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04/01/2013
Late Tax Surge Boosts Government Income
Government finances have been put well ahead of EU/IMF targets for 2012 following a surge in VAT, stamp duty and taxes paid by businesses.
The unexpected increase means the gap between what the State spent and what it took in last year is thought to have dropped to less than 8% – final figures will be tallied in April.
"Barring war or pestilence we should be in a position to achieve our targets for 2013 fairly comfortably," Finance Minister Michael Noonan said at a press conference to announce the figures yesterday.
He had been expecting a €210m shortfall in last year's tax take after disappointing figures for November.
A late surge in payments, including bigger-than-predicted corporation tax payments by two large companies in December helped turn things around, however, and mean the tax take ended the year €271m above the level predicted.
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The unexpected increase means the gap between what the State spent and what it took in last year is thought to have dropped to less than 8% – final figures will be tallied in April.
"Barring war or pestilence we should be in a position to achieve our targets for 2013 fairly comfortably," Finance Minister Michael Noonan said at a press conference to announce the figures yesterday.
He had been expecting a €210m shortfall in last year's tax take after disappointing figures for November.
A late surge in payments, including bigger-than-predicted corporation tax payments by two large companies in December helped turn things around, however, and mean the tax take ended the year €271m above the level predicted.
(H)
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