Dept of Finance pockets an extra €742m in taxes this year

Dept of Finance pockets an extra €742m in taxes this year

A surge in new car sales and tobacco companies paying excise duty on cigarettes before plain packaging comes in has led to increased tax revenue for the Government.

Some €742m more than planned has been taken in at the Department of Finance with taxes overall up €1.9bn on last year.

The figures for the first six months of the year have been published this evening with 22.5bn taken in in taxes - nearly three quarters of a billion more than expected and €1.9bn more than this time last year.

New car sales and tobacco companies paying the excise duty on branded products before the introduction of plain packaging has led to a €400m surge in excise duty.

But VAT is down some €231m less than expected though it remains up on this time last year.

Corporation Tax is also almost 19% or €505m higher than expected.

Expenditure by Government departments is exactly where the Government forecast.


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