Wednesday 22 February 2017

Exchequer Returns: Tax take up on last year but below target by €34m

Published 02/03/2016 | 16:56

Michael Noonan. Photo: Tom Burke
Michael Noonan. Photo: Tom Burke

The tax take for the year so far is €478m larger than it was in the same period in 2015.

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But the latest Exchequer Returns show that the amount of tax taken in for the first two months of this year is actually below target, by €34m.

The Department of Finance  said the figure was being “distorted” for two reasons – the fact that  February is not a VAT month, ie, VAT was not due from businesses,  and that VAT repayments to firms were also issued last month.

The Exchequer Returns show that €7.22bn was collected up to the end of February, compared with a target of €7.25bn. In the same period last year, €6.7bn was collected.

A surplus amounting to €310m was also recorded by the Exchequer last month, compared with a deficit of €205m in the same period last year.

So far this year, income tax is 0.4pc above target at €3.13bn; VAT is 5.2pc below target at €2.4bn, due primarily to VAT repayments; corporation tax is 0.4pc ahead of target at €248m and excise is 0.3pc below target at €946m.

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