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.