Peter Morrison/AP/Press Association Images via AP
tax receipts

Tax revenues ahead of target by 1.7 per cent

Tax revenues to the end of August have brought in €365 million more than expected.

THE LATEST TAX figures from the Department of Finance show total revenues of just under €22.1 billion for the year so far, €365 million ahead of target.

Incorporated into these overall figures was corporation tax, which brought in €310 million (17 per cent) more than expected.

The biggest drop in money terms came from excise duty, which brought in €116 million (3.8 per cent) less than expected.

While tax revenues are up by nearly €1.6 billion (7.7 per cent) year-on-year, the growth rate is lower, at 5.2 per cent.

Income tax remains up €102 million for the year to date, despite August marking the second consecutive month where it failed to meet its target.

It is expected that quarter four of 2012 will lead to a further increase in this regard, however, with income tax returns set to be made by those who are self-employed.

VAT returns are currently 1.2 per cent ahead for the year to date and up 3.1 per cent when compared to the first eight months of last year.

While stamp duty met its August targets, it is 10.2 per cent down for the year to date.

Deficits and costs

The exchequer deficit up until the end of August was €11.3 billion, a drop of €9.1 billion from the €20.4 billion which existed at the end of August last year.

Debt servicing costs – the money required to pay the interest and principal on outstanding loans – was just under €4.8 billion, 3.8 per cent less than had been estimated in February of this year.

Read: So far in 2012…tax takes €500 million ahead of target >

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