#Ireland finances continue to improve in July

| August 8, 2019

Ireland’s exchequer recorded a surplus of €896 million to the end of July, compared to a deficit of €277m (£253.65m) in the same period last year, the finance department said on Friday (2 August),
writes Graham Fahy.

The surplus means the country is on track to record its first budget surplus in more than a decade this year.

Tax revenues to end-July were €31.945 billion, which was 0.4% ahead of target and 7.6% or €2.255bn more than recorded in the same period of 2018.

The improvement in tax revenues was largely due to a strong corporate tax take of €437m in July, which pushes year-to-date corporate tax receipts into surplus, ahead of target by 4.8% or €210m.

Corporate tax receipts, mainly from Ireland’s large cluster of multi-national firms, have more than doubled in recent years but are forecast to fall back this year after a portion of last year’s surge was adjudged to be a one-off.

Income tax receipts for July of €1.727bn were €142m behind the monthly target, but this was due to a timing issue which is expected to unwind, the finance department said.

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