The Department of Public Expenditure and Reform has released its exchequer statement for the end of July 2012 (which can be found here). The highlights of the figures are that the tax take is ahead of target by approximately €500 million and are up on figures from last year. Three of which the Department refer to as the ‘big four’ taxes are ahead of predictions, with one falling below expected returns. Income tax is 2% ahead of prediction, VAT is 1.3% ahead and corporation tax is 18% ahead. Excise duty however is below expectations.
On the expenditure side current expenditure is also above what was planned by €317 million. This was attributed to overspending in Social Protection and Health groups. Overall, the exchequer reported a surplus in July on €317 million but to date this year is running at a deficit of €9,126 million.
On the expenditure side current expenditure is also above what was planned by €317 million. This was attributed to overspending in Social Protection and Health groups. Overall, the exchequer reported a surplus in July on €317 million but to date this year is running at a deficit of €9,126 million.
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