This site uses cookies to improve your experience and to provide services and advertising. By continuing to browse, you agree to the use of cookies described in our Cookies Policy. You may change your settings at any time but this may impact on the functionality of the site. To learn more see our Cookies Policy.
OK
Dublin: 7 °C Tuesday 22 May, 2018
Advertisement

Three of the 'big four' tax heads fell short of expectations in April

A total of €21 million in local property tax was collected during April.

Image: Taxman via Shutterstock

THE LOCAL PROPERTY Tax added €21 million to the Exchequer’s pot last month, according to figures released by the Department of Finance this afternoon.

Total tax revenues were up to €2.1 billion for April, a €51 million increase on the same month last year. It also marked a €145 million year-on-year jump.

However, separately the “big four” tax heads fell short of expectations.

Although the major components of income tax collections were “broadly in line with expectations”, they were €58 million below profile. The shortfall was primarily due to lower-than-expected DIRT receipts which, according to Revenue, may reflect the reduction in retail interest rates.

At €1.4 billion at end-April, excise duties are €44 million behind profile but are up marginally on the year.

VAT fell short of targets by €34 million for the month of April. For the first four months of the year, it is down €105 million against profile.

Corporation tax is the only major tax head ahead of profile, with an extra €21 million received. However, it decreased €88 million year-on-year.

Stamp duties recorded receipts of €60 million in the month, a 141 per cent increase of €35 million on April last year. On a cumulative basis, stamp duties have increased €225 million. Part of this year-on-year increase is due to technical timing reasons which will likely unwind over the course of the year.

Taken together, the remaining “minor” tax heads – CAT, CGT and Customs – are slightly down on profile, with a combined shortfall of €11 million.

Total ‘voted’ government spending – approved by the Dáil each year – fell by 7.6 per cent to €1.1 billion. All three of the largest spending departments – social protection, health and education – recorded year-on-year reductions.

Net exchequer borrowing was reduced by €3.8 billion during the month, primarily driven by a €4.6 billion Government bond maturity. Debt servicing costs were €207 million high than the corresponding period last year.

The Exchequer deficit for April stood at €2.4 billion, compared to €2.8 billion for April 2012.

The Exchequer deficit for the year to end-April is €6.1 billion, down from €7.1 billion last year. This is €3.6 billion down on profile, showing the effect of the replacement of the IBRC promissory note with the floating rate  government bonds.

8 things we learned from Revenue’s annual report

  • Share on Facebook
  • Email this article
  •  

Read next:

COMMENTS (26)

This is YOUR comments community. Stay civil, stay constructive, stay on topic. Please familiarise yourself with our comments policy here before taking part.
write a comment

Leave a commentcancel