We are short of money

€135m shortfall in August tax take

Tuesday, September 04, 2012 – 05:07 PM

New figures show a poorer than expected performance in the four big
taxes for the Government last month.

The latest exchequer statement from the Department of Finance has
revealed that €1.763bn was received in August, €135m, or 7.1%, below
target.

In August, excise duty was 19% less than what the Department of
Finance had hoped for. Corporation tax was 3.5% lower, VAT was down
2.2% and income tax was down 5.3% – the second month in a row that
income tax missed targets.

The €135m shortfall is masked by better months earlier in the year,
meaning that overall, Finance Minister Michael Noonan has taken in
€365m more than he had projected.