Jan O'Sullivan (Limerick East, Labour)
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Question 142: To ask the Tánaiste and Minister for Finance if he will make a statement on the Exchequer returns for the first nine months of 2007; the estimated budget deficit he expects at the end of 2007; and if he will make a statement on the matter. [23683/07]

Brian Cowen (Laois-Offaly, Fianna Fail)
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As the Deputy may be aware, the monthly Exchequer Returns are available on my Department's website, as are my Department's tax receipts, expenditure and debt service profiles for 2007. The Exchequer Balance to end-September 2007 showed a deficit of €3.1 billion compared to a Budget day deficit of €546 million for the year as a whole.

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 receipts were €296 million above profile while income tax receipts were €56 million above profile. 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.

Overall issues for net voted expenditure in the period to end-September 2007 were €274 million or 0.9 per cent above profile. Net voted capital expenditure at end-September was €328 million higher than expected, largely reflecting the progress being made under the National Development Plan. Net voted current expenditure was €54 million below profile.

Based on an assessment of the position as at end-September, there is likely to be a shortfall in overall tax revenues this year. While it is expected that this shortfall in tax revenue will be compensated for by positive developments on other elements of the Exchequer account an Exchequer deficit of up to €1 billion now seems likely. The Budget day forecast was for a deficit of €546 million in 2007. The end year position will fall to be reviewed further in the light of tax receipts over the rest of the year — a significant amount of tax revenue is due for collection in the last quarter of the year, in November in particular when large amounts are profiled from corporation tax, capital gains tax and income tax of the self-employed.