Tax take up 3.5% on forecast

The national coffers continue to improve as the tax take for the 10 months to the end of October came in well ahead of the same period last year and also 3.5% above forecast. 

Total tax revenue for the nine months reached €31,976m, which is €2,734m, or 9.4%, above the corresponding period in 2013 and €1,092m, or 3.5%, ahead of target.

There was an improvement across most of the major tax headings. Income tax was €13,129m, which is an 8.2% increase on last year and 0.4% ahead of profile. The better-than-expected performance of this key category stems from increased employment levels. Vat receipts also came in ahead of expectations at €9,325m, which was 8.2% above 2013 levels and 0.4% ahead of profile. The bounce in Vat receipts reflects the higher levels of consumer spending as domestic demand is now growing for the first time since 2008.