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Tax take up but spending increases

Tuesday, February 05 07:43:17

January's Exchequer figures show a 3pc rise in tax revenues compared to the same month last year. However, Government spending rose by just over 7pc, driven primarily by the Department of Social Protection. Income taxes were 10pc ahead of 2012 figures with E1.4 billion collected during the month.

In a statement alongside the Exchequer returns, the Department of Finance said the amount collected was about a tenth of the annual target for 2013 and was "broadly consistent with expectations". Excise duties were also up strongly, 10pc ahead of January last year, but the corporation tax take fell. A delayed receipt of E251m had inflated the previous year's figures, however, and explains the dramatic fall in receipts this time around. Current expenditure in January was E3.9bn, a 7.2pc increase on last year.

Much of this was due to an 18pc rise in expenditure at the Department of Social Protection, where spending was E179m ahead of the same period in 2012. As a result the current account deficit, the gap between day-to-day Government spending and revenues, rose from E513m in January 2012 to E679m.