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Tax revenue rises as 6,500 fully pay new property levy

NEARLY 6,500 homeowners have already fully paid up their property tax for the year, the Government's accounts show.

The Coalition got a boost yesterday when the latest Exchequer returns for the end of March showed an 8pc increase in income tax.

The figures showed the Government on track with its income and expenditure predictions for the year.

The total tax take was also slightly ahead of target, at €8.8bn, at end March 2013, according to the figures which came on a day when the EU/ IMF/ECB troika gave a sobering assessment of the economy.

The first of the property tax receipts show €1.3m has already been paid over.

Based on the average payment of €200, it means about 6,500 homes have paid the property tax within weeks of receiving the first letter from the Revenue Commissioners.

The Exchequer deficit at end quarter stood at €3.7bn, €568m lower than in the same period last year.

Performance

Finance Minister Michael Noonan highlighted the income tax figures: "The performance of income tax remains strong and when account is taken of once-off items, income tax is up nearly 8pc on an adjusted basis."

Income tax, including the Universal Social Charge, at the end March was €3.6bn on a cumulative basis, while VAT also recorded an increase to €3.3bn.

Overall, tax revenues were up €95m year-on-year.

The Department of Finance said corporation tax and stamp duties came in ahead of profile with Customs coming in on profile.

Also yesterday, the troika warned of pressure points in the economy and in departments like Health and Social Protection.

But Public Expenditure Minister Brendan Howlin said the target set as part of the bailout programme had been adhered to.

"I am pleased that spending is being managed by departments in accordance with levels decided by Government in the budget," he said.

However, Mr Howlin warned that spending will have to be monitored.

Irish Independent