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Business tax receipts shoot up Back  
The record 16.7 per cent year on year growth in tax returns announced by the Minister for Finance in early April shows that receipts from corporation tax, capital gains tax, VAT and stamp duty posted strong growth in the first quarter of 2000.

Capital gains tax grew by 61.7 per cent in the first quarter of 2000 over the same quarter last year to IEP46 million. VAT was up 20 per cent to IEP1.67 billion, while corporation tax receipts reached IEP186 million, an increase of 15.5 per cent on the same period last year.

The Department of Finance said that ‘all tax heads are doing well with particularly strong performances from capital taxes and VAT’.

Stamp duty was up nearly 28 per cent on the figure for the first quarter of 1999.

Capital gains tax receipts represented just 1 per cent of total tax receipts in the quarter, up from 0.7 per cent in Q1 1999. Corporation tax was an unchanged 4 per cent of total tax, while VAT increased its proportion by 1.3 points to 36.3 per cent of total tax receipts in the quarter.

Overall, tax inflows, at IEP4,609 million were 22.9 per cent of the Budget day target. The Department of Finance said that ‘based on trends to date, tax revenue for the year as a whole could exceed the Budget target by as much as IEP500 million’.

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