Belfast Telegraph

Tax take is 1% ahead of targets

The tax take for the first eight months of the year is 1% ahead of targets, the Government has said.

After 20.5 billion euro was taken in by the Exchequer, official figures showed VAT - one of the biggest earners - was 229 million euro or 3.3% below forecasts.

The Department of Finance said the total tax take was up 1.6 billion euro on last year mainly thanks to the impact of the universal social charge, a levy imposed on all wage packets above 4,004 euro in last year's budget.

The review to the end of August showed that three of the big four taxes - income, corporation and excise duties - recorded surpluses for the eight months.

Poor VAT receipts in the Exchequer report follow on from figures out earlier this week which showed poor retail sales as Irish businesses look on course to struggle through a fourth consecutive year of falling personal spending.

The Government debt so far this year has swollen to 20.4 billion euro compared with 12.1 billion euro for the same eight months of 2010 mainly due to the billions pumped in to recapitalise the banks.

The monthly report showed income tax 131m euro ahead of target, corporation tax 67m and excise duties 62m euro.

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