Tax take still falling short of targets
While income tax improved, corporation tax and VAT were behind expectations in July
As finance minister Paschal Donohoe gears up for the Budget in October, figures from the Department of Finance show that the state took in less tax than expected in July, while receipts for the first seven months of the year are still slightly behind target.
While income tax and excise duty were stronger than projected in July, corporation tax and VAT fell short.
Overall, the figures for the first seven months show an Exchequer surplus of €3,366m, well up on the €862m surplus a year earlier. This year’s figure has been boosted, however, by the money fromthe sale of a 28.75 per cent stake in AIB. The Department of Finance says that the underlying figures, excluding once-off items, show an improvement of €671m in the public finances.
