Irish Economy 2015: Strong Christmas sales are reflected in January Exchequer returns, which were published on Tuesday.
The Exchequer surplus at end-January 2015 stood at €781m compared to a deficit of €1.1bn in the same period last year. The Department of Finance said that allowing for the impact on the Exchequer in January 2014 of the introduction of the Single European Payments System (SEPA), the year-on-year improvement in the Exchequer balance to end January 2015 is c. €680m.
Meanwhile, the NTMA raised €4bn on sale of a 30-year bond at a reported yield of 2.088%, with demand at about €11.2bn.
Tax revenue of €4.19bn in January 2015 after taking into account the impact of the introduction of SEPA on tax receipts in January 2014, showed a year-on-year increase to end January 2015 of €460m (12.3%).
Income tax receipts of €1.5bn were collected in January, which represents a year-on-year rise of €58m or 4.0%. "This performance is consistent with the recovering labour market with solid employment growth as evidenced by the QNHS (employment household survey)," the Department said.
January saw VAT receipts of €1.97bn, with receipts in the month relating to the November/December trading period. This represents an increase of €225m or 12.9%, when compared to the corresponding month last year. The strong performance is in line with the positive retail data and consumer confidence from December.
Corporation tax receipts in January were €49m, which equates to a €35m increase when compared to the same period last year. Excise Duties totalled €388m in January, representing a year-on-year increase of approximately €46m (13.4%) while €72m was collected in Stamp Duties receipts in January, up €19m or (37.0%) year-on-year.
Local Property Tax receipts amounted to €94m, up €62m or 189.4% in year-on-year terms. This increase was expected and is a result of a shift in payment patterns. Of the remaining small tax heads, CGT, CAT and customs combined were up €3m (6.7%) year on-year.
Overall net voted expenditure for end January 2015, at €3.93bn, was down €206m (5.0%) year-on-year.
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