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Irish Tax Revenues Up

by Jason Gorringe, Tax-News.com, London

13 September 2011


Higher than expected tax receipts in the first eight months of the year continue to strengthen the position of the Irish Exchequer, with total revenues up over 8% on the previous year.

The latest Exchequer Statement shows that by the end of August, the government had collected EUR20.5bn (USD27.9bn) in tax receipts, up EUR1.6bn (8.3%) year-on-year. This the Department of Finance attributes to an increase in income tax receipts of 25% on the corresponding period, largely due to Budget 2011 measures and the introduction of the Universal Social Charge.

In addition, total receipts were 1% (EUR204m) higher than the government's target, with targets exceeded in income tax, corporation tax and excise duties. The Department says the performance is encouraging, given the very large Budget targets set and the introduction of significant revenue raising measures.

Corporation tax was down 4% on last year's figures, but was still 4% above target. Excise duties performed well, up 3.3% on the corresponding period last year, and 2% above target. Value-added tax (VAT) is an area of concern, with a shortfall seen in each of the past three months. VAT receipts fell short of the government's target by EUR229m (3.3%).

The end-August deficit was EUR20.4bn, compared with a deficit of EUR12.1bn in the first eight months of 2010. According to the Department, this is due to banking related payments, and the cost of recapitalization, totalling over EUR10bn.

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

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