By the end of August, the excise deficit had risen to $ 9.5 billion

By the end of August, the excise deficit had risen to $ 9.5 billion

According to the latest Exchequer returns, the fiscal deficit stood at $ 9.5 billion at the end of August.

This compares with a deficit of $ 625 million in the same period last year.

The $ 8.8 billion decline is mainly due to an increase in government spending.

Expenditure increases are concentrated in the health, employment and social security departments.

Total government spending increased by 28%, or $ 9.46 billion, over the previous year.

But tax revenue remains better than expected.

Tax revenue in August was down $ 11 million, or 0.4 percent, compared to August last year.

For the year to the end of August, total tax revenue fell 2.3%, or $ 802 million, compared to the same period in 2019.

This is the result of a larger-than-expected increase in corporation taxes recorded earlier in the summer and the imposition of a strong tax before the pandemic strikes.

“The decline in most tax levels is less than expected,” the finance ministry said in a statement.

Income tax remains better than expected, up from just $ 194 million at the end of August or 1.4 percent last year.

VAT revenue declined by 21.3 per cent over the same period last year.

The $ 2 billion euro payment from Nama to Exchequer also helped public finance.

READ  More flights may be cut in the Ryanair Republic due to travel restrictions
Written By
More from Jake Pearson

Ancient caiman with ‘no parallel in the modern world’ left 46 bite marks on sloth leg

About 13 million years ago, a ground sloth wandered too close to...
Read More

Leave a Reply

Your email address will not be published. Required fields are marked *