Exchequer returns for the first seven months of the year show the Government has taken in €1.2 billion more in tax revenue than it did in the same period last year.
That is a year-on-year increase of 4.5%, and is in line with growth forecasts for the economy this year.
The Department of Finance had forecast receipts of €28bn for the seven months to the end of July.
As it turned out, revenues were €27.8bn – that is 0.8% lower than expected.
In July revenues amounted to €4.4bn, which was 2.6%, or €119 million, lower than projected for the month. However, compared with the same month last year, revenues are up 7.6%, or €309m.
The Exchequer account had a surplus of €3.36bn at the end of July, compared to a surplus of €862m in July 2016.
The improvement is due to the sale of 28% of the State’s shareholding in AIB Bank.
Overall voted departmental spending amounted to €25.5bn, which was €244m below target, or 0.9%.
Compared with the same period last year spending is up by 4.7%, or €1.14bn.
Income Tax receipts of €1,674m were collected in July, in-line with profile - up €5m or 0.3%.
This represents a 10.2%, or €155m, increase compared to July 2016.
Looking at the performance in the year-to-date, receipts of €10,720m are 1.9% (€208m) below profile, but up 4.2% (€429m) in year-on-year terms or 5.2% on an underlying basis.
Corporation Tax receipts for the month of July amounted to €86m and were €34m, or €28.4%, below profile.
Cumulative receipts at end-July are just 0.4% or €14m below target and up 9.4% (€311m) in annual terms.
Excise duties recorded a monthly surplus of €40m, or 8.1%. In cumulative terms, receipts of €3,322m at end-July were down 1.3% (€43m) against target.
This under-performance is across a range of excise components.
July is a VAT due month and receipts finished the month €129m below expectations.
This was primarily due to larger-than-profiled repayments during the month.
However, turning to the cumulative VAT position, receipts are in line with profile, up 0.8% (€74m) against target, which represents a strong annual increase of 10.1%, or €805m.
€21m was collected in Local Property Tax receipts in July, in line with the monthly target. This brings the total for the year-to-date to €320m, which is €7m or 2.2% above target.
Stamp Duty receipts of €108m were €19m (14.8%) below with the July profile.
In cumulative terms, receipts are €83m (12.7%) below profile and €8m (1.5%) down in year-on-year terms.
€26m was recorded in Capital Gains Tax receipts in July, up €12m against target.
Looking at the position in the year-to-date, receipts are now 16.6%, or €22m, above profile.
Capital Acquisitions Tax receipts of €19m were collected in July, which represents a €1m shortfall.
As a result total receipts in the year-to-date are down €6m against profile.
Customs receipts of €32m closed the month 7.8%, or €2m, above target.
As a result, cumulative receipts at end-July were up 8.3% in year-on-year terms.
