Post new topic Reply to topic  [ 34 posts ]  Go to page 1, 2, 3  Next
Author Message
 Post subject: Government Tax Receipt Figures
PostPosted: Fri Dec 02, 2016 5:58 pm 
Offline
Of Systemic Importance
User avatar

Joined: Aug 20, 2009
Posts: 5182
We have various threads for when the tax figures are released and discussed but don't think we have a dedicated one...

End-November 2016 - Analysis of Taxation Receipts

http://www.finance.gov.ie/sites/default ... ceipts.pdf

VAT is -413m or -3.4% below target
CT is +991m or or +16.3% above target

So consumer spending not taking off as quickly as hoped but supplemented but companies putting more tax through (closing of Double Irish being felt?)


Top
 Profile  
 
 Post subject: Re: Government Tax Receipt Figures
PostPosted: Fri Dec 02, 2016 9:14 pm 
Offline
Property Magnate

Joined: Oct 11, 2012
Posts: 706
On a tangential point - could anyone with more experience comment on whether it is normal to hear (or not hear) anything at all from Revenue subsequent to submitting a Form 11 assessment of income and tax due? I did so at the end of October, along with a cheque (which was cashed with alacrity) for tax due, and assumed (naively?) that the Revenue would at least write to acknowledge receipt, and (in due course) indicate that they accepted my self-assessment (or raise any queries they might have). But not a dickie bird thus far.


Top
 Profile  
 
 Post subject: Re: Government Tax Receipt Figures
PostPosted: Fri Dec 02, 2016 10:07 pm 
Offline
Nationalised

Joined: Oct 29, 2007
Posts: 11747
Location: Multiverse
Quote:
VAT receipts in November – the last "VAT Due" month in the year – were significantly off target, coming in some 6.6% below expectations.

For the 11 months to November, VAT returns were just over 3% lower than expected.


http://www.rte.ie/news/business/2016/1202/836127-exchequer-returns-for-november-show-tax-revenues-1/

After paying too much for rent, people don't have the disposable income to spend in shops.
The country's economic spend is lopsided once more.


Top
 Profile  
 
 Post subject: Re: Government Tax Receipt Figures
PostPosted: Fri Dec 02, 2016 10:52 pm 
Offline
Nationalised
User avatar

Joined: Jul 26, 2009
Posts: 14892
mr_anderson wrote:
Quote:
VAT receipts in November – the last "VAT Due" month in the year – were significantly off target, coming in some 6.6% below expectations.

For the 11 months to November, VAT returns were just over 3% lower than expected.


http://www.rte.ie/news/business/2016/1202/836127-exchequer-returns-for-november-show-tax-revenues-1/

After paying too much for rent, people don't have the disposable income to spend in shops.
The country's economic spend is lopsided once more.


There is also better value elsewhere and online from China and the UK and don't forget there is lot's of expensive commercial property for rent propping up Irish pensions fund.


Top
 Profile  
 
 Post subject: Re: Government Tax Receipt Figures
PostPosted: Thu Jan 05, 2017 10:59 am 
Offline
Of Systemic Importance
User avatar

Joined: Aug 20, 2009
Posts: 5182
End of 2016 Exchequer Returns show another good year for Ireland’s public finances

http://www.finance.gov.ie/news-centre/p ... 99s-public

VAT: -439m (-3.4%) behind target
CT: +737m (+11.1%) ahead of target
Overall: +639m (+1.4%) ahead of target


Top
 Profile  
 
 Post subject: Re: Government Tax Receipt Figures
PostPosted: Thu Jan 05, 2017 11:47 am 
Offline
Too Big to Fail

Joined: Feb 21, 2008
Posts: 4368
TheJackal wrote:
End of 2016 Exchequer Returns show another good year for Ireland’s public finances

http://www.finance.gov.ie/news-centre/p ... 99s-public

VAT: -439m (-3.4%) behind target
CT: +737m (+11.1%) ahead of target
Overall: +639m (+1.4%) ahead of target


So they brought in 47B (against 50B estimated in white paper) , spent 55B gross voted, another 10B'ish odd gross non voted. So 47B in, 65B out (give or take.. net expenditure numbers look very Enron..)

Country still bankrupt.


Top
 Profile  
 
 Post subject: Re: Government Tax Receipt Figures
PostPosted: Thu Jan 05, 2017 12:29 pm 
Offline
Planning Tribunal Attendee

Joined: Apr 15, 2008
Posts: 1038
jmc wrote:

So they brought in 47B (against 50B estimated in white paper) , spent 55B gross voted, another 10B'ish odd gross non voted. So 47B in, 65B out (give or take.. net expenditure numbers look very Enron..)

Country still bankrupt.


http://www.finance.gov.ie/sites/default ... 202016.pdf

50bln is total current receipts, 47bln is tax current receipts,
Voted current expenditure is 40bln, non-voted current is 9.5bln, total capital expenditure is 6.5 bln

so the 56bln is total expenditure, not voted. And there was 4bln in capital recepits. So the figures are actually more like 54bln in, 56bln out.


Top
 Profile  
 
 Post subject: Re: Government Tax Receipt Figures
PostPosted: Thu Jan 05, 2017 1:09 pm 
Offline
Real Estate Developer

Joined: Nov 20, 2014
Posts: 994
jammyBastard wrote:
So the figures are actually more like 54bln in, 56bln out.


So 10 years post Bubble and exiting the Great Recession we still have not balanced the books?


Top
 Profile  
 
 Post subject: Re: Government Tax Receipt Figures
PostPosted: Thu Jan 05, 2017 1:17 pm 
Offline
Planning Tribunal Attendee

Joined: Apr 15, 2008
Posts: 1038
satechi wrote:
jammyBastard wrote:
So the figures are actually more like 54bln in, 56bln out.


So 10 years post Bubble and exiting the Great Recession we still have not balanced the books?


Yep, and we're having politically motivated giveaway budgets, when we could have balanced 2 years ago and started making inroads on the debt, plus there's some exceptional capital receipts in terms of bank bailout repayments so it's really a lot more shakey than it looks.


Top
 Profile  
 
 Post subject: Re: Government Tax Receipt Figures
PostPosted: Thu Jan 05, 2017 1:23 pm 
Offline
Under CAB Investigation

Joined: Feb 27, 2007
Posts: 1846
TheJackal wrote:
End of 2016 Exchequer Returns show another good year for Ireland’s public finances

http://www.finance.gov.ie/news-centre/p ... 99s-public

VAT: -439m (-3.4%) behind target
CT: +737m (+11.1%) ahead of target
Overall: +639m (+1.4%) ahead of target

Does this drop in VAT receipts alarm anyone?


Top
 Profile  
 
 Post subject: Re: Government Tax Receipt Figures
PostPosted: Thu Jan 05, 2017 1:29 pm 
Offline
Of Systemic Importance

Joined: Sep 13, 2012
Posts: 5311
Braighni wrote:
Does this drop in VAT receipts alarm anyone?

More rent, fewer consumer goods? Would be coupled with increased income tax from landlords (assuming it's not yet all going out of the country).

_________________
"It's easy to confuse what is with what ought to be, especially when what is has worked out in your favour"
Tyrion Lannister


Top
 Profile  
 
 Post subject: Re: Government Tax Receipt Figures
PostPosted: Thu Jan 05, 2017 2:12 pm 
Offline
Too Big to Fail

Joined: Feb 21, 2008
Posts: 4368
jammyBastard wrote:
jmc wrote:

So they brought in 47B (against 50B estimated in white paper) , spent 55B gross voted, another 10B'ish odd gross non voted. So 47B in, 65B out (give or take.. net expenditure numbers look very Enron..)

Country still bankrupt.


http://www.finance.gov.ie/sites/default ... 202016.pdf

50bln is total current receipts, 47bln is tax current receipts,
Voted current expenditure is 40bln, non-voted current is 9.5bln, total capital expenditure is 6.5 bln

so the 56bln is total expenditure, not voted. And there was 4bln in capital recepits. So the figures are actually more like 54bln in, 56bln out.


When I see 19B gross and 10B net for social protection that looks totally Enron to me. The Appendix II numbers (and hand waving) are very interesting.

I assume most of the 4b in capital receipts was bank bailout related. So spend 20B plus get 4B ROI..

So still around 15B difference between in and out once you factor out all the accounting slights of hand. So government still spending around 20% more than they take in. Very 1980's. Just wait until sovereign debt interest rates return to historical averages and servicing the debt soaks up all the income tax revenue. Just like it did in the 1980's.

Nope, still bankrupt.


Top
 Profile  
 
 Post subject: Re: Government Tax Receipt Figures
PostPosted: Thu Jan 05, 2017 3:33 pm 
Offline
Of Systemic Importance
User avatar

Joined: Aug 20, 2009
Posts: 5182
Eschatologist wrote:
Braighni wrote:
Does this drop in VAT receipts alarm anyone?

More rent, fewer consumer goods? Would be coupled with increased income tax from landlords (assuming it's not yet all going out of the country).


To clarify, Year-on-Year VAT was up 476m or 4.0%; they just thought it would be a further 439m higher. So consumer spending not increasing as quickly as expected, showing the 'recovery' has yte to hit the pockets of the voters


Top
 Profile  
 
 Post subject: Re: Government Tax Receipt Figures
PostPosted: Thu Jan 05, 2017 3:43 pm 
Offline
Real Estate Developer

Joined: Nov 20, 2014
Posts: 994
TheJackal wrote:
Eschatologist wrote:
Braighni wrote:
Does this drop in VAT receipts alarm anyone?

More rent, fewer consumer goods? Would be coupled with increased income tax from landlords (assuming it's not yet all going out of the country).


To clarify, Year-on-Year VAT was up 476m or 4.0%; they just thought it would be a further 439m higher. So consumer spending not increasing as quickly as expected, showing the 'recovery' has yte to hit the pockets of the voters


Well its hard to spend when the government takes a large chunk of your earnings and the has all sorts of hidden charges/taxes on the remainder ontop of extortionate VAT rate, enough to make this guy blush

Image


Top
 Profile  
 
 Post subject: Re: Government Tax Receipt Figures
PostPosted: Thu Jan 05, 2017 3:45 pm 
Offline
Under CAB Investigation

Joined: Feb 27, 2007
Posts: 1846
TheJackal wrote:
Eschatologist wrote:
Braighni wrote:
Does this drop in VAT receipts alarm anyone?

More rent, fewer consumer goods? Would be coupled with increased income tax from landlords (assuming it's not yet all going out of the country).


To clarify, Year-on-Year VAT was up 476m or 4.0%; they just thought it would be a further 439m higher. So consumer spending not increasing as quickly as expected, showing the 'recovery' has yte to hit the pockets of the voters


Of course. My bad. :oops:


Top
 Profile  
 
Display posts from previous:  Sort by  
Post new topic Reply to topic  [ 34 posts ]  Go to page 1, 2, 3  Next


Who is online

Users browsing this forum: No registered users and 11 guests


You cannot post new topics in this forum
You cannot reply to topics in this forum
You cannot edit your posts in this forum
You cannot delete your posts in this forum

Jump to:  

Click for Latest Posts LATEST POSTS Click for Forum List FORUMS   

Follow, Retweet @dailypinster

  

Pyramid Built, Is Better Built!