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Today’s Top Headlines

2016 'A Good Year For Irish Public Finances'

by Jason Gorringe,, London

05 January 2017

Irish Finance Minister Michael Noonan has said that "the amount of tax collected in 2016 is at an historic high."

Noonan welcomed the publication of the year-end Exchequer Returns for 2016. At the end of December, EUR47.86bn (USD50.29bn) had been collected in tax revenue, up 1.4 percent (EUR639m) on target and five percent (EUR2.26bn) on the previous year.

At EUR1.01bn, the budgetary deficit was up on the EUR64m recorded at the end of 2015, with the Finance Department attributing this to an expected decline in banking-related receipts. It said that when the one-off capital receipts from banking-related transactions from 2015 and 2016 are excluded, the Exchequer deficit shows an underlying year-on-year improvement of EUR864m.

Commenting on the improvement in the tax take, Noonan said: "It has provided not only for the extra expenditure incurred in 2016 but for the substantial tax reductions announced in the Budget in October 2015 and delivered during the course of 2016."

In cumulative terms, income tax revenues for 2016 were 0.9 percent (EUR174m) ahead of target and up 4.4 percent (EUR810m) year-on-year. Value-added tax receipts were up four percent on 2015, but down 3.4 percent on profile. The Department said that December was a non-VAT due month, and receipts for the month were EUR26m below target, due to higher than expected VAT repayments.

Corporation tax continued to perform strongly. On an annual basis, corporation tax receipts were 11 percent (EUR737m) higher than expected, and were up seven percent (EUR480m) year-on-year.

TAGS: tax | value added tax (VAT) | Ireland | banking | budget | corporation tax | ministry of finance | tax rates | revenue statistics | tax reform | individual income tax

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