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The Irish exchequer, in the middle of a global pandemic and economic catastrophe, has collected nearly the same amount of money it did by the same point in 2019.
€34.3 billion this year. €35.1 billion last year.
€802 million in the difference.
What is going on? (1/6)
€34.3 billion this year. €35.1 billion last year.
€802 million in the difference.
What is going on? (1/6)
Total taxes are down just 2.3%.
Income taxes stood at €13.8 billion - down by 1.4%.
This is due to a strong January and February - but also miles ahead of Dept of Finance targets set in April.
The people who have lost income due to Covid-19 earn the least. (2/6)
Income taxes stood at €13.8 billion - down by 1.4%.
This is due to a strong January and February - but also miles ahead of Dept of Finance targets set in April.
The people who have lost income due to Covid-19 earn the least. (2/6)
VAT has, inevitably, tanked. €2.1 billion less than last year - a drop of 21.3%.
People couldn& #39;t spend much money for nearly two months and there was a Revenue holiday.
But there is Corporation Tax ... (3/6)
People couldn& #39;t spend much money for nearly two months and there was a Revenue holiday.
But there is Corporation Tax ... (3/6)
In August it was €418 million ahead of forecast.
For the year to date, the State has collected €1.5 billion more from companies than it did by this point last year.
A 31.4% increase. (4/6)
For the year to date, the State has collected €1.5 billion more from companies than it did by this point last year.
A 31.4% increase. (4/6)
In August, every tax heading - bar one - came in ahead of forecast:
Income Tax, for example: €589 million or 50.5% above profile. (5/6)
Income Tax, for example: €589 million or 50.5% above profile. (5/6)
The deficit so far is €9.45 billion and is almost entirely due to massively increased expenditure.
The State has spent €9.46 billion more than it did last year - the vast bulk on health and social protection. (6/6)
The State has spent €9.46 billion more than it did last year - the vast bulk on health and social protection. (6/6)
Here is that analysis for @VirginMediaNews at 1730 this evening.
Tax resilience might give the Govt more headroom for nasty surprises later in the year.
Tax resilience might give the Govt more headroom for nasty surprises later in the year.
