Saturday 24 March 2018

Tax take is €1.5bn ahead of last year, Exchequer reveals

Finance Minister Michael Noonan
Finance Minister Michael Noonan

Donal O’Donovan

The tax take so far this year is running €1.549bn ahead of 2015, and the State finances have improved in the year, once one-offs like the sale of bank shares are excluded.

The figures are boosted by a surge in corporation tax, which amounted to €1.669bn at the end of May. That was up 9.3pc from last and40.9pc above profile, or forecasts.

Excluding factors such as the sale of shares in Permanent TSB early last year the Exchequer shows an underlying year-on-year improvement of €1.376m, according to the latest official Exchequer returns.

When all factors are included, the Exchequer record a deficit of €125m in the five months to the end of May, compared to a surplus of €641m in the same period last year. The 2015 figures were distorted by effect of €2,142m received from the sale of PTSB shares and bonds and a transfer from the national pension reserve fund.

Income tax receipts of €7.437bn, are on profile and up €399m (5.7%) from last year.

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