Tuesday 22 August 2017

Tax take for 2016 €639m ahead of target

Income tax receipts were 0.9pc above target for the year, but VAT receipts were 3.4pc below target, with lower than expected inflation being partly blamed.
Income tax receipts were 0.9pc above target for the year, but VAT receipts were 3.4pc below target, with lower than expected inflation being partly blamed.
Colm Kelpie

Colm Kelpie

The tax take for 2016 was €639m ahead of target, according to end of December Exchequer Returns.

Income tax receipts were 0.9pc above target for the year, but VAT receipts were 3.4pc below target, with lower than expected inflation being partly blamed.

BY the end of last year, €47.86bn was collected in tax revenue overall – 1.4pc ahead of profile and up 5pc on the previous year.

Tax receipts in December, however, recorded a shortfall of €151m, or 4.5pc, against profile.

Income tax receipts in December closed the month 1.1pc above profile, while in cumulative terms, income tax revenues for 2016 were 0.9pc above profile and 4.4pc higher year-on-year.

VAT receipts were up 4pc year-on-year and down 3.4pc on profile.

On an annual basis, corporation tax receipts were 11.1pc higher than expected at €7.35bn and up 7pc year-on-year.

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