skip to main content

Exchequer returns to end of August broadly in line with expectations

Income and Corporation tax are ahead of profile, but VAT and Excise are down
Income and Corporation tax are ahead of profile, but VAT and Excise are down

Exchequer returns for August show tax revenues broadly in line with expectations, with a small shortfall of €57m out of a total tax take in the year to date of €22.9 billion.

Compared with August 2012, the tax take is up by €834m or 3.8%.

Income Tax and Corporation Tax are running ahead of profile for the first eight months of the year.

However, VAT and Excise receipts were down in August.

VAT was almost 28% lower than targeted for the month at €170m; a shortfall of €65m.

VAT receipts are running €245m or 3.5% behind target for the year to date.

Today's figures from the Department of Finance show that Local Property Tax receipts in August were €12m, bring receipts for the year to date to €191m.

Spending is €644m or 2.2% below target for the year to date, and is €1.6 billion lower than it was in August 2012.

Current spending is 1.6% below profile, while capital spending is 14.1% below profile. 

Total voted spending - which excludes debt service and other fixed spending items - came to €27.993 billion.

The Exchequer deficit at the end of August was €7.334 billion.

The cost of servicing the national debt was €5.443 billion up to the end of August. This was 13.6% higher than the corresponding period last year, due to the higher stock of national debt, and the first payment on IBRC-related bonds.