According to exchequer statements for the first quarter of 2014, tax revenue is in line with expectations, with total tax receipts at €9.2 billion nearly 3% ahead of profile and €415 million (4.7%) up when compared to the same period in 2013. For the month of March only, tax receipts are 8.1% ahead of target and 14% better than March 2013.

Income tax, at €3.7 billion, to end March is €4 million (0.1%) ahead of target and an increase of €129 million (3.5%) year-on-year.

Corporation tax receipts were €138 million (35.1%) down year-on-year, but €38 million (17.5%) above profile. According to the Exchequer Statement, the year-on-year performance is primarily driven by a non-recurring, unexpected payment from a large company in 2013 of €140m.

Local Property Tax (LPT) receipts of €214 million were collected to end-March, €2 million (1.1%) better than anticipated for the period. The Exchequer Statement notes that payments received in March (€157m), can be mainly attributed to the receipt of the LPT Single Debit Authority payments made that month.

VAT receipts for the period to end March are at €3,509 million, up €56 million (1.6%) on target and an increase of €210 million (6.4%) on the same period last year.

Stamp Duties were down €155 million (50.6%) year-on-year, but €15 million (11.2%) better than expected. However, the Exchequer Statement notes that excluding once off payments, stamp duties are up €15 million (11.0%) compared to the same period last year.

The end March Exchequer Statement is published on the Department of Finance website.