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Irish Tax Receipts Show Annual Slide

by Robert Lee, Tax-News.com, London

21 September 2011


While tax revenues were up slightly on expectations, Ireland's Exchequer took in less money last year than in 2009, with net tax receipts as a proportion of GDP remaining at comparatively low levels.

The latest Report of the Comptroller and Auditor General, detailing the Accounts of the Public Services 2010, was released on September 19. It shows that tax revenues fell from 2009 levels, reaching EUR31.75bn (USD43.3bn) last year. This compares with 2009's figure of EUR33.0bn, in itself a considerable drop on the EUR47.2bn and EUR40.7bn recorded in 2007 and 2008 respectively.

Tax receipts did, however, exceed forecasts by EUR703m. Of the 'big four' taxes, three beat projections. VAT receipts were up 0.1% on forecast, at EUR10.1bn, with excise duties up by 3.6% at EUR4.68bn, and corporate tax revenue outstripping expectations by 24.2% at EUR3.92bn. Income tax narrowly missed projections by 2.2%, at EUR11.28bn. In total, forecasts were exceeded by 2.3%.

When mitigating factors, such as repayments to taxpayers (which were worth 17% of total yield last year), are taken into account, net tax receipts fell by 4% on 2009 levels. Net tax receipts as a proportion of GDP fell from a high of 26% in 2006 to 21% in 2009 and 2010. This the report attributes to the decrease in construction and property related activities in the wake of the property bubble's burst.

TAGS: tax | economics | value added tax (VAT) | Ireland | gross domestic product (GDP) | corporation tax | excise duty | revenue statistics | individual income tax

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