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Exchequer €345m ahead of targets
03 Mar 2015 16:04
More than €6.7bn in tax revenue was collected by the Department of Finance in the first two months of the year - €345m (5.4%) ahead of Budget forecasts.
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The figure represents a €925m (15.9%) increase on the same period of 2014, with the tax take higher in all major categories.
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This has put the Exchequer deficit at €205m by the end of February - compared to an almost €1.68bn deficit at the same time last year.
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In the first two months of the year the Exchequer took in almost €2.9bn in income tax – up €183m (6.8%) on last year.
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In the month of February alone the figure was ahead of profile by €91m (7.1%).
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VAT receipts stood at €2.37bn by the end of last month – up €330m (16.2%) year-on-year. On a monthly basis, tax take from VAT was €40m (11.3%) higher than had been expected in Budget 2015.
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Corporation tax take, meanwhile, has seen a significant improvement on an annual basis, rising by €174m to €265m.
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This is also significantly higher than had been forecast – though the Department notes that around €50m of this relates to one-off, non-recurring payments.
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Excise duties were up €130m (20%) year-on-year at €778m, with the February figure alone coming in €52m (15.3%) ahead of target.
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Meanwhile stamp duty receipts were up €45m (42%) year-on-year at €152m.
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