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Hands up: Department of Finance to adjust figures after mixing-up €101m of VAT with income tax

The department say that the overall level of tax collected remains unchanged.

Image: Laura Hutton/Photocall Ireland

THE DEPARTMENT OF FINANCE has been forced to alter last month’s exchequer returns after €101 million was classified as VAT when it should have been classified as income tax.

The department was informed of the discrepancy by the Central Bank but say that the overall level of tax collected remains unchanged.

The figures were released last Friday and showed that overall tax revenues were down in march by €4 million year-on-year.

The Department of Finance, the Revenue Commissioners and the Central Bank are currently examining the mistake and a revised exchequer statement is expected to be published later.

Read: Ireland’s finances €3.6bn better than thought – due to accounting error >

Read: Here are the Merrill Lynch reports that underestimated the bank bailout by €47bn >

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Rónán Duffy

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