Ireland's economic boom has swelled government coffers, which now hold a massive surplus of almost £3.5bn, according to latest figures.
There is now an exchequer surplus of £3.48bn as tax receipts race ahead of Government forecasts. They are also almost 15 per cent ahead of last year's level for the first eight months. That puts the Government on course to end the year with a surplus greater than the £1.8bn forecast in its recent Economic Review and Outlook.
However, there has also been a 15 per cent rise in Government spending in the first eight months. The bulk of this is accounted for by payment of £1.15bn into the Government Superannuation Fund to provide for future pension payments. The exchequer surplus at the end of August, at £3.48bn, is down from £5.85bn at the same stage last year but the 1999 surplus had been swollen by the £3.3bn proceeds from the Telecom Eireann public share offer.
Total tax revenue from January to August 31 came to £13.9bn or 14.9 per cent up on the same period last year, the latest Exchequer returns show. The continued rise in employment is reflected in income tax receipts. These jumped 12.7 per cent to £4.44bn while the boom in retail sales is reflected in a 21 per cent rise in VAT receipts (£3.86bn). Revenue from corporation tax was up 9 per cent at £2.34bn while the amount taken in capital gains tax was up 36 per cent at £100m. There were also increases in customs and excise duty, stamp duty, and capital acquisitions tax. The recent Economic Review and Outlook published by the Department of Finance revised the targets for the end year surplus from 1.2 per cent to 3.75 per cent of GDP.
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