April Exchequer deficit dips €1bn to €6b

The Exchequer deficit for the four months to the end of April stood at E6.1bn, a E1bn fall compared to a year ago with total tax receipts broadly in line with Government targets.

Tax revenues to end-April were up E145 million up 1.3pc year-on-year and broadly on profile. For the month of April, tax revenues amounted to €2,129 million, an increase of €51 million up 2.4pc on the same month in 2012.

Income tax receipts came in at €5,044 million, up €62 million 1.3pc on the same period last year and €58 million 1.1pc below profile. While the major components of Income tax were broadly in line with expectations for the month, the shortfall in income tax was primarily due to lower than expected DIRT receipts which may be reflective of the reduction in retail interest rates.

On a headline basis Corporation tax decreased €88 million 17.2pc year-on-year to end April and was €121 million 39.9pc above profile. Adjusting for the once off payments which occurred in the first four months of 2012 and 2013, underlying year-on-year growth was €23 million 8.8pc on an adjusted basis
Excise duties, at €1,406 million at end-April, are €44 million 3.0pc behind profile though are up marginally 0.6pc on the year

VAT, the last of the “big 4” tax-heads, remained flat year-on-year, while recording a shortfall against profile for the “non-due” month of April of €34 million. Following the first four months of the year, VAT is down €105 million 2.9pc against profile

€21 million of Local Property Tax was received into the Exchequer during April as the due date for paper based filing approaches

Issues for net voted expenditure to end-April 2013 were €13,969 million, which is E262 million 1.8pc below profile which was contained in the Revised Estimates Volume published in April. This represents a year-on-year decrease of €1,142 million 7.6pc

Net voted current expenditure decreased €930 million 6.5pc year-on-year to €13,401 million to end April 2013.