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Dublin: 17°C Thursday 19 May 2022

Tax take ahead of target

New figures from the Department of Finance show that Exchequer returns are 1 per cent ahead of government targets – but VAT is showing a shortfall for the third month.

Image: Barry Batchelor/PA Archive/Press Association Images

EXCHEQUER RETURNS FOR the year so far are ahead of government targets by 1 per cent, according to new figures from the Department of Finance.

By the end of August, the government took in €20.5 billion in tax – an 8 per cent increase on last year – with income tax, corporation tax and excise duties all exceeding targets.

The figures showed a shortfall on VAT for the third month, however, with €229 million less than expected being received. Earlier this week, figures from the Central Statistics Office showed that Ireland’s retail sector was continuing to experience poor sales.

The budget deficit widened more than €8 billion to a total of €20.4 billion – the total budget deficit for the same period last year amounted to €12.1 billion.

The cost of Ireland’s borrowing rose €800 million this year.

Read: Mixed messages as retail sales continue their slide>

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