Government revenue buoyant
Wednesday the 1st of February 2006
Gross
receipts were €54.15 billion in 2005, some €5.45 billion ahead of 2004
receipts. When repayments to business and individuals as well as PRSI
transfers to the Department of Social and Family Affairs are taken into
account, net receipts amounted to almost €38.5 billion, some €3.7
billion above the corresponding figure for 2004 and some €1.8 billion
above the Budget estimate.
Income
Tax, VAT, Excise, Capital Taxes, Customs Duties and Stamp Duties all
exceeded budget targets and there was a shortfall in Corporation Tax.
Overall, the very strong performance came from Stamp Duties, VAT,
Capital Gains Tax and Income Tax. Despite
this good performance of the state finances there is growing
disenchantment in the wider business community at the poor results in
the state sector despite massive taxation revenue. Public sector
salaries are now well above the private sector where risk in the market
place applies. Non-contributory state pensions need to be abolished
and taxes for employees in the private sector reduced if the country is
to remain competitive. Productivity and accountability in health,
education and law enforcement sectors in particular need to be improved
in the interests of all citizens.
Gross receipts were €54.15 billion in 2005, some €5.45 billion ahead of 2004 receipts. When repayments to business and individuals as well as PRSI transfers to the Department of Social and Family Affairs are taken into account, net receipts amounted to almost €38.5 billion, some €3.7 billion above the corresponding figure for 2004 and some €1.8 billion above the Budget estimate.
Income Tax, VAT, Excise, Capital Taxes, Customs Duties and Stamp Duties all exceeded budget targets and there was a shortfall in Corporation Tax. Overall, the very strong performance came from Stamp Duties, VAT, Capital Gains Tax and Income Tax. Despite this good performance of the state finances there is growing disenchantment in the wider business community at the poor results in the state sector despite massive taxation revenue. Public sector salaries are now well above the private sector where risk in the market place applies. Non-contributory state pensions need to be abolished and taxes for employees in the private sector reduced if the country is to remain competitive. Productivity and accountability in health, education and law enforcement sectors in particular need to be improved in the interests of all citizens.