Posted July 7th, 2011
According to figures published yesterday by the Department of Finance, the Government is on track to meet its 2011 budgetary targets.
The gap between revenue and spending is close to what was projected last December through the first six months of this year. Tax revenues amounted to Eur15.3 billion, approximately one per cent below the target number.
The VAT receipts were behind their target by Eur134 million and corporate tax receipts were also behind target by Eur116 million or a figure of around eight per cent. Reflecting the implementation of the Universal Social Charge, the exchequer’s income tax intake was up 21.5 per cent compared to the same period last year.
In terms of total spending, it came in at 1.5 per cent below the target. Both current spending and capital spending were down also. The Minister for Finance Michael Noonan believes Ireland will reach its year-end exchequer deficit target of Eur18.2 billion set out in the EU-IMF rescue plan.