Written answers
Thursday, 5 July 2012
Department of Finance
Tax Collection
5:00 pm
Bernard Durkan (Kildare North, Fine Gael)
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Question 67: To ask the Minister for Finance the level to which he expects tax revenue returns under various headings to meet targets in the current year; and if he will make a statement on the matter. [32923/12]
Michael Noonan (Limerick City, Fine Gael)
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The performance of Exchequer tax revenues against target in the period to end-June is set out in the following table.
| Exchequer Tax Revenues | End-June2012 Target€m | End-June 2012Outturn €m | Excess/ Shortfall €m | Excess/Shortfall% |
| Income Tax | 6,846 | 7,061 | 215 | 3.1% |
| VAT | 5,160 | 5,189 | 29 | 0.6% |
| Corporation Tax | 1,706 | 1,980 | 274 | 16.1% |
| Excise | 2,244 | 2,209 | -35 | -1.6% |
| Stamps | 225 | 222 | -3 | -1.2% |
| Capital Gains Tax | 161 | 172 | 11 | 6.5% |
| Capital Acquisitions Tax | 53 | 47 | -6 | -11.3% |
| Customs | 112 | 109 | -3 | -2.6% |
| Levies | - | 0 | - | - |
| Unallocated Tax Deposits | - | 26 | - | - |
| Total | 16,507 | 17,014 | 507 | 3.1% |
Rounding may affect totals
The performance of tax revenues in the year to date is encouraging but we must not lose sight of the fact that we are only half-way through the year and there are significant targets to meet in the months ahead, particularly in the fourth quarter. November is expected to be the biggest month of the year for tax revenue collection given the concentration of corporation tax and income tax, particularly from the self-employed, in that month.
Close to 47 per cent of total Exchequer tax revenues expected this year have so far been collected. While I do not wish to speculate about the likelihood of how individual tax revenues might perform in the second half of the year, I am reasonably confident, on the basis of data for the first six months, that total aggregate tax revenue will meet target this year.
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