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Exchequer Returns
Exchequer returns down slightly on Dept of Finance forecast
Lower company tax returns are being blamed for the fall in Exchequer returns for this year to the end of May.
TAX RECEIPTS for the first five months of the year were up 5.6 per cent, or €677 million, on the same period of last year, according to figures released today by the Department of Finance.
However, overall the Exchequer returns were down €178 million on what the department had expected for the period.
The department said that this was due primarily to a shortfall of €140 million in corporation tax receipts, a significant part of which it claims is the result of “timing issues” because some of the corporate payments due in May will now be paid later in the year.
Income tax receipts came in exactly on target, while excise duties were €50 million over and VAT payments were down 2 per cent.
Total spending for the period was down €367m (2 per cent) on target, at €18.4bn.
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