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THE FINAL EXCHEQUER returns before tomorrow’s Budget have shown that Ireland’s tax take for the year so far is €171 million or 0.5 per cent behind target.
The total tax take to the end of November is €33.8 billion with €40.6 billion of total expenditure which was €249 million or 0.6 per cent above target.
The exchequer deficit at the end of the month is €13 billion compared to €21.4 billion for the same period last year.
Three of the big four taxes – income tax, corporation tax, and excise duties – have come in below target with the worst affected being income tax which is €231 million or 1.6 per cent behind target for the year by the end of November.
This is following a €300 million or 12 per cent shortfall for the month of November. The lower than expected income tax take has been attributed to lower than expected returns from the self-employed.
Corporation tax receipts are also behind target at €21 million or 0.5 per cent with receipts in November – the biggest month of the year for corporation tax collection – €46 million below target.
The Department of Finance did point out that this was almost 11 per cent above the collection total for the same month last year.
Excise duties also came in below target for November continuing the trend from the middle of the year and receipts are €179 million or 4.2 per cent behind target for the year.
There was good news for Value Added Tax (VAT) which is €180 million or 1.8 per cent ahead of target following a €74 million surplus in November.
The Department pointed out that VAT receipts are 4.4 per cent ahead of the same period last year with the budget for this year targeting a 2.6 increase on last year.
Stamp duties and capital gains tax are ahead of expectations – 4.8 per cent and 7.1 per cent respectively – the Department said, but capital acquisitions tax is €23 million or 8 per cent below target.
Health spending was €321 million or 2.8 per cent over target with spending at the Department of Social Protection €610 million or 5 per cent over target – these account for the two biggest spending areas in the overall budget.
Total net cumulative spending to the end of November is 0.6 per cent over target at €40.6 billion – €249 million over what was targeted.
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Remember this only impacts women who do not receive company top ups on their mat leave pay so lowest paid . At an absolute minimum they should have their maternity extended as they can’t go back to their jobs . The gov showed how fast they could move by creating the pandemic payment so they need to address this anomoly.
@Laura Grimes: I agree that this anomaly needs to be addressed immediately as someone who has recently returned from Mat leave. However, it affects more than just low paid workers as those who have been on unpaid leave prior to returning to work will also be disproportionately affected.
@Laura Grimes: no it also affects women whose wages were topped up by their employer during maternity leave because Revenue are only considering the top-up amount and not taking into account the maternity benefit which makes up their total wage. On top of this it affects men on paternity benefit for three weeks over January or February.
I often wonder why the government have to be dragged kicking and screaming to adjudication before they relent and do the right thing, it just wastes more time and money (ours) before they are made to put it right, ..and followed by the usual apologises.
@Honeybee: because they’re just waiting for you to give up and forget about it…
This applies to men as well who were on paternity leave as well as anyone, male or female, who was on reduced or no pay in Jan or Feb 2020.. it is not related to maternity leave or women alone… This is not saying it is just or correct but I hope that men will be treated equally here too…
@Niall Ó Cofaigh: Yes for the love of god let’s hope the men are treated equally here, because they always have to end their careers and take on the burden of childcare, it’s society’s most pressing issue today!
@Niall Ó Cofaigh: paternity leave is 6 weeks, so you would have at least one payslip from January or February. Non-issue
@Julian Friesel: What about people who might have been on sick leave, with say a heart attack? It does seem so obviously unjust and I don’t see why anyone would have to bring it to court to get it corrected.
This is discrimination they could just use the last full pay slip they had before they started maternity leave
@Buster Cat: You’re actually on to something there when you think about what you’ve said and the whole Covid19 payment scheme.
Television gives us a window on the world so why hasn’t the Irish Human Rights Commission objected to the laws restricting our right to own a television The government insists that those in direct provision have access to sky tv because government considers access a human right issue
@Richard Russell: What law restricts our right to own a tv, this is a new one to me?????
@Tony Harris: Tony you need a tv licence to own a tv
@Richard Russell: and that is a law that restricts your rights? I see without a tv you are making your own drama!
I came off work for an operation which was cancelled due to the pandemic. I stopped work 2 week before covid payment came in.Im stuck on 203 euro until i can have it. Until then i recieve €239 per week for me and 2 kids. My wife has 2 weeks left on maternity so we will loose out double. Ive worked for years. I Feel robbed.
@james kelly: to clarify i am on sick leave not the dole. Have health insurance but my job are not helping me. Even took my diesel card and toll tag until i come back
@james kelly: That’s wrong too – I’m sure anyone in your situation can do with an equal payment. I hope you get your operation as soon as possible.
And none of these unions TDs etc batted an eyelid when the covid payment wasn’t given to job seekers many who would have had payslips from January and February
have your say