THE DEPARTMENT OF Finance has said that tax receipts last month were up €650 million compared to February 2013.

January receipts had been way down, due to a dealy caused by the switch-over to the SEPA electronic payment system and the department said February’s figures provide a more meaningful comparison year-on-year.

Right now, we have a deficit of €1.7 billion – up from €0.9 billion this time last year, Exchequer reruns reveal. The main drivers are the sale of the Bank of Ireland Contingent Convertible Capital notes in January last year and a loan to the Social Insurance Fund of €300 million last month.

• Overall, tax revenues are down €4 million year-on-year.
• Income tax totalled €2.6 billion – an increase of €5 million.

• VAT receipts are up 7.1 per cent to €2.1 billion.

• Excise duties, at €649 for the first two months, are down €1 million.
• Stamp duties are up €4 million.
• Capital gains tax is up 37.3 per cent to €88 million.
• Local property tax revenue of €57 million was collected to end-February.

As for corporation tax, tax receipts were down €66 million or 42.3 per cent, but the department said a large portion of this shortfall was received on the first working day of March.

Explainer: What is this SEPA thing all about?>

Making a difference

A mix of advertising and supporting contributions helps keep paywalls away from valuable information like this article. Over 5,000 readers like you have already stepped up and support us with a monthly payment or a once-off donation.

For the price of one cup of coffee each week you can make sure we can keep reliable, meaningful news open to everyone regardless of their ability to pay.

Support us Learn More