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Ireland’s finances continue to improve in July

DUBLIN (Reuters) – Ireland’s exchequer recorded a surplus of 896 million euros to the end of July, compared to a deficit of 277 million euros (£253.65 million) in the same period last year, the finance department said on Friday.

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 euros, which was 0.4% ahead of target and 7.6% or 2.255 billion euros more than recorded in the same period of 2018.

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

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 1.727 billion euros were 142 million euros behind the monthly target, but this was due to a timing issue which is expected to unwind, the finance department said.

(Reporting by Graham Fahy; Editing by Catherine Evans)

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