Tax Revenues on the Rise in Ireland

April 3, 2014 Taxation in Ireland

Irish TaxDUBLIN – Tax revenues in Ireland have met and exceeded the government’s expectations, with a significant increase over last year’s results.

On March 2nd the Department of Finance of Ireland released the End-March 2014 Exchequer Statement detailing the tax collections and government expenditures in the country over the first quarter of the current calendar year, showing that tax revenue over the period has already reached a total of EUR 9 322 million, which is approximately 4.7% higher than the total collections during the same period of 2013.

The rise in tax revenues was attributed to increase in the collection of VAT, excise duties, and personal income tax, which grew by 6.4 percent, 3.5 percent, and 11.5 percent, respectively, although it was also noted that there were marked decreases in the collection of customs duties, stamp duty, and corporate income tax, which dropped by 4.34 percent, 50.61 percent,and 35.06 percent, respectively.

It was also shown that total government expenditures for the period fell by EUR 670 million, reaching EUR 10.264 billion, nearly 6.1 percent lower compared to the first three months of 2013.

According to the official information made available on the Department of Finance website, both the Minister for Finance Michael Noonan, and the Minister for Public Expenditure and Reform Brendan Howlin commented on the results shown in the Statement, saying that the tax revenues and the expenditures over the first quarter of the year are in line with the government’s targets, and that “…significant progress has been made in restoring order to the public finances and today’s figures highlight that this remains a key priority into 2014.”

Photo by: psyberartist