Exchequer statements for December show total tax receipts for the 2013 tax year at €37,806 million were €144 million or .04% behind target. However, total tax receipts are up €1,160 million or 3.2% year-on-year. Commenting on the tax receipts, the Minister for Finance stated “of particular note is the performance of income tax which is up 3.8% year-on-year. As there has been no increase in the rate of income tax, the strong performance is reflective of the improving labour market conditions”.

Income tax for December was €35 million (2.6%) short of the monthly target of €1,313 million. According to Exchequer Statements, the shortfall in DIRT is responsible for the underperformance. Income tax receipts for the year at €15,758 million are €102 million (.06%) behind the target for the year. Year-on-year income tax recorded an increase of €582 million (3.8%).

A total of €318 million was collected from Local Property Tax during 2013. This is €68 million more than the anticipated €250 million for the year.

Corporation tax receipts of €4,270 million are €135 million (3.3%) ahead of target for the year and up €55 million (1.3%) year-on-year. Corporation tax for the month of December was 57.7% less than anticipated.

VAT receipts for the year are €224 million (2.1%) behind target but up €165 million (1.6%) year-on-year. January is the key month for VAT as the Christmas trading period will be reflected in the January Exchequer returns.

The analysis of the December 2013 tax receipts are published on the Department of Finance website.