Personal tax receipts could fall £5m. short
Friday 18th September 2009, 2:29PM BST.
TREASURY announced yesterday that the island could face up to a £5m. shortfall in receipts from personal income tax.
The department’s quarterly bulletin highlighted the potential problem, but predicted the money could be recovered by increased revenue from other income tax receipts.
More than £77m. has been collected so far this year, a 2% increase from 2008, but Treasury had budgeted for more.
‘Using the profile of tax receipts in recent years to project the end-of-year position implies a potential shortfall against the annual budget of approximately £4m. to £5m.,’ said minister Charles Parkinson (pictured).
‘However, early indications are that any shortfall on ETI will be at least partially offset by higher-than-anticipated other income tax receipts made up of company distributions, bank and company income tax and other individual income tax.
‘Although it is too early in the year to be able to predict with any degree of certainty the likely non-ETI out-turn, receipts for the first half of the year appear buoyant.’
Deputy Parkinson said document duty remained sluggish, with a total of £6.18m. collected in the first half compared with £8.2m. at the same point in 2008.
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Maybe the minister, would help to reduce some of the debt if he took less in payment for telling us not to waste. and inform his colleagues to do the same.
Oh can I just mention I saw that ‘flock’ of pigs fly past my window today.
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I seem to recall that only a few months ago we were being told that tax receipts were substantially higher that expected.
I venture that the States PR machine will be telling us in January next how much higher personal income tax receipts are.
Perhaps Paddy Power will open a book on when and what future pronouncements will be!!!!!
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