Thursday, February 2, 2012

2/2/2012: Exchequer non-returns from January

Exchequer returns pose no surprise - and none were expected, given this is just January - so no point of updating the detailed data sets.

Some top figures.

On tax receipts:

  • Income tax revenues are up at €1,260mln in January 2012 over €987mln in January 2011 as USC kicks in full tilt this year.
  • VAT is at +3% yoy to €1,725mln in part boosted by small gains in sales over Christmas period in terms of volumes.
  • Corporation tax is up to €271mln from €72mln a year ago, but €250mln of this was due to delayed receipts from December 2011, so in reality, Corpo is down on 2011. 
None of the above are really significant as timing might have been a factor in all of these. It will take through March to see the real changes in the underlying numbers.

Exchequer deficit is at €393.7mln down from €483.2mln a year ago. So now, deduct that €250mln from the receipts side and you get Exchequer deficit at €643.7mln or some €160mln ahead of January 2011. Not pretty, eh?

Of course, as I said above, there is no point of doing any analysis on returns for just one month, so take the above comment with a huge grain of salt.

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