Headline figures:
- Income tax came in at €6,038 cumulative for January through June 2011, which obviously includes the new USC. There is no point of comparing this against previous years, so I will include a chart only for completeness. So instead - relative to target: income tax came in above the target by €11 million cumulative for 6 months through June, or +0.2% - not exactly a stellar performance by any possible measures.
- But here's an interesting bit (illustrated in the chart) inclusive of USC, 2011 income tax for the first 6 months of the year is pretty much matching 2007 income tax for the same period (€5,972 million) which had no USC receipts in it.
![](https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgXBcNgknUd2eJS0lWNk7uymkIx5tvR-gnYgrVsBkFLDezaQdvLSN7lh0DTcpFMQ0uhgkE8tOFkgj_bS62qSDkNntMRLRRNYMh9UFjKBQK8S2-QYhDQETMA-wbCIqShPfpFKSxRYLdUq6L1/s400/Screen+shot+2011-07-04+at+19.21.41.png)
- VAT surprised on the downside, with receipts at €5,075 million or 8.89% below same period in 2009 and 0.92% below same period in 2010. 2010 first six months yielded receipts of €5,122 million. VAT receipts are now running 2.6% below target or some €134 million short.
![](https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjwhbGLi7TGvQ5ZJspLn3e5fAxGPxF2C-IKm1LRMAtpx2zHiYtZy7lkuGbFkFj9cMsXLC4WyQTA51YIviMReQwQS1zkDfDREwuatgWQLNEkRD_TzhXyQV4INKk1ToG3FfRLqXeuBA5LHeVM/s400/Screen+shot+2011-07-04+at+19.21.50.png)
- Corporation tax receipts continued their fall off the cliff, albeit the distance to the bottom seemed to have shrunk somewhat. January-June 2011 corporate taxes came in at €1,424 million, some 11.55% below 2010 figure of €1,610 and some 24.26% below the same period of 2009. Corporate tax receipts are now €116 million (or 7.6%) behind target.
![](https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhpf8lGGYx6f-vDnh5b15ce9xpAOwEapNDlS_QMTw2SPxVgZoZWiFFiu6gFtqm80a1buCfxnNuQGoHnBqJyUJmyyo4NgAgYi6hY2vtdYsJHpS3l8SgTyy-J-i4yGhN1fdrOT2mNFU193xY1/s400/Screen+shot+2011-07-04+at+19.21.57.png)
- Excise taxes came in at €2,200 million, up 5.5% yoy and up 2.76% on 2009 period. This means that Excises are now €79 million (3.7%) ahead of target.
![](https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEi7sQKy3TmTRqakTGNuJAZATehRwGAaomNtVQ4t-e6cUTs00tLkLJTaupjzLnbsgIcNFcXyAEPfN4jl-jQPVV0UpZAO9jWoOA5WkKo5Y_xpKjidpUaMcey8SyxR80B8IYkw10lRvoBpEzqX/s400/Screen+shot+2011-07-04+at+19.22.05.png)
Of smaller tax heads:
- Stamps are down 5.02% yoy and down 22.97% on 2009. Put things into perspective, in 6 months through June 2007 stamps yielded €1,696.5 million for the Exchequer. In the same period this year - only €265 million, down 84.38%.
![](https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEiIRxUQER5JwgwDFfLMwM-16Eg7F0JS4vJy5LYE-RSpLk8V1KKz2TmE2GitMAF-DSGl8TWWLI83D1XK17gfaKWvbJLxNeAwtk_n8JYpTPjuRXL2wvp-iwlH7do17syicy_aB8nn8f2Tn5Qc/s400/Screen+shot+2011-07-04+at+19.22.12.png)
- Capital taxes: CGT fell to a miserly €90 million down from €114 million in 2010 and from €1,046.1 million in the same period in 2007. That's contraction of 91.4% on 2007 figures.
- CAT fell off the cliff (despite QNA showing uplift in fixed capital formation in Q1 2011, suggesting that the uplift had little to do with indigenous investment - taxable - and more to do with MNCs - non-taxable), shrinking to €48 million in H1 2011 down from €131 million in the same period of 2010.
![](https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhNv4PSSV_kor0Ilm1sk7l-yi8gmwNmCYPJO7MZNK2nS777EamPGpBGObKMHkWI_zDeOz_8xdMSRp9_D8KceFBoCJf4QT_SK50my3dnOKSSOriR3CxxiDZA_OapDfbNeEsqLKIZrhkfvpHk/s400/Screen+shot+2011-07-04+at+19.22.23.png)
![](https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhagWhyzMuU63lzVP1R3fYR8s-yhVXzTAg9UaDwZXowqsLknUK9m2Njyc_hicWXrHiq0oGFbM2Iuv7ngdxs4MsTA8mbYnEXrEWpciY1LKn8faUpBZuv6neTzB-7pLXAyGGo8pkJWlbpG3z_/s400/Screen+shot+2011-07-04+at+19.22.30.png)
- Lastly, Customs came in at €117 million, up 16.3% from €101 million a year ago.
![](https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjVZez0ZRzUvlYUVYM4URfsL9GvwIcJKYZpDEhSai_haK8gk9TZ6-ZVgKxBS0ANzjU74Hc3N4FXq-kb-awrNPmReHllRm2sfsvj1y7sov3bGOVYdHRplCB0Q3vXWLaFTIGbeaj6pYPVSGLH/s400/Screen+shot+2011-07-04+at+19.22.39.png)
Total tax receipts have therefore increased (again, due to USC) to €15,279 million in H1 2011 from €14,432 million in the same period 2010 (+5.87%), but are down 3.35% on same period of 2009 and are 26.59% below their level in 2007.
Relative to target, Irish Exchequer receipts for H1 2011 are €115 million (0.7%) short of budgetary targets. So no smoking gun there so far, but the risks remain on the downside as economy signals slowdown since May.
![](https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhIk_ZHe8VMqyaOscZjA8pNKZ4I09g7g1wHCGhP_-0L67FA_kW9O1BX18Q3xZwvc5LG8uKNlR1i7OFbPUop9nGl3lgrMSz8GChbRn7wGYBAl98nyk3p4sHdlfQa3BhAf4u-Ky2zcmHBZkq6/s400/Screen+shot+2011-07-04+at+19.22.48.png)
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