Dept of Finance pockets an extra €742m in taxes this year

eu taxes

A 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 €742m more than planned has been taken in at the Department of Finance with taxes overall up €1.9bn on last year.

The figures for the first six months of the year have been published this evening with 22.5bn taken in in taxes – nearly three quarters of a billion more than expected and €1.9bn 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 €400m surge in excise duty.

But VAT is down some €231m less than expected though it remains up on this time last year.

Corporation Tax is also almost 19% or €505m higher than expected.

Expenditure by Government departments is exactly where the Government forecast.

Sam Crowly,

The author: Michel DEURINCK

Michel Deurinck, born in Brussels in 1950, started his career in the Belgian civil service, dedicating over 30 years to public service. Upon retirement, he pursued his passion for journalism. Transitioning into this new field, he quickly gained recognition for his insightful reporting on politics and culture. Deurinck's balanced and thoughtful approach to journalism has made him a respected figure in Belgian media.

Related posts

Leave a Comment