Pat Breen (Clare, Fine Gael)
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Question 109: To ask the Tánaiste and Minister for Finance if he has had reason to revise his forecast for tax receipts in 2007; and if he will make a statement on the matter. [17265/07]

Brian Cowen (Laois-Offaly, Fianna Fail)
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Exchequer tax receipts to end-May were, at €18,603 million, just €19 million or 0.1 per cent below profile. They were up 9.6 per cent on the same period last year. This compares with a Budget day target of an increase of 7.8 per cent for 2007 as a whole. While overall tax receipts are almost exactly on target at end-May there are some variations under particular tax heads.

Corporation tax receipts are €221 million or 17.5 per cent above profile.

Customs receipts are €4 million or 3.6 per cent above profile.

VAT receipts were €28 million or 0.4 per cent below profile.

Income Tax receipts are €56 million or 1.1 per cent below profile.

Excise duties were €120 million or 4.7 per cent below profile.

Stamp duties were €16 million or 1.1 per cent below profile.

Capital Taxes were €71 million or 5.8 per cent below profile. Of these, Capital Gains Tax was €79 million or 7.2 per cent below; and Capital Acquisition Tax was €8 million or 5.1 per cent above.

Given the significance of tax payments in the latter part of the year, it is unwise to attempt to draw conclusions about the performance of the economy based on tax receipts at this early stage. The latest available economic estimates show that the economy continues to perform well. Preliminary CSO data for 2006 as a whole indicates that GDP growth was 6.0 per cent while in GNP terms, the growth rate in 2006 was estimated at 7.4 per cent.

In the circumstances I do not see a need to revise our forecast at this stage. However, my Department monitors tax receipts on an ongoing basis and as more data becomes available any significant changes to the expected end year receipts will be signalled once it becomes clear.

Jan O'Sullivan (Limerick East, Labour)
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Question 111: To ask the Tánaiste and Minister for Finance if he has revised estimates of receipts on stamp duty for the rest of 2007 in view of the changing conditions in the construction industry and the reported decline in property and house sales; and if he will make a statement on the matter. [17168/07]

Brian Cowen (Laois-Offaly, Fianna Fail)
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In the period up to the end of May this year, the Exchequer received €1,438 million in stamp duties, which is just €16 million or 1.1 per cent below profile. The end-May figure represents an increase of 11 per cent on the same period last year. The target for the year as a whole is for an increase of 5.6 per cent.

While there may be some variation in the individual tax heads, on the basis of the performance to end-May, there is no need, at this stage, to revise our overall tax forecast. However my Department monitors tax receipts on an ongoing basis. We will take account of the costs arising from policy changes in Stamp Duty for first time buyers and any other significant changes in the expected end of year outlook. All changes in the forecast, as in the past, will be signalled when these changes become clear.

My Department will also be keeping the performance of the overall economy, including the housing market, under continuing review and any changes that appear will be taken into account in our ongoing assessment of the likely outturn for stamp duty receipts at year-end.