Exchequer Returns: Tax take up on last year but below target by €34m

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Exchequer Returns: Tax take up on last year but below target by €34m

Wednesday, March 2, 2016 - 14:45

The tax take for the year so far is €478m larger than it was in the same period in 2015. 

But the latest Exchequer Returns show that the amount of tax taken in for the first two months of this year is actually below target, by €34m.

The Department of Finance  said the figure was being “distorted” for two reasons – the fact that  February is not a VAT month, ie, VAT was not due from businesses,  and that VAT repayments to firms were also issued last month.

The Exchequer Returns show that €7.22bn was collected up to the end of February, compared with a target of €7.25bn. In the same period last year, €6.7bn was collected.

A surplus amounting to €310m was also recorded by the Exchequer last month, compared with a deficit of €205m in the same period last year.

So far this year, income tax is 0.4pc above target at €3.13bn; VAT is 5.2pc below target at €2.4bn, due primarily to VAT repayments; corporation tax is 0.4pc ahead of target at €248m and excise is 0.3pc below target at €946m.