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2010 tax take €703m ahead of forecasts, says Department

Ireland’s revenue was 2.3% ahead of planned, while spending only overran by 0.3% – but the deficit is still huge.

Image: Barry Batchelor/PA Wire

IRELAND’S TAX INCOME was slightly ahead of target, with the government’s revenues 2.3% ahead of their expected amounts for 2010, the Department of Finance has confirmed.

End-of-year figures published by the Department showed that the total tax take for the exchequer for 2010 was €31.753 billion, about €703m ahead of the targets laid down at the beginning of the year.

Spending did overshoot its targets, but by the comparatively small amount of 0.3% – putting the Budget deficit for 2010 at just under €18.75bn.

Spending totalled €46.434bn, the department’s figures said, exceeding the targeted total by €149m.

The largest segment of the country’s tax take, that of Income Tax, reached €11.726bn – a shortfall of €254m – but other significant contributors, like VAT and corporation tax, both came in ahead of forecasts.

Corporation tax, in particular, returned €764m more than had been budgeted, offering €3.964bn for the twelve months to December 31.

Customs duties were 14.3% ahead of target, as was Capital Gains Tax (2%). Capital acquisitions tax, however, was 0.9% short of its target.

Only two of the government’s fifteen departments spent more than had been expected;  the Department of Health spent 3.2% more than anticipated, at €11.621bn, while the Department of Social Protection spent €13.184bn, 2% more than had been budgeted.

About the author:

Gavan Reilly

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