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

The Department of Finance said the tax profile is helped by the collection of €126 million in Property Tax receipts.

THE LATEST EXCHEQUER returns have shown that the taxman collected just under €17.6 billion in taxes in the first half of this year, bringing our deficit down to €6.6 billion.

This comes despite shortfalls in two of the ‘big four’ tax heads last month – excise duties and VAT in the period.

Figures for June, published by the Department of Finance today, show that tax revenues, at almost €17.6 billion remain in line with expectations and are up 3.4 per cent year-on-year. The Department of Finance said that the tax profile is helped by the receipt of €126 million related to the Local Property Tax.

Just last month, the Exchequer received €2.8 billion in tax revenues, representing a 2.2 per cent surplus against the target.

The ‘big four’

Income tax came in ahead of target in June at €7.3 billion, with a surplus of €40 million against the monthly target.

Corporation tax also performed strongly in June with receipts of over one billion euros recorded.

However excise duties, at €2.2 billion at the end of last month recorded a shortfall of €39 million, though they are up slightly year-on year. VAT was also behind target by €40 million and is now €156 million behind target after the first six months of this year.

Debt servicing costs at the end of June this year stood at €5 billion, up 12 per cent year-on-year.

Net ‘voted’ expenditure at the end of just was over €20 billion, which is also within target by 2.5 per cent. 15 of the 16 government departments are spending less than their targets with the exception of Arts, Heritage and the Gaeltacht which is less than €1 million over profile.

Read: State’s income for three of the ‘big four’ taxes is less than expected>
Read: Tesco blames property tax for fall in Irish sales>

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18 Comments
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    Mute Diaspora'd
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    Feb 6th 2023, 11:34 PM

    Why is it still called a “Bank Holiday” in Ireland instead of what it is …a “Public Holiday”?

    The term “Bank Holiday” really smacks of bygone British colonialism.

    https://en.m.wikipedia.org/wiki/Bank_holiday

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    Mute Fuji Hakayito
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    Feb 7th 2023, 2:40 AM

    @Diaspora’d: and your English language post doesn’t?

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    Mute Shedonny
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    Feb 7th 2023, 8:01 AM

    I still think that the Holiday should have been on 1 May, as it is in many other countries including our EU partners, to pay tribute to the huge contribution of the men and women workers who have financed this country with their taxes for decades.
    Weather would have been better in May too!
    Instead of dedicating it to a religious figure who may or may not have existed.

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    Mute Shaner Mac
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    Feb 7th 2023, 8:16 AM

    @Shedonny: Er, there is already a May bank holiday…

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    Mute Rob Jones
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    Feb 7th 2023, 8:30 AM

    @Shedonny: February not bad. Just coming out of depressing January. Something to look forward to. If not February, then July as we have one in May, June, and August.

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    Mute sean o'dhubhghaill
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    Feb 7th 2023, 6:58 AM

    Clicked on the first option each time. Got 2/10.

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    Mute Gisèle Ní Mhoinséal
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    Feb 7th 2023, 10:37 PM

    The cloth is left out on 31 January – the eve of St Brigid, not 1 February.

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