Income tax reached a record high figure this year

  • Income tax reached a record high figure this year
    Independent.t. E.
    The total amount of income tax paid by Irish workers on the field will reach a record high in 2018, the figures the Treasury stated.
    https://www.independent.ie/business/irish/income-tax-payments-to-hit-record-high-figure-this-year-37180377.html
    https://www.independent.ie/business/personal-finance/article36328049.ece/e914b/AUTOCROP/h342/2017-11-12_bus_36033607_I1.JPG

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The total amount of income tax paid by Irish workers on the field will reach a record high in 2018, the figures the Treasury stated.

Income tax in the amount of €1.7 billion was collected in July, €29 million more than the same month last year. In the first seven months of this year, workers paid €11.447 billion in income tax, including income tax, up 6.8 PC or €St. 727м on a year earlier, reflecting the drop in the unemployment rate. This means that receipts are on track to hit a record level of budget forecast 2018.

Income tax in the amount of 29.7 billion was collected in seven months by the end of July, 5.5 PC higher than a year earlier. State expenditures exceeded revenues by €277м. Removing AIB-sale of shares, which was praised last year, the balance of Treasury showed a baseline decrease of 210 million euros compared to the same period in 2017. The fall is mainly due to higher costs.

“The bigger picture is that high tax revenues are used to raise spending quickly, not to achieve a budget surplus, which the government now does not expect to achieve until 2020. With the external risks grow, difficult decisions have to be made in the upcoming budget to eliminate the deficit next year,” sea devils-Stockbrokers economist David McNamara said.

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