Total tax receipts for the month of July are €119 million below target; both VAT and corporation tax receipts were short; €129 million and €34 million respectively. Income tax and Local Property Tax receipts for the month are on target. Both stamp duty and capital acquisitions tax are less than target while capital gains tax receipts are €12 million more than expected.

Although July is a VAT payment month, €129 million less than expected was recorded. According to the Exchequer Statement, this was primarily due to larger-than-profiled repayments during the month. However, total VAT receipts for the seven months of the year are up 0.8 percent (€74 million) against target, which represents a strong annual increase of just over 10 percent or €805 million.

Corporation Tax receipts for July amounted to €86 million and were €34 million or 28.4 percent below profile. Total receipts for the seven months are €14 million behind target and up 9.4 percent (€311 million) in annual terms.

Income Tax brought in €1,674 million in July, slightly above target. €21 million was collected in Local Property Tax receipts for the month, in line target.

Stamp Duty receipts of €108 million were €19 million below the month target. Capital Acquisitions Tax receipts of €19 million were €1 million short of the monthly target while Capital Gains Tax receipts of €26 million performed better than expected by €12 million.

The July Exchequer Statement, part of the Fiscal Monitor, is available on the Department of Finance website.