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Exchequer figures up to end of April 'broadly on target'

Exchequer figures were up on last year but marginally behind target for the year
Exchequer figures were up on last year but marginally behind target for the year

Tax revenues to the end of April were up €145m (1.3%) year-on-year according to the latest Exchequer figures.

Around €10.945bn has been taken into the Exchequer so far this year, €7m (0.1%) below target.

The Department of Finance said the figures were “broadly” on track to meet expectations for the year.

The figures also show that the Exchequer had received €21m  through the Local Property Tax during April, compared to the €1.3m received in March.

More than €5bn has been taken in through income tax to the end of April, €62m  (1.3%) higher than the same period of 2012. However this is €58m  (1.1%) below target.

The Government blames the weakness on lower levels of deposit interest, or DIRT tax, due to lower deposit rates at the banks.

Over €1.4bn was raised through excise duties in the first four months of 2013, also higher than last year but €44m (3%) behind expectations.

Meanwhile, VAT was flat year-on-year and €105m (2.9%) below target.

Corporation Tax was the only of the four main tax categories to be ahead of target, with €423m raised so far this year - €121m (39.9%) more than anticipated.

The total corporation tax take so far this year is €88m (17.2%) lower than in 2012, however the Department of Finance said this was due to some once-off payments.

Elsewhere, stamp duties had increased €225 million (159.5%) year-on-year, though the Department said part of this was due to timing reasons which would “unwind over the course of the year”.