Michael McGrath (Cork South Central, Fianna Fail)
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311. To ask the Minister for Finance if the Revenue Commissioners have examined the reasons returns from corporation tax were running €600 million ahead of profile in the first six months of 2015; if this is expected to be maintained throughout 2015; and if he will make a statement on the matter. [29094/15]

Michael Noonan (Limerick City, Fine Gael)
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I am advised by the Revenue Commissioners that they regularly review the reasons for under- or over-performance of receipts across all taxes. On the basis of the evidence available, it would indicate that the over-performance recorded in corporation tax receipts to end-June 2015 is a result of a combination of reasons.  These include improved trading performance across a number of sectors but with particular emphasis on the multinational sector.  In addition there has been a number of one-payments, amounting to approximately €170 million.  

The performance of corporation tax receipts in the first six months of 2015 has been very impressive and welcome. However, while positive preliminary tax payments suggest the outlook for the remainder of 2015 is positive, it is too early to predict whether there will be a similar strong over-performance throughout the second half of the year.  As the Deputy, will appreciate corporation tax receipts are generally skewed towards the second half of the year, with c. 40% of receipts expected in the final two months of the year.  In addition, it is important to point out that there has been significant volatility displayed in the past and a degree of caution should be used when looking at the headline performance.