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Exchequer deficit E3.4bn less than 2012

Friday, January 03 16:48:44

The Exchequer Statement for 2013 was published today showing a deficit of E11.5 billion, E3.4 billion lower than 2012 with total tax revenue and the net voted expenditure outturns broadly in line with targets.

Tax revenue in December saw a shortfall of E359 million (12.0pc) against Government targets.

The total tax take, at E37,806 million for the year, was up E1,160 million (3.2pc) year-on-year and down E144 million (0.4pc) compared to targets.

Income tax recorded a shortfall of E35 million (2.6pc) in December against a monthly target of E1,313 million. Overall, income tax receipts remain broadly in line with profile, with E15,758 million collected in 2013 compared to an expected E15,860 million. A shortfall in DIRT is responsible for the underperformance. Year-on-year income tax recorded an increase of E582 million (3.8pc).

Corporation tax receipts of E326 million in December are E82 million (20.1pc) below monthly profile. Nevertheless corporation tax receipts for the year are E135 million (3.3pc) ahead of profile and up E55 million (1.3pc) year-on-year.

Excise duties, at E4,891 million for the year, are E29 million (0.6pc) below profile, and are up E184 million (3.9pc) year-on-year. Excises recorded a shortfall against profile in December of E64 million (10.5pc). This had been expected given the change in the budgetary calendar.

VAT receipts in the month totalled E89 million, which represents a shortfall of E122 million (57.7pc) against target. VAT receipts for the year are E224 million (2.1pc) behind target but up E165 million (1.6pc) year-on-year. VAT receipts for the crucial Christmas trading period will be included in January Exchequer returns.

Local Property Tax receipts of E30 million were received in December bringing the total collected during 2013 to E318 million.

With regard to the performance of tax revenues, Minister Noonan stated: "Overall, the exchequer returns show that the tax base continues to grow in line with targets and provides a solid foundation going into 2014. Of particular note is the performance of income tax which is up 3.8pc year-on-year. As there has been no increase in the rate of income tax, the strong performance is reflective of the improving labour market conditions".