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Exchequer returns running 3.5% above target

Department of Health overspend is at €78m for first four months of 2016
Department of Health overspend is at €78m for first four months of 2016

Exchequer returns for April show government tax revenues running €500 million - or 3.5% - above target.

Spending is slightly below target, with 15 of the 16 government departments spending on or below targets set at the start of the year.

The only exception was the Department of Health, which is €78 million (1.8%) overspent in the first four months of the year.

Total current spending for the first four months was €16.8 billion, of which interest on government debt cost €2.9 billion.

The exchequer deficit at the end of April was just over €1 billion, compared with €2.3 billion in the same month last year.

Non-tax revenues were boosted by an earlier than expected payment from the Central Bank of €1.8 billion in surplus income.

Receipts from income tax, which appeared slightly weaker than forecast  earlier in the year, were almost 10% higher than forecast in April, helping move the income tax receipts for the first four months of the year back to being exactly on profile.

Overall tax revenues for the month of April were 14% ahead of profile, with all tax heads except customs ahead of profile. 

Compared to the same period last year, tax receipts for the first four months of the year are up 9.1%, or €1.1 billion.