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Irish Tax Revenues Continue To Rise

by Jason Gorringe, Tax-News.com, London

05 August 2011


Ireland saw important increases in tax revenue during the first seven months of the year, with receipts beating both targets and last year's figures.

The latest Exchequer Statement shows that from January-July, 2011 total tax revenues were up EUR1.5bn (8.6%) on the previous year, reaching EUR18.6bn (USD23.6bn). This is largely due to the introduction of the universal social charge, which came into effect in January, and is charged on all gross income above a certain threshold, at staggered rates. In addition, receipts were EUR263m (1.4%) above target, with surpluses recorded in three of the 'big four' taxes.

Income tax receipts for the first seven months of the year amounted to EUR7.1bn, up EUR160m (2.2%) on the government's target and 25% on the previous year. The underlying performance of the tax has been encouraging, the Revenue said. Corporation tax revenue totalled EUR1.6bn, which was EUR93m (6%) higher than target and represents a year-on-year rise of 1.4%. Excise duties were worth EUR2.6bn, up 4% year-on-year. However, VAT receipts bucked the upward trend, with a shortfall of EUR190m recorded, and receipts falling since February.

Ireland's overall deficit hit EUR18.9bn in January-July, up from EUR10.2bn in the same period last year. This is blamed on banking-related payments, including the EUR7.5bn needed for recapitalization and EUR3.1bn in promissory note payments. Without these payments, the deficit fell by nearly EUR2bn.

TAGS: tax | economics | value added tax (VAT) | Ireland | budget | corporation tax | excise duty | social security | revenue statistics | individual income tax

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