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Exchequer Returns

Exchequer returns: VAT receipts nearly €250 million behind target

But the deficit for the first eight months of this year was over €4 billion less than it was in the first eight months of 2012.

THE LATEST EXCHEQUER returns show that VAT receipts in the month of August were nearly 28 per cent or €65 million down on the target for the month.

Value-added-tax, considered one of the big four of the government’s revenue streams, was €245 million or 3.5 per cent behind target for the first eight months of this year.

By contrast income tax recorded a surplus for the month with €9.70 billion collected in the first eight months of the year, but this was slightly down on the expectation of €9.76 billion.

The Department of Finance said in a statement this evening that tax revenues to the end of August remain in line with expectations, down €57 million on expectations for the month but up €834 million compared to the same period last year.

Net voted expenditure was €644 million under target and down by €1.6 billion on the same period last year.

An Exchequer deficit of €7.3 million was recorded at the end of August, an improvement of over €4 billion compared to last year. There was an Exchequer deficit of €2.1 billion for the month of August.

Of the other ‘big four’ taxes, corporation tax receipts were €2 million ahead of profile with receipts up 6 per cent when compared to last year.

Excuse duties were at €2.9 billion to the end of August or 4.1 per cent behind target. Excises recorded a shortfall in August of €26 million or down 6.3 per cent on the expectation for the month.

Customs, Capital Gains Tax, Capital Acquisitions Tax and Stamp Duty were collectively 1.2 per cent or €11 million below target at the end of August.

The total amount collected for the local property tax so far is €191 million with €12 million of this collected in August.

Last month: Irish Life sale boosts exchequer surplus in July

Read: Labour TD says protect social welfare, but FG TD says spending is not sustainable

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