Tax revenues ahead of target

CPA Ireland awards funding

Tax revenues ahead of target

Tax revenues for the first seven months of the year were €20,313m, €500m (2.5pc) ahead of target, according to the latest Exchequer return figures.

At the end of July taxes were €1.68bn (9pc) ahead of the same period last year.

Adjusting for the impact of delayed corporation tax receipts from December 2011 and a reclassification of PRSI to income tax this year, taxes grew by around 6.5pc in the year to end-July.

Income tax was €159m (2.0pc) ahead cumulatively and is over 11pc up on the same period last year on an adjusted basis.

VAT receipts in the month of July were €58m (4.3pc) ahead of target and €87m (1.3pc) ahead of target cumulatively.

Corporation tax was €313m (18pc) ahead of the cumulative profile.

Excise duties were €40m (1.5pc) below profile after a very minor shortfall in the month of July, but were 0.8pc higher year-on-year after the first seven months of the year.

Stamp duties recorded a shortfall against the monthly profile in July of €44m.