According to Exchequer returns for end-September, tax receipts remain ahead of target with the tax take at just over €26 billion for the first nine months and €385 million ahead of profile. Adjusting for PRSI/income tax reclassification issue and receipt of corporation tax in January that was proper to December 2011 year-on-year growth in total tax receipts is 6.2%. Three of the ‘big four’ tax heads; income tax, corporation tax and VAT, continue to perform ahead of profile.

€101 million more than target has been collected in income tax for the period end-September, and, excluding the PRSI/income tax reclassification, year on year growth is just over 9.5%. However, income tax receipts from the self-employed will not be identified until early December as receipts from the majority of self-assessed taxpayers won't be collected until November. Given that the self-employed are heavily dependent on the strength of the domestic economy, there is a possibility that the income tax receipts for the full year will be behind profile.

Corporation tax receipts are also ahead, some €251 million. Excluding delayed corporation tax receipts which were received into the exchequer in January 2012, but which relate to 2011, corporation tax is 7.4% ahead of the same period in 2011.

VAT receipts are €94 million ahead of profile and up 264 million on the same period last year. This performance is likely as a result of the VAT rate increased introduced in Budget 2012.

Capital gains tax and stamp duty receipts were also ahead of profile while receipts from capital acquisitions tax, customs and excise are all behind.

The end-September 2012 analysis of tax receipts is published on the department of finance website http://www.finance.gov.ie