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Exchequer figs show big rise in tax

Tuesday, October 02 16:46:51

The Exchequer took in E26 billion in taxes in the first nine months of this year, well ahead of the same period last year and E385 million ahead of Government forecasts, latest Dept of Finance figures showed today.

Three of the 'big four' tax heads - income tax, corporation tax and VAT - continue to perform ahead of profile with three quarters of the year already passed.

Income taxes brought in income tax, including the USC charge, that totalled E10.407 billion compared to a target of E10.306 billion. Corporation taxes came in at E2.457 billion, some E251m above target and VAT came in at E8.26 billion, E94m above forecasts.

The total Exchequer deficit stood at E11 billion with total spending by the government up to the end of September 1pc ahead of target.

"The Exchequer Returns for the period to end-September 2012 highlight the progress that the Government is making in restoring the public finances to a more sustainable position. The tax base is growing, the majority of Departments are managing expenditure within allocations and where there are overruns action is being taken to bring these under control. All Departments must take the necessary measures to deliver services within their 2012 allocations. Overall, we are on track to meet our budgetary targets for the second consecutive year and September 2012 is the third month this year in which Exchequer revenues exceeded expenditure. This last happened in 2007," Minister for Finance Michael Noonan said.

"However, despite this significant progress the deficit, at E11 billion for the first nine months of the years, remain too high and the Government is committed to reducing it further in the coming years."