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Ireland Unlikely To Meet Tax Goals

by Jason Gorringe, Tax-News.com, London

04 December 2012


The Irish government looks set to miss its 2012 revenue goals, based on end-November Exchequer data released just days before Finance Minister Michael Noonan's 2013 Budget.

The figures are included in the Finance Department's latest white paper on estimates of receipts and expenditure. The Department had set a target of EUR36.4bn (USD47.4bn) in tax revenue for 2012, but looks set to fall short by 0.6%.

Income tax has generated the largest amount of receipts this year, with EUR15bn currently estimated. Value-added tax (VAT), which was increased in the last Budget, brought in EUR10.2bn, corporation tax EUR4bn, and excise taxes GBP4.6bn.

Pre-Budget targets for 2013 anticipate total revenue of EUR37.6bn, with each tax head expected to perform better next year.

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

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