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Tax take running 3.5% ahead of target in year to end of October

VAT and stamp duty returns were well up on expectations for October, though income tax was down
VAT and stamp duty returns were well up on expectations for October, though income tax was down

Exchequer returns for the year to the end of October shows tax revenues running 3.5% ahead of target, with just over €1bn in extra revenue for the State.

Compared with the same period last year, revenues are up 9.5%.

In the year to the end of October, more than €9.32bn worth of VAT was collected, 3.8% (€344m) higher than was anticipated at the end of last year.

More than €4.05bn in excise duty has also been received, 6.1% (€234m) above expectations.

Just above €2.95bn was collected as corporation tax during the ten month period, 8.2% (€225m) higher than forecast.

Meanwhile, capital gains tax was 15% (€196m) ahead of target at €1.5bn.

Only two tax categories stood behind expectations as of the end of October, according to the figures, with capital acquisitions tax down 9.9% (€19m) at €175m and the local property tax 5.2% (€23m) behind forecasts at €409m.

On a monthly basis, stamp duty was 102.1% (€237m) ahead of expectations at €470m, while corporation tax was 90.7% (€117m) higher at €246m. 

VAT take was up 21% (€64m) on forecasts at €366m, while excise duties were 8.2% (€37m) higher at €493m.

Income tax was down sharply on the month, however, coming in 5.8% (€84m) behind expectations at €1.36bn.

This was attributed to a low take from DIRT tax, due to low interest rates on savings products.