Tax take to end of September up 11% on same period last year
Tax take between January and the end of September was up 11% on the same time last year, driven by corporation tax, income tax, VAT and excise duty.
The latest Exchequer Returns show that €68.2 billion in tax was collected in the first nine months of the year.
€17.8 billion came from corporation tax, up over 23% on the same time last year.
However, September saw a drop in receipts when compared to the same month last year, down over 13% to €1.5 billion.
So far this year, income tax receipts amounted to €24.8, over 7% higher than last year.
September is a VAT-due month – with receipts of €3.4 billion collected, 5% ahead of the same month last year.
That brought the total VAT take since the start of the year to €17.9 billion, 7% higher than the same time last year.
When it comes to excise duty, receipts for the first nine months reached €4.6 billion, up 13% on last year.
“The tax figures published today largely continue a pattern of robust growth that we have seen throughout the year, and provide further evidence of the fundamental strength of our economy,” said Jack Chambers, Minister for Finance.
“Of course, the stand-out feature in the tax performance has been corporation tax.
“Even as receipts in the year to date remain well ahead of initial expectations, the decline this month reminds us of the volatility associated with this revenue stream, and why this Government has acted to mitigate our exposure to these receipts through the establishment of the Future Ireland Fund and the Infrastructure, Climate and Nature Fund,” he added.
Today’s data shows that the Exchequer recorded a surplus of €5 billion in the year to the end of September.
That was up from €1.1 billion in the same period last year.
However, the Department said the annual comparison is distorted by the transfer of €4 billion to the National Reserve Fund last year.
On a 12-month rolling basis, a surplus of €5.1 billion was recorded.
The figures from the Department of Finance show that gross revenue to the end of September stood at €83.1 billion, up €7.1 billion or 9.3% compared to the same period last year.
Non-tax revenue and capital resources stood at €2.3 billion for the nine month period, down by €0.7 billion on the same time last year.
Appropriations-in-aid of €12.6 billion brought total other revenue to €14.9 billion.
Total expenditure amounted to €78.1 billion. Of this, gross voted expenditure stood at €72.1 billion, which was €7.7 billion ahead of the same period last year.
Non-voted expenditure accounted for €6 billion, which was €4.5 billion down on the same period in 2023, reflecting the transfer to the National Reserve Fund in February last year.
Minister for Public Expenditure Paschal Donohoe said today’s figures show Government’s deliberate and planned approach to public spending.
“This funding is providing key supports to our public services, supporting living standards and investing in infrastructure,” he said.
“Continued delivery of the National Development Plan is reflected in capital expenditure of 39% higher than at this point last year, reflecting the provision of housing, public transport, strong and reliable public utilities, healthcare and schools now and for the future.
“This is seen in the year on year growth in capital expenditure in the Department of Housing, Local Government and Heritage and other areas,” he added.
The Irish Fiscal Advisory Council said today’s data shows two key trends – continued strong revenue growth, driven primarily by corporation tax receipts, and growing spending overruns.
At the end of September, it said current spending was €2.5 billion higher than originally forecast.
Capital spending is also higher than forecast by €400 million.
IFAC said at the end of September, health spending overruns breached the €1.5 billion overrun assumed for the year in the Summer Economic Statement
“This €1.5 billion was a key for Health spending in Budget 2025,” it said.
Article Source – Tax take to end of September up 11% on same period last year – RTE
