Tuesday 22 October 2019

Tax revenues €2bn higher at end of October but some revenues below target

Independent.ie reporters

NEW exchequer return figures show the tax take was €2bn higher at the end of October at €26.7bn boosted by the Universal Service Change and the pension levy.

But income tax was €125m below target while VAT was out by €383m or 4.5pc – the VAT figures lower due to low consumer spending.

Including the costs of recapitalising the banks, the exchequer deficit was €22.2bn compared with €14.4bn in the same period last year - ahead of next month’s budget when at least €3.6bn will be taken out of the economy.

The €7.8bn increase is due mainly to payments to Anglo Irish Bank, Irish Nationwide and EBS.

The figures also show that while excise duties are marginally up, both VAT and corporation tax receipts fell in the year-ended October.

Tax revenues are €184m below target – a disimprovement on the position at the end of September when taxes were €160m ahead of profile.

But this was anticipated as some DIRT payments were collected earlier than anticipated boosting the September figures.

Total voted expenditure was an end October was €37bn or 0.5pc off.

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