End October 2016 Exchequer Returns

02.11.16

 

  • While each month is a contributor to the total expected tax take October is a less significant month in terms of expected VAT receipts and Corporation tax receipts.
  • The tax performance has been solid through the first ten months of the year, with tax revenues up 1.7% on profile and up 4.7% in year-on-year terms. In relation to the revised tax revenue forecast of €48.1 billion (additional €900 million) we are still on track to achieve this target. However, it will require all tax-heads to perform strongly in the last two months.
  • The achievement of this target is necessary to fund the overall gross voted expenditure of €56.1 billion for 2016 projected in the latest published information (the Expenditure Report 2017). This is €850 million higher than originally provided in the Revised Estimates Volume, as it includes the additional €500 million for Health and €40 million for Justice in the estimates voted by the Dáil on the 11 July this year and a further €310 million as reflected in the Expenditure Report 2017 to fund a Christmas Bonus for long-term Social Welfare recipients, for increased capital expenditure on the school building programme and for flood repairs to transport infrastructure.