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SEPA hits Exchequer tax take in Jan

Tuesday, February 04 17:08:47

Tax revenues fell by 644m or 17.1pc in January compared to the same month a year ago, partly because of delays brought on by the introduction of the Single Euro Payments Area (SEPA), latest Exchequer returns show.

Stripping out the SEPA delay, tax receipts are up 5pc compared with January 2013.

As the file and pay date for Revenue On Line Services was the 23rd of January, some receipts have been delayed. This is a technical timing issue and does not alter the tax forecast for the year.

It should be noted that E527 million was collected on the first banking day of February compared to E80 million in 2013, the Department of Finance said.

Income tax totalled E1,236 million for the month, a reduction of E151 million (10.9pc) year-on-year, reflecting the impact of the delayed receipts following the introduction of SEPA. VAT receipts in the month totalled E1,369 million, which represents a decrease of E372 million (21.4pc) from January 2013. Again the delay due to the first presentation of direct debits under the SEPA scheme has impacted VAT receipts significantly. Corporation tax receipts of E7 million in January 2014 are E11 million (60.8pc) down on January 2013. While January is not an important month in terms of overall corporation tax collection, it still shows the impact of delayed direct debits. An Exchequer deficit of E1.1 billion was recorded in January 2014. This compares with a surplus of E0.7 billion in January 2013.