Sunday 17 December 2017

Exchequer returns: tax revenues marginally ahead

Finance Minister Michael Noonan
Finance Minister Michael Noonan
Colm Kelpie

Colm Kelpie

TAX revenues to the end of last month were marginally ahead of target.

Revenues were up €366m year on year and €105m ahead of expectations, according to the latest exchequer returns. 

In May the state took in €3.8bn – 3pc better than target largely because of the money taken through the property tax.

Some €121m has been received through the controversial levy for the first five months of the year.

Income tax was on target last month, recording a small surplus of €4m.

Corporation tax receipts are €150m ahead of expectations.

“A strong performance in May is important as it is the third biggest collection month of the year for this tax head,” the Department of Finance said.

“Encouragingly, a surplus of €29m was recorded in the month against a target of €590m.”

VAT was virtually on target, recording a marginal shortfall of €12m, 0.8pc.

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