Exchequer returns: State took in €805m extra in tax in first half of 2015
Published 02/07/2015 | 16:41
THE state took in €805m more than expected in tax in the first half of the year.
The tax take at the end of June was €20.6bn, compared with a targeted figure of €19.8bn.
Some €54m extra was taken in via income tax than expected in the first six months, while VAT was €36m above profile.
Compared with the same period last year, the tax take was €2.16bn higher, of 11.7pc.
About €478m more in income tax was taken in so far this year compared to the first half of last year, while €441m extra was taken in via VAT.
On a monthly basis, income tax was bang on target at €1.27bn. Overall, the tax take for JUne was €3.34bn, €71m or 2.2pc better than expected. VAT receipts were €54m below profile for June, but June is a non-due month for receipts.
June is regarded as being important for corporation tax receipts. Corporation tax were up €121m on profile, or 10.8pc, on profile.
At the end of June, the exchequer recorded a deficit of €292m, compared with €4.9bn in the same period last year.
The Department of Finance said the improvement in the Exchequer balance was driven by increased tax and non-tax receipts as well as a number of one-off transactions.
Without the one off transactions, the improvement would be €2.7bn.