The government’s tax revenue is up year-on-year, despite shortfalls in all four of the tax categories with VAT behind target for the tenth month this year.
The Department of Finance said tax revenues remain in line with expectations, up €37 million, on profile, and up €888 million year-on-year.
Income tax recorded a shortfall of €41 million which the Department of Finance said was “not unexpected” and was due to a weak performance of the ‘DIRT’ tax on savings.
Corporation tax receipts totalled €136 million last month – some €4 million below target. Excise duties were also €52 million behind profile in October but are up €180 million year-on-year.
VAT receipts for the month totalled €212 million, representing a shortfall of €18 million. This is the tenth month this year there has been a shortfall in VAT which is now €182 million behind target this year.
The Local Property Tax brought in €15 million in October bringing the total collected so far this year to €215 million.
The remaining, smaller tax-head – customs, CGT, CAT, and stamps, were ahead of target at €68 million combined.