Tax take 2% ahead of target by end of April

//Tax take 2% ahead of target by end of April

Tax take 2% ahead of target by end of April

Friday 02 May 2014 16.35

Income tax receipts are running 2% ahead of target at €5.4bn Income tax receipts are running 2% ahead of target at €5.4bn

Exchequer returns for April show the tax take for the year to date is running some €222m – or 2% – ahead of target.

However the tax take for April alone was €35 million – or 1.5% – below the amount expected for the month, mainly due to weakness in income tax and excise returns.

A stronger-than-expected performance in VAT and Local Property Tax payments helped to improve the picture.

Compared with the same month last year, the tax take in April was up by €197 million, or 9.2%

For the four months to the end of April, the tax take was €612 million of 5.6% better than in the same period in 2013. 

Income tax returns in the period were 7.2% higher than they were in 2013, reflecting higher numbers in work. 

Compared with the target for this year, income tax receipts – at €5.4bn – are running 2%, or €106 million ahead of target.  

The VAT take of €3.65bn is 1.4% – or €451m – below target.  Corporation Tax and excise duty, the last of the “big four” tax heads, are both ahead of target.

The Local Property Tax has raised €260m so far this year, 7.2% ahead of a target of €243m.

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By | 2014-05-02T19:18:44+00:00 May 2nd, 2014|Business|0 Comments