« BackExchequer shows surge in new car sales and tobacco companies paying excise duty

eurosA surge in new car sales and tobacco companies paying excise duty on cigarettes before plain packaging comes in has led to increased tax revenue for the Government.

Some 742 million euro more than planned has been taken in at the department of finance with taxes overall up 1.9 billion euro on last year.

The figures for the first six months of the year have been published this evening with 22.5 billion taken in in taxes – nearly three quarters of a billion more than expected and 1.9 billion more than this time last year.
New car sales and tobacco companies paying the excise duty on branded products before the introduction of plain packaging has led to a 400 million euro surge in excise duty.
But VAT is down some 231 million euro less than expected though it remains up on this time last year.
Corporation Tax is also almost 19 percent or 505 million higher than expected.
Expenditure by Government departments is exactly where the Government forecast