skip to main content

Tax revenues €1.4bn ahead of expectation by end of August

Figures from the Department of Finance show tax receipts for the month of August alone were 22% ahead of schedule
Figures from the Department of Finance show tax receipts for the month of August alone were 22% ahead of schedule

The total amount of tax collected at the end of August 2015 stood at just over €27.3bn, according to the latest exchequer returns from the Department of Finance.

It represents an increase of €2.4bn, or just short of 10%, on the figure at the same period last year.

It is just over 5% - or €1.4bn - ahead of what had been expected at the end of the eighth month of the year.

Tax receipts for the month of August alone were 22% ahead of schedule.

All the main tax heads - income tax, VAT, corporation tax and excise - were all ahead of expectations.

Overall spending, at just over €27bn, was 1% - or €297m - below profile.

It was 0.5% below the level of spending this time last year.

At the end of August, the exchequer deficit stood at €1.29bn - a vast improvement on the €6.3bn recorded this time last year.

There were a number of exceptional items, including the sale of the contingent capital note in Permanent TSB and the receipt of proceeds from the sale of shares in PTSB.

Tax partner at Grant Thornton Peter Vale said today's figures were important in terms of confirming the scope for tax cuts and spending increases in the upcoming budget.

Mr Vale said: “Fortunately, we're looking at another very strong set of figures, which will likely serve to reinforce any plans Minister Noonan may already have.”

He added the figures will “undoubtedly result in even more calls for tax cuts and spending increases”.