Irish Revenue Releases Latest Tax Figures
05 August 2013
Posted by: Author: Jason Gorringe
Author: Jason Gorringe
Irish tax revenues are now up 3.5 percent year-on-year, but July saw shortfalls in all major tax heads.
The latest Exchequer Returns, which cover the period to end-July, show that tax revenues have so far reached EUR21.03bn (EUR27.92bn). This total represents a EUR719m improvement on the first seven months in 2012, and comes in EUR71m ahead of profile.
However, these headline figures conceal a EUR69m (5 percent) shortfall in income tax against the monthly target of EUR1.37bn. The Finance Ministry attributes this underperformance to weaker than anticipated Deposit Interest Retention Tax (DIRT) receipts. The Ministry is keen to stress that, overall, income tax receipts remain broadly in line with its goal sum. EUR8.59bn has been collected since January, compared with the desired EUR8.68bn. Pay-as-you-earn and self-employed receipts are also largely keeping up with expectations.
Corporation tax receipts also came in EUR11m (13.3 percent) below the July target, at EUR69m. According to the Ministry, July is not an important month in terms of annual collection, and receipts for the year to date are EUR240m (12.6 percent) higher than profiled.
Excise duties and value-added tax (VAT), the remaining two of Ireland's "big four" tax heads, both performed poorly. Excise duties, at EUR2.61bn, are EUR101m (3.7 percent) behind, and are down EUR4m (0.2 percent) year-on-year. Although VAT receipts totalled EUR1.45bn, they were down EUR24m (1.6 percent) on target, and now stand EUR180m (2.6 percent) below profile for the first seven months of 2013.
The controversial new Local Property Tax (LPT), which entered into force at the start of July, brought in EUR52m, bringing the funds collected so far to EUR179m.