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NEW FIGURES released this evening show the Irish government’s tax take is ahead of the targets set at the start of the year – and significantly ahead of revenues from a year ago.
Exchequer returns for the end of July show that the State has taken in €20.313 billion in taxes in the first seven months of the year – 2.5 per cent, or€500 million, more than it had expected in December’s Budget.
The figures are also about 9 per cent (€1.68 billion) ahead of the take from the same period in 2011 – but even when adjusted for cyclical delays, the tax income is up by about 6.5 per cent.
Though government spending is also ahead of target, at €25.9 billion, it exceeds targets by less (0.8 per cent) than the tax take does. Furthermore, the overspend is well down from the 1.8 per cent at which it stood by the end of June.
Three of the ‘big four’ taxes – income tax, corporation tax, VAT and excise duties – are ahead of target, with corporation tax exceeding the targets by the most. €2.054 billion has been taken in from corporate profits, €313 million more than forecasted.
Income tax is ahead of target by €159 million, at €8.327 billion, while VAT has taken in €87 million more than expected, bringing in just over €6.6 billion to date.
Excise duties have taken in €40 million less than expected, while Capital Acquisitions Tax is down by €10 million and stamp duty revenue is off by €44 million – though the government expects this gap to be closed by September, as late receipts relating to last year’s jobs initiative will have come in by then.
The Department of Public Expenditure explained the drop in government overspending by saying a payment from the UK’s Department of Health, which was due to come in later in the year, had arrived ahead of schedule.
The net overspend was largely driven by lower-than-expected PRSI income, which was €219 million below expectations at the end of July.
Ireland spent €4.6 billion servicing – that is, paying interest on – its national debts in the first seven months of the year, over €2 billion higher than the figure from last year, though still €152 million less than had been budgeted.
Overall, the Exchequer turned a surplus of €317 million in July – the second time in three months that income had exceeded expenditure.
The Exchequer balance is less than half of what it was a year ago, however – down from €18.9 billion to €9.1 billion, largely as a result of the 2012 promissory note payment and the banking recapitalisation payments from this time last year.
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I lived in Galway for 3 years before moving to Dublin. It rained for most of the 3 years. The difference in weather between the two cities is hard to believe.
I’m here matey. The most miserable place to be in the depths of winter. That’s why everyone drinks so much here.
Spot on Liam, there was only one sunny day in Galway this year, July 1st.`
The Independent will have a piece today saying biblical flooding is on the way, “according to expert sources”.
Who’s going to be out shopping in mantainous regions???….
* mountainous.
Stupid butty finger syndrome. ..
Tom. Most people forget that in the west, we get whats out in the atlantic first. So every storm etc has abated by the time it hits inland and the east. You’d be worse off without the west.
It’s easily been raining in Galway since the start of December, possibly getting worse, cabin fever on the way !
As long as there is no snow and ice I do not care
Spotted a great headline in the local newspaper in an episode of Mrs. Brown’s Boys, it read “More weather on the way”, reading this article I see where that humour came from.
Lousy in Galway at the minute but a brolly is pointless, windier that the aftermath of a bean fest.
It’s something to do with the weather I think
Sunny in Waterford, a lot of people shopping in t-shirts and shorts……
Go to Dublin n shop!
Raining in Dublin too
Last week, they told us to get ready for the coldest snap since the 60s & now this. Meanwhile, accuweather.com is predicting sunny spells & 9º in my area for Xmas Day. I really wish the media would stop trying to give people the shits.
You’ve written an article about the West with a hashtag #miserable. Bit harsh Sinead.
One day last year I went to Galway it pi ssed rain the whole day it was like winter and cold. In Dublin it was warm and sunny. For such a small island the difference in weather. The west certainly does get the worse weather in Ireland.
During the summer, I left Dublin at about 11am one morning to head to Galway and there was an 11 degree (C) difference in temperature by the time I got there. It was far warmer in Galway.
A lot if rubbish comments here I traveled from Galway to Dublin on Wednesday 9deg all the way to the midlands got to Dublin and it was monkeys next day was worse , the Atlantic breeze is warmer than any other in winter, and in Ireland history tells largest cattle owners brought there stock to Clare because it was the warmest in winter this is before is before Vikings or Brits ever landed on the island
Photos doing the rounds of snow in Lucan in the early hours of this morning
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