Advertisement

We need your help now

Support from readers like you keeps The Journal open.

You are visiting us because we have something you value. Independent, unbiased news that tells the truth. Advertising revenue goes some way to support our mission, but this year it has not been enough.

If you've seen value in our reporting, please contribute what you can, so we can continue to produce accurate and meaningful journalism. For everyone who needs it.

The Irish Life Centre on Abbey Street in Dublin. Laura Hutton / Photocall Ireland

Irish Life sale boosts exchequer surplus in July

The €1.3 billion sale of Irish Life held a exchequer surplus last month of €1.43 billion as tax take in July was lower than predictions.

THE €1.3 BILLION sale of Irish Life which was completed last month helped to produce an exchequer surplus last month of €1.43 billion according to the Department of Finance.

The overall exchequer deficit of €5.2 billion recorded at end-July represents an improvement of almost €4 billion compared to the first seven months of 2012.

Overall the taxman has taken in over €20 billion so far this year and is slightly ahead of expectations despite July targets being missed in a number of areas.

Tax revenues to the end of July were €21.03 billion, up €719 million on last year and €71 million (0.3 per cent) ahead of expectations.

The monthly exchequer returns show that July was a relatively slow month in terms of tax take with the ‘big four’ of income tax, corporation tax, excise duty and VAT all falling below expectations.

The figures show a income tax shortfall of €69 million which the department say is in large part due weaker than expected returns on DIRT, tax on interest payments.

Expenditure

On the payments side net voted expenditure at the end of July was €23.34 billion and 2.6 per cent below profile for the period. Current expenditure was 1.9 per cent below plans while the spend on capital projects was also 16.2 per cent less than predictions.

The cost of servicing the national debt, at €5.18 billion to end-July, was €614 million (13.4per cent) higher than the corresponding period last year.

This year-on-year increase is due to the increase in stock of the national debt and the first payment on the IBRC related floating rate bonds.

Read: Taxman rakes in €17.6bn in last six months despite missing excise, VAT targets >

Read: Sold: Government confirms sale of Irish Life for €1.3 billion >

Readers like you are keeping these stories free for everyone...
A mix of advertising and supporting contributions helps keep paywalls away from valuable information like this article. Over 5,000 readers like you have already stepped up and support us with a monthly payment or a once-off donation.

Close
14 Comments
    Install the app to use these features.
    Mute Supernova
    Favourite Supernova
    Report
    Sep 18th 2015, 1:34 PM

    I’m going to try the Mexican stew for the winter

    50
    Install the app to use these features.
    Mute Jason
    Favourite Jason
    Report
    Sep 18th 2015, 1:39 PM

    Look’s pretty good alright. So does the stir fry, love beef and broccoli!!

    42
    Install the app to use these features.
    Mute Dave
    Favourite Dave
    Report
    Sep 18th 2015, 1:53 PM

    I assume, seeing as the article is sponsored by supervalu, that everything can be bought there.

    34
    Install the app to use these features.
    Mute Proinsias Ó Foghlú
    Favourite Proinsias Ó Foghlú
    Report
    Sep 18th 2015, 1:24 PM

    I have eaten a bagel filled with tinned mackerel and diced plum! It worked, very tasty.

    18
    Install the app to use these features.
    Mute Bobby Fox
    Favourite Bobby Fox
    Report
    Sep 18th 2015, 8:56 PM

    Someone in jackass 2 ate horseshit then vomited.another guy drank horse semen .

    6
    Install the app to use these features.
    Mute Sean Ó Treabhair
    Favourite Sean Ó Treabhair
    Report
    Sep 18th 2015, 7:04 PM

    Brennans batch bread, sliced strawberries, sprinkle of sugar and some cracked black pepper… AMAZEBALLS!

    2
Submit a report
Please help us understand how this comment violates our community guidelines.
Thank you for the feedback
Your feedback has been sent to our team for review.
JournalTv
News in 60 seconds