Exchequer remains on-target to end of October

Monday 04 November 2013 17.56
More than €29.24 billion has been received into the Exchequer in the year to the end of October
More than €29.24 billion has been received into the Exchequer in the year to the end of October

Exchequer revenues for the first ten months of 2013 are broadly on-target, according to the latest figures from the Department of Finance.

More than €29.24 billion has been received in the year to the end of October, according to the latest returns, €37 million (0.1%) above profile.

Income tax was €121 million (1%) behind target at €12.1 billion, while VAT was €182 million (2.1%) lower at €8.62 billion.

Excise was also below profile, with €3.85 billion received in the first ten months of the year - €52 million (1.3%) less than anticipated.

Capital Gains Tax was €13 million (10.2%) below profile at €117 million, while Capital Acquisitions Tax was €46 million (24.5%) lower at €144 million.

However these figures were more than compensated by stronger-than-expected Corporation Tax and Stamp Duty figures.

Corporation Tax was €235 million (9.3%) above target at almost €2.77 billion, while Stamp Duty was €135 million (13.1%) higher at €1.16 billion.

Meanwhile, €215 million was paid in Local Property Tax in the first ten months of the year - €52 million (32.1%) more than had been anticipated for this period.

According to the Department of Finance, the Exchequer recorded a deficit of €10.5 billion in the ten months to the end of October; a €3.5 billion improvement on the same period of last year.

However the cost of servicing the country’s debt was €1.03 billion (16.7%) higher at €7.21 billion, which it says reflects a general increase in national debt as well as the first interest payments on IBRC-related bonds.