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Exchequer tax take E221m above target

Wednesday, July 02 16:41:43

The Exchequer took in nearly E221m more than it has forecast in the last Budget, figures for the six months to the end of June showed today.

The State took in a total of E18.47 billion in all taxes in the half year compared to a target of E18.246bn, the Department of Finance said.

The Exchequer Statement shows that the Exchequer deficit at end quarter 2 2014 stood at E4,938 million, an improvement of E2,015 million compared to the first half of 2013.

Both total tax revenue of E18,467 million and the net voted expenditure outturn are slightly better than profiled, it said.

The income tax take for the period stood at E7.83bn compared to a forecast E7.77bn while VAT receipts amounted to E5.6bn compared to an expected E5.4bn.

Corporation tax receipts were E183m less than expected at E1.75bn.

Commenting on the end-June Returns, the Minister for Finance, Mr. Michael Noonan, T.D. and the Minister for Public Expenditure and Reform, Mr. Brendan Howlin, stated: "The Exchequer returns for the first half of the 2014 represent a solid performance in terms of both tax and expenditure. In line with the improvement in the domestic economy, the reduction in the live register and the increase in employment levels, tax revenues are growing and expenditure on public services is within Budget. The steps taken to stabilise the public finances over the last number of years have laid the foundation for the improvements in the domestic economy and, most importantly, the increase in jobs that we are now seeing. With the gap between the income and expenditure of the State running at just under E5 billion for the first half of this year, this Government is committed to narrowing this gap, reducing our borrowing and meeting the deficit target of under 3pc by 2015."