Advertisement

Corporation tax sees boost in latest Exchequer figures

New Exchequer figures show corporation tax receipts were 6.8% ahead of target last month. Overall...
Jack Quann
Jack Quann

17.38 3 Sep 2019


Share this article


Corporation tax sees boost in...

Corporation tax sees boost in latest Exchequer figures

Jack Quann
Jack Quann

17.38 3 Sep 2019


Share this article


New Exchequer figures show corporation tax receipts were 6.8% ahead of target last month.

Overall, just over €35bn in tax revenue was collected to the end of August.

An Exchequer deficit of €625m was recorded, which compares to a deficit of €1.8bn in the same period last year.

Advertisement

The Department of Finance says this was in-line with expectations - ahead by 0.7% or €233m, and up 8.1% on the same period last year.

August corporation tax receipts of €318m brings the cumulative amount to more than €4.9bn, which is €314m or 6.8% ahead of target - and €563m ahead year-on-year.

Income tax receipts of €1.8bn were collected in August, which was €141m or 8.2% ahead of the monthly target.

But the department says this surplus was "largely a timing issue", reflecting a late payment in respect of July.

Brexit The Department of Finance in Dublin | File photo

Excise duty receipts were slightly below profile by €15m to see a total of €490m collected in August.

VAT receipts also finished behind target by €122m.

However, the Department of Finance says: "August is a non-VAT due month and cumulative receipts were just below target, by 1.4% or €144m.

"This represents an improvement on the 2018 cumulative position of 5.5% or €520m."

Peter Vale, tax partner at Grant Thornton Ireland, suggests Brexit could change the landscape.

"Probably the biggest surprise is that Brexit does not seem to be curtailing consumer spending, with VAT figures broadly tracking forecast and 5.5% ahead of last year.

"However August is a quiet month for VAT receipts and it's difficult to see the figures later in the year not being adversely impacted by Brexit.

"Any unexpected fall in VAT revenues will require a surplus elsewhere to plug the gap."

Read the full Fiscal Monitor here


Share this article


Read more about

Brexit Corporation Tax Department Of Finance Exchequer Figures Excise Duty Income Tax Peter Vale Tax Revenue VAT Receipts

Most Popular

Live: Title

Now playing

00:00:00 / 00:00:00
Added to queue
Removed from queue

On Air

Share

Share


Up next

Episode title
Show
Duration

You currently have no podcasts in your queue.

Go to podcasts

On Air

The Home Show With Sinead Ryan

The Home Show With Sinead Ryan

08:00-09:00

Share

Up next

The Anton Savage Show

The Anton Savage Show

09:00-11:00

Share

DOWN TO BUSINESS WITH BOBBY KE...

DOWN TO BUSINESS WITH BOBBY KERR

11:00-13:00

Share

OFF THE BALL

OFF THE BALL

13:00-17:00

Share

TECH TALK WITH JESS KELLY

TECH TALK WITH JESS KELLY

17:00-18:00

Share

SCREENTIME WITH JOHN FARDY

SCREENTIME WITH JOHN FARDY

18:00-19:00

Share

SOUNDSCAPE

SOUNDSCAPE

19:00-20:00

Share

IN CASE YOU MISSED IT

IN CASE YOU MISSED IT

20:00-21:00

Share

DOCUMENTARY AND DRAMA ON NEWST...

DOCUMENTARY AND DRAMA ON NEWSTALK

21:00-22:00

Share

BEST OF THE PAT KENNY SHOW

BEST OF THE PAT KENNY SHOW

22:00-23:00

Share

THE HOME SHOW WITH SINEAD RYAN

THE HOME SHOW WITH SINEAD RYAN

23:00-00:00

Share

BEST OF NEWSTALK

BEST OF NEWSTALK

00:00-07:00

Share

DOCUMENTARY AND DRAMA ON NEWST...

DOCUMENTARY AND DRAMA ON NEWSTALK

07:00-08:00

Share

ALIVE AND KICKING WITH CLARE M...

ALIVE AND KICKING WITH CLARE MCKENNA

08:00-09:00

Share

00:00:00 / 00:00:00

Share on