Newstalk
Newstalk

17.03 4 Dec 2012


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There is bad news this evening for the Finance Minister on the eve of the budget as tax revenues have fallen behind target. 

Exchequer figures just published this evening show 3 of the 4 big taxes have performed worse that the Department of Finance had hoped for. 

Spending pressures also remain though the over-spend in the Department of Health has been pulled back to €366 million.

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Last Friday when the figures were totted up Finance Minister Michael Noonan and Minister for Public Expenditure Brendan Howlin had taken in €33.8 billion in taxes. 

Now that was almost €2 billion more than on the same day last year but it is €171 million less than the coalition had budgeted for. 

Main taxes see decline

Income tax performed exceptionally badly with the November returns alone which includes the all-important 'self employed' was €300 million short. 

Corporation tax and excise duties are also less than the coalition hoped for.

However VAT has performed well delivering €180 million more than hoped for this year. 

Spending is still almost €700 million more than budgeted for with most of it in the Department of Social Protection.

But there has been some improvement in the overspend in Health. 

Read the full statement here 


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