Thursday February 20, 2020

Exchequer figures show headroom for promised tax cuts

Deficit down to €25 million from €104 million last year

4th October, 2016

Exchequer receipts to the end of September came in at €33,407,773, 1.5 per cent more than forecast.

The government has collected almost half a billion euro more than expected, meaning it will have the headroom for Budget 17's promised tax cuts next week.

Income tax including USC came in just under €13 billion, or one per cent below expectation.

The Exchequer recorded a deficit of €25m, down significantly from €104m during the same period last year.

The improvement was largely driven by an increase in tax revenue.

September had more positive tax receipts following a weak August.

The September figures are below target, yet ahead of the same month last year.

The Government collected over €4.1 billion in corporation tax in the year to September, which was €644m, or 18 per cent, more than had been expected.

Revenue from excise duty was also ahead of target at €4.4 billion, five per cent above forecast.

VAT receipts remain 2.7 per cent behind the forecast for 2016 with €10 billion collected.

With the exception of certain sectors, in particular motor, increased disposable income is not translating into the expected spending.

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