Here's the analysis of receipts (analysis of expenditure will follow in a separate post):
- Income tax receipts came in at €5.061bn inclusive of the USC, which is 9.2% above 2009 levels and 19.93% above 2010 level. How much of this is due to USC and how much was substituted away from other sources of revenue, such as health levies etc.
![](https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjQ39W4YVA5zgsVnb9e5wtECrffLTmw7quN_W1Lf9UQ-_F2MwNgZZe-EF_Oxva_HRbKoJYv34CsW4zXwNCQGLk4XEGeZkGRzI8Acll-LCrOWZi93-9xQUq8iKrqTRQ6jmNRVPVJiH433sq3/s280/Screen+shot+2011-06-02+at+23.00.36.png)
- VAT receipts offer a more direct comparative - VAT receipts stood at €4.867bn in May 2011 slightly down on €4.873bn a year ago.
- Corporate tax receipts - another gauge of economic activity, this time dominated by MNCs - are down: May 2011 level was €599mln, as opposed to €748mln a year ago. Thus Corporate tax receipts are down 19.92% on 2010 and 47.41% on 2009. For comparative purpose, May 2008 receipts were €1.357bn - more than double 2011 levels, while 2007 receipts were €1.484bn.
![](https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEg143KRnv5ZagTvzH_WIDfAG0Cjpw8qoAIbLebe4c9WYxHtm7IE_gZuP055PsLwl31iacd3P04Rk9O17cNleEVdeXiq5tEYnwJKzmgvLyJeL_4VxUSe_P5qKmdB9cZLiUiLAN6eqxGfLyGP/s280/Screen+shot+2011-06-02+at+23.01.00.png)
![](https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjHWpx5SL3MrH674XlCkcRMawJBpvLR7dA1IJ8PeSgbPPmMavI2ArykqZ5mMibXEZL7_wOBCpILahgR3kTJBFdXovLVMKItuhXqhDarSJmGzyqPGG_A2VnkMNSJiJSe7ZxoUL749UDeLvMr/s280/Screen+shot+2011-06-02+at+23.01.18.png)
- Excise tax receipts came in at €1.791bn in May, slightly up on May 2010 when they reached €1.704bn, the variation of 5.1% yoy, the receipts are also up on May 2009 - by 2.11%.
- Stamps continue unabated decline - down to €235mln in May 2011 or 3.69% yoy and 20.07% on 2009. To put things into perspective, May 2007 stamps were €1.438bn.
![](https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhzGJezV_f6olXyJ2VJ300Qf9ARrLYQBLyLD9zVvFOT2oN2IO-EFuINw8zR2A7fm0ljuV8lxC5VNkAJYy8do35YFS72TAIvu7EnFIpLdiHVPoFCKrnNIFCROahVjoLYunz7EqOlHVF1W7V7/s280/Screen+shot+2011-06-02+at+23.01.41.png)
![](https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEiEuw9Yh49ZKovTYa-lZHz_3zSkN6ZGdAeOWohT_6Ox3bJnQgwcLQEKoowoglBuJbHs9c3SIiirIhxr0LiL53MPjd3JtbFlOl5YBtkOeD1KR3z4F3Nu1K_tbLMf10CFadiMhKRQo846nkpE/s280/Screen+shot+2011-06-02+at+23.01.56.png)
- Capital taxes are really taking a serious dive. CGT is down 25.23% year on year and 56.09% on 2009, reaching just €83mln in May 2011. CAT is down 66.09% yoy and 63.21% on 2009 at €39mln in May 2011. Combined CGT and CAT stood at €1.168bn in May 2007, €744mln in May 2008, €295mln in May 2009, €226mln in May 2010 and €122mln in May 2011. Ouch - that global capex boom of 2010 has clearly passed Ireland untouched and this can only mean one thing - we are into the 4th year of collapsed investment now.
- Lastly, customs duties stood at €98mln in May, 18.1% up yoy
![](https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjIkHmo4WS3P6mxlXb6Y1ReRuIMAUHvLMrcxBQI5v1CG5VQUvVVGf4E2Ofi2iM48lPC_HqgX_FNwS0ej44aYS9I0BHzbhC8xGo6gKBO41QA6npNyLC2S1IuyAIAVYN9t81IgR-ErhMS8wgI/s280/Screen+shot+2011-06-02+at+23.37.23.png)
![](https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgJYd3zl03ihmQ2xpqvyfQ3DrF7P5xE2hZ4uwTH5u5N6xAyGRza8-j-w180mle8dXTpad-PXg9PeQSODgeXlZfKdMANWPVKQLSQBprEMx0Zc1XwLDyyhftHgwJxeM6GRma33MJtOGr80w_f/s280/Screen+shot+2011-06-02+at+23.37.33.png)
- Total tax receipts, therefore, came in at €12.795bn in 5 months through May 2011. This is 5.6% above the level of tax receipts for the same period of 2010 and 5.43% below 2009.
![](https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjlsf2TkUiJwk9Q0_Lsas2fZOaQKzjppdrA0OFWx2JcEjK03Z-QEVEraG3gGywFxgVYMksAZnQIxyKhfKqHXhVpLC10CpCswBiaXeg-leY3eqx7Cdt_GCCDvfdLce7fFWkZubqf_NBFU2Sl/s280/Screen+shot+2011-06-02+at+23.38.10.png)
- The Exchequer deficit for the five months through May 2011 now stands at €10.231bn inclusive of €3.060bn promisory notes capital injections to INBS and Anglo in March. May 2010 deficit was €7.867bn (ex-banks) and 2009 deficit for the period was €10.588bn.
![](https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjYUY8S6pLgL7oRVkeRPRVdUKWc8KmUX5Wj1UyBriYQSwid5a3SghpbXeFvyykkiOJ_v0Hsvk5nc8LkXM_iDERJSAPGyzZ1BuqM9Ede4zGYnkrlOUkea51zr2FLUiHqpKF-B8dukESPfAht/s280/Screen+shot+2011-06-02+at+23.38.34.png)
As the DEPRESSION deepens, expect tax receipts, collected by entrepreneurs, to nose dive as they weigh the consequences of skipping with exchequer funds to Thailand against
ReplyDeletestaying and paying?