Belfast Telegraph

Sunday 28 December 2014

Tax returns are ahead of target

Tax returns are 500 million euro ahead of target so far this year
Tax returns are 500 million euro ahead of target so far this year

Tax returns so far this year are 500 million euro ahead of target, latest figures have shown.

Exchequer returns for the first seven months of 2012 showed more than 20 billion euro was collected - 2.5% more than projected.

The intake is 1.68 billion euro more than at the end of July last year.

The Department of Finance said greater-than-expected returns in income tax, VAT and corporation tax had contributed to the "encouraging performance".

Corporation tax collected 313 million euro ahead of its cumulative target, which officials attributed to high intakes in the "important" months of May and June.

However, they warned significant targets have yet to be met.

"It must be acknowledged that there are significant targets to meet in the coming months, in November especially, which will go a long way to determining the end-year outturn," said officials.

Despite income tax, VAT and corporation tax collecting ahead of target, shortfalls were recorded in excise and stamp duties.

The figures also showed that the Government has spent close to 26 billion euro since the start of the year - 216 million more than intended.

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