Tax-take for the first half of the year is 1% ahead of target at just under €17.6 billion. The Exchequer figures to the end of June show tax returns are 3.4% - or almost €600 million - greater than the same period in 2012.
The deficit for the first 6 months of the year stands at €6.6 billion down from a forecast of €10.6 billion on Budget Day.
Commenting on the end-June Returns, the Minister for Finance Michael Noonan stated "The Exchequer Statement for the first half of 2013 highlights the consistent improvement in Ireland’s public finances with the gap between income and expenditure continuing to narrow".
"Encouragingly, tax revenues continue to perform to expectations and expenditure remains below profile. Restoring stability and order to the public finances is a necessary pre-condition for our return to economic growth, job creation and the strengthening of international confidence in this country".
"Nevertheless, with the Exchequer borrowing in excess of €1 billion each month we must continue with our efforts to reduce the deficit to below 3% of GDP by 2015" he added.
Expenditure 'overall on target'
With regard to the performance of tax revenues, Mr. Noonan said "The Exchequer has collected just under €17.6 billion in taxes in the first half of this year; €166 million ahead of profile...The performance of corporation tax is impressive and the performance of income tax, the largest source of revenue, is reflective of the gradual improvement in employment levels evident in recent months".
Commenting on voted expenditure in the second quarter Minister for Public Expenditure Brendan Howlin said "I am pleased that spending is being managed by Departments in accordance with levels decided by Government in the Budget. Expenditure overall is on target and in line with expectations – including in the big spending Departments".
"This is an encouraging sign half way through the year of the determination of Government to adhere to targets set. The Government is aware of the continuing need to keep overall expenditure on profile for the remainder of the year" he added.
Derek Moran is the Assistant General-Secretary at the Department of Finance He says €126 million in Property Tax has been collected.
