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Tax take is €700m ahead of target
02 Oct 2014 17:05
Exchequer returns for the first nine months of the year show the State has taken in over €700m more than expected in the last Budget, an improvement of 2.5%.
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Almost €28.9bn had been taken in during the year to September, compared to a target of €28.17bn.
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The figures were boosted by a €280m (3.2%) excess in VAT intake, while Excise was €197m (5.8%) higher during the period.
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Income Tax take is up €136m (1.2%) compared to Budget targets, while Corporation Tax was €108m (4.1%) higher.
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At the same time spending across all departments is at or below target levels, with the exception of the Department of Health, which is €251m – or almost 3% - over budget.
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This has been mostly offset by under-spending in other departments, so that overall voted spending is running just €14m ahead of target.
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There is also an under-spend of €125m in the capital spending budget.
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The exchequer deficit is €5.96bn, compared to €7.14bn at the same time in 2013.
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According to the Department of Finance, this represents an improvement against target of €1.2bn, driven by increased tax receipts and reduced interest costs on Government debt.
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