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Irish deficit now at €1.7 billion

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

Image: Brian Lawless/PA

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?>

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