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Q1 Exchequer tax take beats expectations

Wednesday, April 02 16:58:23

The Exchequer deficit fell to E2.3 billion in the first three months of this year from E3.7bn a year ago with income taxes coming in slightly ahead of forecasts, latest returns from the Department of Finance show today.

Income tax totalled E3,795 million to end March, an increase of E129 million (3.5pc) year-on-year and up E4 million (0.1pc) on profile.

VAT receipts for the year to date totalled E3,509 million, up E56 million (1.6pc) on profile and an increase of E210 million (6.4pc) on the same period last year.

Corporation tax receipts of E256 million to end-March are E138 million (35.1pc) down year-on-year, but E38 million (17.5pc) above profile. The year-on-year performance is primarily driven by a non-recurring, unexpected payment from a large company in 2013 of E140m.

Excise duties, at E1,104 million for the first 3 months of the year, are E114 million (11.5pc) up year-on-year and up E111 million (11.2pc) against profile.

Stamp Duties were down E155 million (50.6pc) year-on-year, to E151 million, but up E15 million (11.2pc) on profile. Excluding once off payments, mentioned in previous information notes, stamp duties are up E15 million (11.0pc) compared to the same period last year.

Capital Gains Tax is up E28 million (40.9pc) year-on-year, to E98 million, which is E4 million (4.3pc) above profile.

Local Property Tax receipts of E214 million were collected to end-March, up E2 million (1.1pc) on profile. Significant property tax monies were received in March (E157m), most of which can be attributed to the receipt of the Single Debit Authority related payments.

Net voted expenditure to end-March 2014, at E10,264 million, is down E631 million (5.8pc) year-on-year and is E261 million (2.5pc) below profile, with 14 of the 16 Departments at or below profile.

Net voted current expenditure at E9,891 million was down E618 million (5.9pc) year-on-year and is E184 million (1.8pc) below profile.

Net voted capital expenditure to end March amounted to E374 million, a reduction of E13 million (3.4pc) year-on-year, and is E77 million (17.1pc) below profile.

Gross voted expenditure is down E164 million (1.2pc) on profile, of which E88 million arises on the current side and E76 million on the capital side.