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Dublin: 11 °C Friday 24 October, 2014

Government expects to collect an extra €2.3bn in tax next year

This is according to figures that give an overview of our finances before any of the budget changes are announced on Tuesday.

File photo of ministers Michael Noonan and Brendan Howlin.
File photo of ministers Michael Noonan and Brendan Howlin.
Image: Sasko Lazarov/Photocall Ireland

THE DEPARTMENT OF Finance is expecting to collect an extra €2.3 billion in tax revenue next year.

This is according to the White Paper Estimates of Receipts and Expenditure which details how much money the department expects to spend and bring in over the next year, ahead of any budget changes.

Most of the additional tax revenue yield is expected to be collected in income tax of €16.9 billion and VAT of €11.2 billion. The Local Property Tax will bring in €550 million next year, more than €200 million extra than is expected by the end of 2013, according to the paper.

The national deficit is projected to be 7.3 per cent of GDP, which is ahead of the target of 7.5 set by the Troika.

However non-tax revenues will decrease by €689 million in 2014.

These figures are just an overview of how our finances are looking before any of the changes that will be announced in the budget on Tuesday. However it means that government deficit is expected to improve even without changes.

Read: Noonan on Budget 2014: ‘You’ll be astounded at all the good news I’ll be announcing’>

Read: Stephen Donnelly: The Troika targets can be met with no additional budget measures>

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