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: °C Friday 31 October, 2014

State’s income for three of the ‘big four’ taxes is less than expected

Income tax, VAT and excise duties are lower than had been forecast – but corporation tax is well ahead of expectations.

Image: Photocall Ireland

THE GOVERNMENT’S INCOME for the year so far has been slightly lower than expected in three of the ‘big four’ tax categories.

Income tax, excise duties and VAT all came in lower than expected, according to Exchequer returns for May published by the Department of Finance this evening.

However, the underperformance in those three sectors – totalling €199 million – was largely cancelled out by a larger-than-expected return in corporation tax, where returns are €150 million higher than originally planned.

The income tax take in May alone – of €1.079 billion – is €4 million ahead of target, while corporation tax receipts for last month were €619 million, €29 million ahead of expectations.

At €1.518 billion, VAT came in below target, though only by €12 million (0.8 per cent).

The data also shows that €121 million has been collected so far this year in property tax – almost half the amount the Government had planned to take in for the entire year.

The State’s total revenue for the year to date stands at €23.4 billion, while overall State spending stands at €28.7 billion in the year to date.

Read: Tesco blames property tax for fall in Irish sales

More: Increase in AIB’s mortgage interest rates takes effect today

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