Income Tax and VAT Revenues

Data from the Irish Exchequer shows that  €7½ billion in tax revenue was collected in the first quarter of 2011. This is €270 million or 3.7% higher than the the first quarter of 2010 – but it is €136 million or 1.8% lower than what was forecast.  Most of the shortfall (125 million) was from  income tax which was 4.2% below target at the end of March 2011 .

VAT receipts were €179 million or 5.4% lower than expected in the first quarter of 2011.

Excise duties ( ie on Alcohol , Tobacco and Fuel) in the first quarter of the year were €60 million or 6.4% above target.

Figures from the end of April show some improvements – with  tax revenues of €9.6 billion  – which is  €108 million higher than targets.

Income tax receipts, which had been running behind target, came in ahead of expectations by €184 million in April and are now 1.5 per cent higher than forecast for the year so far

Most of the increase was due Deposit Interest Retention Tax (DIRT), which falls under the income tax heading.

VAT receipts remain 3.1 per cent or €107 million behind target because of reduced consumer spending.