CONTINUEThis site uses cookies. By continuing to browse this site you are agreeing to our use of cookies. Find out more.
  1. Front Page
  2. News By Topic
  3. Ireland Announces 2018 Tax Revenue Targets

Ireland Announces 2018 Tax Revenue Targets

by Jason Gorringe, Tax-News.com, London

13 February 2018


The Irish Government is targeting a seven percent increase in revenue over 2017's tax take.

The Finance Department has published its projected monthly taxation receipts for 2018. The total revenue forecast for 2018 is EUR54.2bn (USD66.4bn), seven percent higher than last year.

The "big four" tax heads – income tax, corporation tax, VAT, and excise duties – are projected to make up 90 percent of the tax mix.

Income tax receipts accounted for just over 40 percent of total tax revenue in 2017. For 2018, the Department is projecting income tax receipts of EUR21.4bn, seven percent higher than last year.

Corporation tax receipts are projected at EUR8.5bn, an increase of almost four percent year-on-year. VAT receipts are forecast at EUR14.1bn for 2018, an increase of just under six percent relative to last year.

Excise duties receipts are expected to total EUR5.8bn, a drop of just under two percent on 2017's tax take. The Department said that the decline reflects the frontloading of excise duty payments on tobacco, due to the introduction of plain packaging from September 2017.

From the beginning of 2018, the Local Property Tax is now paid directly into the local government fund, rather than being directed, in the first instance, to the Exchequer. By contrast, motor tax receipts are now paid directly into the Exchequer. The Department said that this classification change has no impact on the general government balance.

TAGS: tax | value added tax (VAT) | Ireland | corporation tax | excise duty | ministry of finance | tax authority | revenue statistics | individual income tax

To see today's news, click here.

 






Close

Password Reminder

Please enter your email address to receive a password reminder.

 











Tax-News Reviews

Cyprus Review

A review and forecast of Cyprus's international business, legal and investment climate.

Visit Cyprus Review »

Malta Review

A review and forecast of Malta's international business, legal and investment climate.

Visit Malta Review »

Jersey Review

A review and forecast of Jersey's international business, legal and investment climate.

Visit Jersey Review »

Budget Review

A review of the latest budget news and government financial statements from around the world.

Visit Budget Review »



Tax-News+ Updates

Receive FREE daily updates from Tax-News.com, straight to your inbox. Register Now!

For a tailored solution, choose to receive selected news updates for your preferred jurisdictions and topics, with our enhanced Tax-News+ subscriber service. Read more...

 

Stay Updated

Please enter your email address to join the Tax-News.com mailing list. View previous newsletters.

By subscribing to our newsletter service, you agree to our Terms and Conditions and Privacy Policy.


To manage your mailing list preferences, please click here »