Exchequer figures show 3% increase in tax revenue, but Government current spending up 7%

Tuesday 05 February 2013 08.16
Exchequer returns show tax revenues rose compared to January 2012, but so did current spending
Exchequer returns show tax revenues rose compared to January 2012, but so did current spending

January's Exchequer figures show a 3% rise in tax revenues compared to the same month last year.

However, Government spending rose by just over 7%, driven primarily by the Department of Social Protection.

Income taxes were 10% ahead of 2012 figures with €1.4 billion collected during the month.

In a statement alongside the Exchequer returns, the Department of Finance said the amount collected was about a tenth of the annual target for 2013 and was "broadly consistent with expectations".

Excise duties were also up strongly, 10% ahead of January last year, but the corporation tax take fell.

A delayed receipt of €251m had inflated the previous year's figures, however, and explains the dramatic fall in receipts this time around.

Current expenditure in January was €3.9bn, a 7.2% increase on last year.

Much of this was due to an 18% rise in expenditure at the Department of Social Protection, where spending was €179m ahead of the same period in 2012.

As a result the current account deficit, the gap between day-to-day Government spending and revenues, rose from €513m in January 2012 to €679m.

Keywords: exchequer figures