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Tax revenue €1bn ahead of target
02 Sep 2014 18:06
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Minister for Finance Michael Noonan has said this year’s Budget adjustment will be significantly less than the €2.1bn forecast at the start of the year.
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He was speaking after publication of exchequer return figures for last month, which show the amount of tax collected by the State was running almost €1bn ahead of target.
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The figures show that in the first eight months of the year the State collected just short of €25bn in taxes, 4.1% or almost €1bn ahead of target.
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In a statement, Mr Noonan said the figures were strong and a sign of a growing economy.
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He said it was clear the level of adjustment through tax and expenditure cuts required to achieve a budget deficit of less than 3% this will be significantly less than forecast at the start of the year.
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However, he warned against the idea of a giveaway budget, saying the State continues to borrow an average of €800m a month.
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This has resulted in a budget deficit of €6.3bn for the first eight months of the year.
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Although this is €1.3bn better than targeted at the start of the year, Mr Noonan said it was still too high and had to be further reduced.
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