To Beat Targets

by Jason Gorringe, Tax-News.com, London

05 May 2006

The latest set of figures released by Ireland's Department of Finance show that tax revenues continue to run ahead of targets set down in the budget, with the booming housing market causing a windfall of stamp duty receipts for the Exchequer.

Tax receipts for the four month period to the end of April 2006 totalled a little over EUR12.8 billion, EUR400 million more than forecast in the budget, and EUR1.8 billion more than the amount of tax collected in the corresponding period in 2005.

This contributed to an Exchequer surplus of EUR497 million for the first four months of 2006, compared with a EUR1.2 billion deficit for the first four months of last year.

Stamp duty revenues made a significant contribution to the tax haul, with the Exchequer collecting over EUR1 billion from property transactions, compared with EUR722 million in the first four months of 2005.

However, income tax receipts were running just below target at a little under EUR3.6 billion. Value added tax receipts, at EUR4.4 billion, also undershot the government's forecast, falling short by EUR100 million.

Ireland's healthy business environment ensured that corporate tax revenues came in EUR145 million above target at EUR943 million.

Just under EUR789 million was collected in capital gains tax receipts, compared with EUR510 million in the first four months of 2005.

The Exchequer also collected more in excise taxes between January and April 2006 at just under EUR1.9 billion, compared with EUR1.66 billion in the same period last year.

The full text of the Irish Exchequer Surplus Figures can be found in the Tax News Resources section.

 

 






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