Noonan: Budget correction to be 'somewhat less' than planned €3.1bn
on 02/10/2013 17:04:50
It comes after the Government hit tax revenues virtually as expected in the first nine months of the year.
Exchequer returns, which are the last piece of the jigsaw for formulating the Budget, are showing a possible increase in consumer confidence with VAT returns exceeding expectations.
Last Budget day Michael Noonan and Brendan Howlin planned to take in €28.8bn in taxes by the end of September, and they have done that with €4m extra.
While VAT is €165m behind what had been expected for the year so far, in the month of September alone it was €80m more than the target.
That could be the first signs of increasing consumer confidence.
Also, a total of €200m has now been collected in the Property Tax.
Spending is under control - Health has overspent its budget by just €1m - but the other big spenders like Social Protection and Education are well under budget.
The figures show the Coalition will meet Troika targets and that there is a little room to pull back from a full €3.1bn ciorrection in the Budget.