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Exchequer tax take beats targets

Tuesday, December 03 16:59:20

The Government took in E35.18bn in total taxes in the 11 months to the end of November, E214m more than had been expected in Budget forecasts, the latest Exchequer returns showed today.

While income taxes brought in E67m less than expected at E14.48bn and VAT returns at E10.24bn were E102m under profile, corporation tax came in at E217m ahead of expectations at E3.94bn and Capital Gains Taxes at E1.22bn were E141m ahead of Budget forecasts.

Looking at the month of November, total tax intake was E177m above expectations at E5.939bn. During the month, income taxes brought in E2.349bn, which was E54m better than expected.

To the end of November, Local Property Tax had brought in E287m, E78m above target.

The Exchequer registered a deficit of E8.575 billion compared to a deficit of E12.967bn a year ago.

Net voted spending came in at E38.8 billion compared to E39.67 billion that had been budgeted for.

Welcoming today's (3 December 2013) exchequer returns, the Minister for Finance, Michael Noonan T.D. stated: "The November exchequer returns, which include tax receipts from the self-employed, small businesses and corporations, are the single most important month for the exchequer, with one sixth of all taxes collected. The returns are a key indicator of the health of the Irish economy. The strong performance set out in today's figures is hard evidence that the recovery seen in the high frequency data is taking hold across the economy."