Irish Tax Revenues Continue To Improve

Tax Administrations  2Irish tax revenues for the first four months of 2016 were 3.5 percent above target, while the deficit was half that in the same period in 2015.

Tax revenue of EUR14bn (USD16.1bn) was collected in the January to April period, a year-on-year increase of 9.1 percent. The budgetary deficit was EUR1.1bn, compared to the EUR2.3bn recorded for the first four months of 2015.

Income tax performed well, and was up 6.2 percent year-on-year and 0.1 percent on target. The Finance Department said this was “broadly consistent with the recovering labor market, solid employment growth, and increases in the average weekly earnings.”

The Department added that while April is neither significant in terms of corporation tax receipts or a value-added tax (VAT) due month, both taxes recorded strong year-on-year growth for the month. Cumulatively, corporation tax is now 70.8 percent above target. VAT is however down 3.8 percent on target for the year to date.

Source: Tax News

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