Department of Finance Report Improvement in Public Finances of over €400m

Department of Finance Report Improvement in Public Finances of over €400m

According to the Department of Finance in the first month of the year, public finances have indicated an improvement of more than €400m.

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In January the exchequer recorded an excess of 1.2 billion. This is then up from the €781 million in 2015.

VAT increased by 6.6%, income tax was up to 8.7%, and the general government expenditure was down by 7.6%.

The Minister of Finance, Michael Noonan commented on these figures and said that he believes it shows a stabilisation of public finances. He also said that todays Exchequer Returns, particularly the performance of VAT, income tax and excise show the improvement that has been made in the stabilisation of public finances and the growing economy.

The focus of the government is on job creation and making work pay is now benefitting families across the country and this results in the increased activity and spending in the domestic economy.

Brendan Howlin, the Minister for Public Expenditure and Reform said and praised the broad based nature of the taxation growth. He went on to say that he was pleased to see the momentum that ended in 2015 was being carried on with in 2016. It is still too early to read anything of significance in the spending figures, but the ministers are aware of the importance of meeting their targets this year.

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