Business Irish

Thursday 27 October 2016

Exchequer returns: State took in €805m extra in tax in first half of 2015

Published 02/07/2015 | 16:41

Finance Minister Michael Noonan
Finance Minister Michael Noonan

THE state took in €805m more than expected in tax in the first half of the year.

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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.

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