Business Irish

Saturday 17 March 2018

State takes in €44.6bn in tax so far in 2016 but VAT receipts below expectations

Photo: PA
Photo: PA
Donal O'Donovan

Donal O'Donovan

The State has taken in €44.6bn in tax so far this year, but VAT receipts have come in below expectations.

Exchequer Returns to the end of November show more tax has been paid so far this year than at the same time in 2015 across all four of the main tax areas.

Income tax ended November 8.8pc higher than expected, and 5.9pc or €978m higher than at the same time last year.

However, VAT receipts closed November 6.6pc or €128m behind expectations, the Department of  Finance said that is mainly accounted for by larger than expected repayments.

VAT receipts are now €413m below profile for the year to date, though in absolute terms up from last year. Excise duties, including levies on fuel and tobacco recorded an expected shortfall of €24m in November, but are running just ahead of profile for the year.

Online Editors

Business Newsletter

Read the leading stories from the world of Business.

Also in Business