Government gains €1bn in extra revenue

THE crackdown on bogus overseas accounts by the Revenue Commissioners has helped swell the Government’s coffers by over €1 billion.

The probe added €580 million to the Exchequer finances in the first six months of the year, Department of Finance figures show. A surge in income and capital gains tax added a further €660 million.

This boost in tax receipts has helped to push the public finances into the black to the tune of €130 million, compared with a deficit of €344 million at this stage last year. The Government’s total tax receipts were 13.7% ahead of target at €16.5 billion.