Tax settlements boost half-year Exchequer returns

The Exchequer is in surplus to the tune of €130 million in the first six months of 2004, a significant turnaround on the deficit…

The Exchequer is in surplus to the tune of €130 million in the first six months of 2004, a significant turnaround on the deficit of €344 million in the first six months of 2003.

Tax Revenue, at €16,551 million is €1,049 million ahead of Department of Finance projections thanks to a once-off payment of €580 million from offshore assets and bogus non-resident account investigations and an excess of €259 million from capital gains tax.

Year-on-year tax receipts were up 13.7 per cent compared to a target increase of 6.8 per cent.

The Current Account Balance at the end of June 2004 showed a surplus of €1,737 million compared to a surplus of €1,247 million for the same period last year. and a budgeted surplus of €2,989 million for 2004 as a whole.

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Overall expenditure was €14,697 million at the end of June, an increase of 5 per cent on last year but €609 million below the expenditure profile published in January. Spending is expected to rise by 7 per cent for the year as a whole provided according to the Governmnet's revised estimates.

Current indications are that overall voted expenditure will be broadly in line with the Revised Estimates.