Exchequer Returns: Tax take of €5.8bn for year-end February
THE tax take for year-end February was €5.8bn, down €77m compared with the previous year due mainly to once off factors, new figures show.
Income tax, including the Universal Service Charge, for the month was €123m, due mainly to a PRSI/income tax reclassification while on an underlying basis receipts were up 2.5pc and flat year-on-year.
Corporation tax also record a drop on a cumulative basis due to the impact of a delayed payment of €251m in receipts from December 2011 into January 2012.
VAT recorded cumulative growth of €49m year-on-year and an increase of €33m on a monthly basis.
The figures also show that Exchequer borrowing increased by €25.8bn during February 2013 almost exclusively due to the bond issue by the Central Bank to replace the promissory note.
The Exchequer recorded a deficit of €936m compared with €2bn in the same period last year.
Commenting on the figures, Peter Vale, tax partner at Grant Thornton said: "There has been positive employment data in recent weeks and this should translate into stronger income tax receipts as the year progresses, however it isn’t yet reflected in today’s exchequer returns.
"While February isn’t a significant month for VAT receipts, it is encouraging to see receipts up 16pc compared with February 2012, indicating a more positive retail sales environment."