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Exchequer tax take E971m above target

Tuesday, September 02 17:12:17

The first eight months of this year saw the Exchequer take in just over E2bn more than a year ago and E971m more than previously forecast, significantly improving the chances of a less austere Budget in October.

Overall, the Exchequer deficit at end August 2014 stood at E6,332 million compared to E7,322 million in 2013.

Minister for Finance Michael Noonan, reacting to the figures, said that this year's Budget adjustment will be significantly less than the E2.1bn forecast at the start of the year.

But despite the better-than-expected figures, Mr Noonan warned against the idea of a giveaway budget, saying the State continues to borrow an average of E800m a month.

The Exchequer figures show that total tax revenue of E24,914 million was collected to end-August, an increase of E2,004 million (8.7pc) on the same period last year.

In addition, cumulative tax revenues are E971 million (4.1pc) ahead of target.

With regards to the month of August, tax revenues were E423 million (20.0pc) above the monthly target although this was flattered by delayed stamp duty receipts and once off non-reoccurring corporation tax receipts.

Income tax totalled E10,583 million to end-August, an increase of E880 million (9.1pc) year-on-year and up E172 million (1.7pc) on profile. For the month of August, Income tax receipts of E1,337 million were E119 million (9.7pc) above profile. The over performance in August is partially as a result of higher than profiled receipts from Life Assurance Exit Tax.

VAT receipts for the year to date totalled E7,377 million, up E261 million (3.7pc) on profile and up E577 million (8.5pc) in year-on-year terms. This is reflective of improved consumer confidence as reflected in recent retail sales figure, the Department of Finance said.

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