The Government collected €114 million more tax than forecast in December, bringing total tax receipts for 2014 to €41.28 billion. The final set of exchequer returns for 2014 show that the total amount of tax collected was 9.2 per cent or €3.48 billion higher than in 2013 and was 3.1 per cent or €1.24 billion greater than projected at the outset of the year.
Published this evening by the Department of Finance, the figures indicate that local property tax receipts came in 10.6 per cent behind target for the year while income tax receipts in December came in a little lower than projected.
A total of €3.13 billion in tax was collected in December, 3.8 per cent or €114 million higher than forecast and 19 per cent or €500 million more than in the same month in 2013.
Total public expenditure in 2014 came in 1.7 per cent ahead of target at €39.02 billion, largely as a result of a €649 million health service overrun which brought spending there 5.7 per cent above target.Compared with 2013, total expenditure last year declined by 2.5 per cent or €985 million.
The exchequer deficit at end-2014 stood at €8.18 billion compared to €11.5 billion at the end of 2013. The deficit was €1.41 billion lower than forecast in budget 2014, which the department attributed to increases in tax and non-tax revenues and lower interest expenditure.
The cost of servicing the national debt was €8.21 billion in 2014, up 1.5 per cent or €122 million on 2013 but 8.4 per cent lower than forecast at the outset of the year. “This is primarily due to the December 2013 bond-buy back which reduced interest expenditure in the early part of 2014, lower than expected costs from bond issuance in 2014 and a more favourable interest rate environment generally, including with respect to the resets on the floating rate bonds,” the department said.
Income tax yielded a total of €17.16 billion in 2014, an increase of €1.4 billion or 8.9 per cent on 2013 and €112 million or 0.7 per cent ahead of profile. “For the month of December, income tax receipts of €1,392 million were broadly on profile (€9 million shortfall) and up €113 million year-on-year,” the department said.
VAT receipts reached €11.15 billion, up €413 million on profile and up €817 million compared with 2013.
Corporation tax receipts were €4.61 billion, up €344 million year-on-year and €235 million greater than forecast. “Corporation tax receipts for the month of December at €430 million were up €25 million (6.3 per cent) against profile,” the department said.
Receipts from the local property tax came in at €491 million, €58 million below profile.
Customs, capital gains and capital acquisitions tax returns were up €295 million or 33 per cent against 2013 and €152 million or 14.7 per cent above profile. “This is wholly attributable to the performance of CGT,” the department said.
