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Irish tax revenue increased a faster than-expected 17% in the first five months of the year, boosted by demand for property and consumer spending. Tax revenue increased to 17bn from 14.5bn a year earlier, according to the latest figures from the Department of Finance. The Department in December forecast that tax revenue would rise 11% in the period. Income from the stamp duty, levied on property transactions, surged 38% to 1.29bn in the five-month period from a year earlier. Irish house prices increased an annual 13.2% in April, the fastest pace in almost two years, while lending grew at the fastest pace in six years. Income tax receipts rose 9.6% in the five months ending May, below the forecast of 11%. The Excheqeur recorded a budget surplus of 1.84bn, compared with a deficit of 143m a year earlier. The government expects a budget deficit of 0.6% of GDP this year.
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