Saturday 18 November 2017

Exchequer Returns: €26bn September tax take ahead of target but pressures remain

Ailish O'Hora

Ailish O'Hora

THE tax take for the nine months ended September was €26.1bn, €385m ahead of expectations, new Exchequer Return figures show.

Three of the four main tax sources - income, corporation and VAT - were ahead of target with excise duties below for the third consecutive month.

The exchequer deficit was just over €11bn, compared with €20.6bn last year, due mainly to the settlement of the IBRC promissory note payment.

And the Government has warned that pressure points remain, particularly in the departments of health and social protection.

“Although challenging targets still remain for the last quarter, I am confident that the overall tax revenue target for 2012 can be achieved,” Reform Minister Brendan Howlin said.

He added that departmental expenditure remains less than 1pc above expectations “with pressures on health and social protection areas.”

The figures also show that the Government is set to meet budget targets set out by the EU/IMF/ECB troika.

“The tax base is growing.....and September 2012 is the third month this year that the exchequer revenues exceeded expenditure – this last happened in 2007,” said Finance Minister Michael Noonan.

He added that the return by the National Treasury Management Agency, which manages the country’s debt, to the bond markets this year was proof that action being taken by the Government to fix Ireland’s finances is being recognised by investors.

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