Tax Revenue Puts Finances "Under Control"

The Finance Minister has said Ireland is entering 2012 with its finances "under control", buoyed by an increase in income tax.

The statement, issued by Finance Minister Michael Noonan and Public Expenditure Minister Brendan Howlin on the 2011 Exchequer return figures, said the budget deficit was €2.75 billion lower than 2010 when the impact of banking related expenditure was ignored.

The minister said the figures showed he was making progress in returning public finances to a more sustainable path.

The 2011 figures are slightly ahead of estimates included in Budget 2012 and budgetary targets set as part of the EU/IMF Programme for 2011.

Minister Noonan said: "After three years of falling receipts, tax revenues in 2011 grew by over 7%. This is to be welcomed although we cannot lose sight of the fact that tax revenues were somewhat less than originally planned.

Tax revenues in 2011, at €34 billion were €2.3 billion higher than in 2010 with the year-on-year increase due primarily to income tax growth of 22% and a growth in stamp duty revenues of 45%.

Meanwhile, some €261 million in corporation tax receipts due for receipt in December were not received into the Exchequer account in time to be accounted for in 2011.

The bulk of these receipts have since been received and will form part of the January 2012 tax revenue outturn, the Department of Finance said.


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