Monday 23 October 2017

Exchequer returns: Boost as job growth reflecting in tax take

Michael Noonan
Michael Noonan
Colm Kelpie

Colm Kelpie

The rise in employment is starting to show in the state’s coffers.

By the end of March, income tax receipts were up 3.5pc compared with the same period last year. Spending is also up, as VAT receipts increased 6.4pc.

This is in line with the rise in employment last year, after the Central Statistics Office revealed that 61,000 jobs were created in 2013.

Income tax totaled 3.8bn to the end of March, an increase of €129m. Excise duties, at €1.1bn for the first three months of the year, are up 11.5pc.

An exchequer deficit – the gap between how much the state spends and takes in through taxes and other revenue – was €2.3bn for the first three months of the year. That compares with €3.7bn for the same period last year, with increased taxes and lower public spending contributing to the decline.

Public spending was down 5.8pc year on year to €10.3bn, and was €261m before the amount expected to be spent.

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