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Dublin: 11 °C Friday 3 April, 2020

Taxman rakes in €17.6bn in last six months despite missing excise, VAT targets

The Department of Finance said the tax profile is helped by the collection of €126 million in Property Tax receipts.

Image: Man holding piggy bank via Shutterstock

THE LATEST EXCHEQUER returns have shown that the taxman collected just under €17.6 billion in taxes in the first half of this year, bringing our deficit down to €6.6 billion.

This comes despite shortfalls in two of the ‘big four’ tax heads last month – excise duties and VAT in the period.

Figures for June, published by the Department of Finance today, show that tax revenues, at almost €17.6 billion remain in line with expectations and are up 3.4 per cent year-on-year. The Department of Finance said that the tax profile is helped by the receipt of €126 million related to the Local Property Tax.

Just last month, the Exchequer received €2.8 billion in tax revenues, representing a 2.2 per cent surplus against the target.

The ‘big four’

Income tax came in ahead of target in June at €7.3 billion, with a surplus of €40 million against the monthly target.

Corporation tax also performed strongly in June with receipts of over one billion euros recorded.

However excise duties, at €2.2 billion at the end of last month recorded a shortfall of €39 million, though they are up slightly year-on year. VAT was also behind target by €40 million and is now €156 million behind target after the first six months of this year.

Debt servicing costs at the end of June this year stood at €5 billion, up 12 per cent year-on-year.

Net ‘voted’ expenditure at the end of just was over €20 billion, which is also within target by 2.5 per cent. 15 of the 16 government departments are spending less than their targets with the exception of Arts, Heritage and the Gaeltacht which is less than €1 million over profile.

Read: State’s income for three of the ‘big four’ taxes is less than expected>
Read: Tesco blames property tax for fall in Irish sales>

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