Written answers
Tuesday, 16 October 2007
Department of Finance
Tax Yield
10:00 pm
Bernard Durkan (Kildare North, Fine Gael)
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Question 111: To ask the Tánaiste and Minister for Finance if concerns regarding Government revenue from taxation require corrective measures; and if he will make a statement on the matter. [23544/07]
Brian Cowen (Laois-Offaly, Fianna Fail)
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Exchequer tax receipts to end-September were, at €31,462 million, €490 million or 1.5 per cent below profile. They were up 6.1 per cent on the same period last year. Corporation tax and income tax were both ahead of target, at +€296 million and +€56 million above profile respectively, reflecting the health of the economy generally. The other main tax-heads were all below profile. Stamp duties were €401 million below target, excise duties were €225 million below, VAT was €132 million below and capital gains tax was €107 million below. However, I would point out that the "big four" taxes — VAT, income tax, corporation and excise duty — which together were estimated to account for around 85 per cent of total tax revenue this year, were exactly on target at end-September.
While taxes are likely to be somewhat below target this year, it must be remembered that we expect to collect over €48 billion in overall tax revenue this year, around 51⁄2 per cent up on last year's very strong performance.
Arthur Morgan (Louth, Sinn Fein)
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Question 113: To ask the Tánaiste and Minister for Finance his views on the implications of the shortfall in projected tax receipts in terms of Government spending plans and in respect of promises contained within the programme for Government. [23653/07]
Brian Cowen (Laois-Offaly, Fianna Fail)
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While taxes are likely to be below target this year, reflecting developments in some taxes, such as stamp duty, it must be remembered that we expect to collect over €48 billion in overall tax revenue this year, around 51⁄2 per cent up on last year's very strong performance. This significant level of tax revenue will enable the Government to continue to make adequate provision for day-to-day public services and investment. The Programme for Government sets out clearly the Government's guiding economic and fiscal principles for the next five years. We are fully committed to a responsible fiscal policy.
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