Exchequer tax take down slightly in 12 months to February

Tuesday 04 March 2014 17.43
The Department of Finance blamed some of the fall on changes to the way health insurance duties are treated
The Department of Finance blamed some of the fall on changes to the way health insurance duties are treated

The amount taken in by the Exchequer in the year to the end of February was down slightly compared to the same period 12 months ago, according to the Department of Finance.

The Exchequer tax take in the year to 28 February was €5.812 billion, according to the figures, €4 million (0.1%) lower than the amount taken in the year to the end of February 2013.

The amount taken in stamp duty saw the biggest fall, down €166 million (60.9%) on a year ago.

According to the Department of Finance, this drop is because of changes to the way duties from health insurance policies are treated.

Corporation tax take was also down, falling €66 million (42.3%) to €91 million during the 12 month period.

The Department of Finance said a large portion of this shortfall - €61 million – was received on the first day of this month.

Excise duties were down slightly too, standing €1 million (0.2%) lower at €649 million.

A significant rise in VAT take helped to counter these falls somewhat, however, with almost €1.98 billion being received in the year to the end of last month - €141 million (7.1%) higher than a year ago.

The capital gains tax take also rose €24 million (37.3%) to €88 million, while capital acquisitions tax was €5 million (32.5%) higher at €18 million.

Income tax also rose by €5 million (0.2%) to €2.62 billion.

Meanwhile, the Department of Finance said that €57 million was received in local property tax during the 12 month period.

Last month the department warned that changes related to the introduction of the Single European Payments Area would delay the receipt of some monthly tax revenue.