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Irish Tax Revenues 'Must Perform Strongly' For Rest Of 2016

by Jason Gorringe, Tax-News.com, London

03 November 2016


Irish revenues are up 4.7 percent year on year, but with two months to go until the end of the year, the Irish Revenue has warned that revenues must "perform strongly" for annual budget targets to be met.

Tax revenue of EUR36.7bn (USD40.7bn) was collected in the first 10 months of 2016, up 1.7 percent on target and 4.7 percent on the same period in 2015. The Finance Department said receipts remain on target to achieve the Budget 2017 forecast of EUR48.1bn for 2016.

The latest Exchequer Returns show that corporation tax continues to outperform targets. On a cumulative basis, corporate tax receipts are now EUR821m higher than expected, and up 0.6 percent year-on-year. At the end of October, income tax receipts were up 4.2 percent year-on-year, but down 0.6 percent on target. Value-added tax has followed a similar pattern, up 4.7 percent in annual terms, but down 2.6 percent on target.

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

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