Ireland: Tax Receipts to end-June Suggest Improvement in Domestic Economy
08 July 2014
Posted by: Author: Chartered Accountants Ireland
Author: Chartered Accountants Ireland
Tax revenues of €18,467 million to end-June are up €868 million (4.9%) year-on-year and €221 million (1.2%) ahead of target. Income tax and VAT receipts are ahead of target for the six months and up on the same period last year. Corporation tax receipts are down on target however; delays in collection of receipts under SEPA are attributed to this shortfall. The Daily Business Post of Friday 4 last published our commentary on the Exchequer Returns.
Income tax totalled €7,831 million to end-June, an increase of €539 million (7.4%) year-on-year and up €64 million (0.8%) on target. However, for the month of June only income tax receipts are €50 million less than expected.
VAT receipts for the year to date totalled €5,599 million, up €113 million (2.1%) on target and up €379 million (7.3%) in year-on-year terms.
Corporation tax receipts for the month of June are €297 million (27.7%) below profile. According to Exchequer Statements this is a result of SEPA which is a timing issue and it is likely that this shortfall will be made up in the early days of July.
Brian Keegan, Director of Taxation writes on the end-June Exchequer Receipts in his article for the Daily Business Post and in his article on Budget 2015 possible tax reliefs and cuts, in the Sunday Business Post.
The end June Exchequer Statements are published on the Department of Finance website.
This article first appeared on charteredaccountants.ie