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Government set to fail budget income targets.


Neutron

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Jan 6, 2012
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3,980
Looks like Fine Gael have got their maths wrong again, Shocker.

The government are set to fail the target they set in last years budget and miss it by around 210 million.

What appears to have thrown a spanner in the works is a drop in tax receipts from the self-employed, and a shortfall in excise duty, yet this Wenesday they appear to want to raise excise duty.

Considering the overspend in the health service and welfare budgets this government arent doing very well at plannning. Not to worry however didnt Kenny say we would have good growth this year?

Makes you wonder how and why the Troika keep saying good job when we are clearly not meeting the targets set.


THE FIRST DOCUMENTS released for Budget 2013 reveal that Ireland’s tax take for 2012 is likely to miss its targets – despite Exchequer income being head of monthly targets for most of this year.

The Department of Finance’s estimates for government spending and income for 2013 also outlines areas where the government expects to take in extra cash in 2013 – and points to the probability of cutbacks in income tax credits in Wednesday’s Budget.

The documents, published this morning, show that the government now expects to take in a total of €36,165 million this year – about €210 million (or 0.59 per cent) less than it had forecast at the beginning of the year.

This is largely down to a shortfall in tax receipts from the self-employed, and a shortfall in excise duty – which is set to be increased in Wednesday’s Budget.

VAT and corporation tax remain ahead of expectations, however, while income tax receipts are likely to be only marginally lower than had been expected when last year’s Budget was announced.

Though the figures for 2013 project a 4.5 per cent increase in income tax receipts, the Department of Finance said its 2013 projections were based on the current legal situations and did not account for any measures that may be introduced in Wednesday’s Budget.

Government income for 2012 to fall short of Budget target · Business ETC
 

Mr. Bumble

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Sep 7, 2010
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18,254
Indeed, but they are well within the budget deficit target set by the Troika.
 

im axeled

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Nov 24, 2010
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do not the troika need cut backs in the ps as well, another failure in what is becoming a rather long list, ah never mind the low paid, the poor, the unemployed, the old, the disabled, the sick and the carers are advailable to take up the slack.
 

Mrwoody

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Saved by the €800000000 they got from the G4 mobile licence they were very lucky there it could have been a very ugly budget
 

crossman

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Feb 16, 2011
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Anyone who thinks missing a target by 0.6% is bad news is living in fantasy land. I'm astonished they're that close.
 

southwestkerry

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Aug 20, 2008
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Noting new in that. In fact I am surprised they managed to get this far without discovering a black hole some where that needs filling.
SWK
 

gijoe

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Jul 26, 2010
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15,419
Income tax for November came in a massive €300million less than expected - not the €210million muted.
 

davoid

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Feb 16, 2011
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Interesting comments on this this afternoon from Grant Thornton:


"The so called ‘mansions tax’ on properties over €1m appears to be a replacement for a tax hike on incomes over €100,000. This measure has all the appearances of being introduced to generate newspaper headlines rather than make a substantial impact on the country’s finances, as it’s difficult to envisage significant additional tax revenues being generated based on the scarcity of such properties. The Commission of Taxation Report in 2009 estimates only 3,000 properties with a value of over €1m, and prices have dropped since then.

What does seem more likely now is that there will be a reduced cap on the size of pensions funds, as opposed to a straightforward reduction in tax relief on contributions from 41% to 20%. This will impact on people who have already built up a sizeable pension fund, but are some way short of retiring. The cap is likely to have a more significant impact on the private sector than higher end public servants due to the Department of Finance methodology for valuing pension pots not factoring in valuable elements of public sector pensions such as indexation and the pension payment transferring to spouses on death.”

What a major surprise!!!!
 

bob3367

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Saved by the €800000000 they got from the G4 mobile licence they were very lucky there it could have been a very ugly budget
Another poster who simply ignores the facts
 

bob3367

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Income tax for November came in a massive €300million less than expected - not the €210million muted.
Link, AFAIK the figures are'nt out yet, they are due this afternoon.
 

Taxi Driver

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Jan 8, 2011
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4,296
Income tax for November came in a massive €300million less than expected - not the €210million muted.
The €210 million of the expected shortfall for the year, not one tax in one month. Tax receipts for the year are now €171 million behind profile. This is 0.5% of the €33,945 million expected to be collected.

You can view that they were wrong by 0.5% or that they were 99.5% right.
 

bob3367

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Joined
Jan 11, 2007
Messages
8,083
Looks like Fine Gael have got their maths wrong again, Shocker.

The government are set to fail the target they set in last years budget and miss it by around 210 million.

What appears to have thrown a spanner in the works is a drop in tax receipts from the self-employed, and a shortfall in excise duty, yet this Wenesday they appear to want to raise excise duty.

Considering the overspend in the health service and welfare budgets this government arent doing very well at plannning. Not to worry however didnt Kenny say we would have good growth this year?

Makes you wonder how and why the Troika keep saying good job when we are clearly not meeting the targets set.





Government income for 2012 to fall short of Budget target · Business ETC
Yet again Neutron is wrong....wrong....wrong.
 

bob3367

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Jan 11, 2007
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The €210 million of the expected shortfall for the year, not one tax in one month. Tax receipts for the year are now €171 million behind profile. This is 0.5% of the €33,945 million expected to be collected.

You can view that they were wrong by 0.5% or that they were 99.5% right.
Facts are always in short supply around here.
 

wombat

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Joined
Jun 16, 2007
Messages
31,997
The €210 million of the expected shortfall for the year, not one tax in one month. Tax receipts for the year are now €171 million behind profile. This is 0.5% of the €33,945 million expected to be collected.

You can view that they were wrong by 0.5% or that they were 99.5% right.
Who cares, they're about 30% too high.
 

bob3367

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Jan 11, 2007
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8,083
Whats wrong?

I quoted the report, now if you have an issue go take it up with article author.
You see Neutron, a reasonable intelligent poster would have waited for the official figures.
 

davoid

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Feb 16, 2011
Messages
9,711
Indeed, but they are well within the budget deficit target set by the Troika.
Yes indeed. But the income tax receipts for November is indicative of the small business people and whats happening to them. And it sint pretty,and shows that the rot is still in the economy. If there was growth it would be reflected here.
 
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