Exchequer statements published earlier this month show that total tax revenue for 2012, at €36,646 million, was €271 million (0.7%) ahead of the target for the year and €2,619 million up on 2011. Two of the four main taxes, VAT and corporation tax, were ahead of target in 2012 while income tax was €124 million less than expected for the year.

The better than expected performance for 2012 was mainly due to strong corporation tax receipts in the month of December. In that month, €406 million was collected in corporation tax, €216 million (113%) more than profile for the month. According to an exchequer statement, this excess was due to a combination of higher than expected payments, specifically from two particular large payers, as well as lower than expected repayments. When compared with the same month in 2011, corporation tax receipts are €395 million or 3692.7% better.

VAT receipts were also ahead by €176 million in 2012 and 4.4% up on 2011. Although, taking the month of December only, €5 million less than targeted was collected. The VAT collected over the recent Christmas period is not included in the 2012 exchequer statements, these receipts are not due to be remitted until later this month and will be reflected in the January 2013 exchequer statement.

Income tax was €124 million or slightly less than 1% behind target for the year as a whole. However, €107 million more than expected was collected in the month of December.

Both stamp duties and capital gains tax (CGT) performed better than expected in 2012 while capital acquisitions tax (CAT) receipts were a little below target for the year.

The end-December 2012 tax receipts statement is published on the Department of Finance website www.finance.gov.ie.