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October Exchequer Returns are really bad!


gijoe

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Jul 26, 2010
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15,377
They have really turned sour. Analysts were expecting tax revenue to stay the about €300million ahead of profile that they were in September but instead they have turned in €100million below profile i.e. a €400million reversal in October - the most important tax month of the year. Both VAT and Income Tax have turned rapidly downwards having been ahead of profile all year. On the spending side both Health and Social Welfare are way out of step with Social Welfare spending about half a billion more than budgeted for.

Final Exchequer Statement - October 2012 - Department of Finance - Government of Ireland
 


davoid

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Joined
Feb 16, 2011
Messages
9,711
They have really turned sour. Analysts were expecting tax revenue to stay the about €300million ahead of profile that they were in September but instead they have turned in €100million below profile i.e. a €400million reversal in October - the most important tax month of the year. Both VAT and Income Tax have turned rapidly downwards having been ahead of profile all year. On the spending side both Health and Social Welfare are way out of step with Social Welfare spending about half a billion more than budgeted for.

Final Exchequer Statement - October 2012 - Department of Finance - Government of Ireland
Well November is in fact the biggest month of the year.
 

davoid

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Feb 16, 2011
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9,711
Yet again expenditure is up.

when are they ever going to reduce expenditure?
 

drjimryan2

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Nov 16, 2009
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'about to turn the corner'.........were over the worst of it.......

indeed......
 

libertarian-right

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Apr 23, 2007
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2,492
Year on year, interest payments to the national debt has increased by over 1.8 billion, which is over 50% of the next budget austerity measures.
 
M

MrFunkyBoogaloo

They have really turned sour. Analysts were expecting tax revenue to stay the about €300million ahead of profile that they were in September but instead they have turned in €100million below profile i.e. a €400million reversal in October - the most important tax month of the year. Both VAT and Income Tax have turned rapidly downwards having been ahead of profile all year. On the spending side both Health and Social Welfare are way out of step with Social Welfare spending about half a billion more than budgeted for.

Final Exchequer Statement - October 2012 - Department of Finance - Government of Ireland
Have just been reviewing the statement and was about to start a thread on it.

I'm sure posters will be happy to know that over 8 billion has been spent on debt and banks this year.
 

commonman

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Joined
May 29, 2010
Messages
5,360
We will never get out of this mess, what bullsh1t story will they tell us on six1 this evening may be that the PAYE worker will have do more, with Quinn going to jail today may be there were trying to hide the bad news.
 
G

Gimpanzee

So, anyone who can properly analyse this have anything to say on it yet?

Normally these threads start off well (unless Cassie starts it) and then goes to pot after a page or two, but that's a success around here. This one is just useless.
 

Fides

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Joined
Apr 6, 2010
Messages
4,441
http://www.finance.gov.ie/documents/exchequerstatements/2012/infooctob.pdf

This gives a good summary.

Detailed tax take here including October month
http://www.finance.gov.ie/documents/exchequerstatements/2012/Taxprofile.pdf

I always find it frustrating they always use year to date figures and ignore the month. In the month overall tax take was down 340m on October 2011 with Corporation Tax and Excise being the big problem.

November is a huge month and will decide how the year turns out. October was eur288m below profile and we are only eur96m ahead on the income side now which could easily disappear. Meanwhile current expenditure is eur424m ahead of profile. Nothing changes there!
 

daveL

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Oct 29, 2010
Messages
19,591
but hey on the plus side; Ireland passed the last troika review; so clearly these figures are nothing to worry about
 

Lonewolfe

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May 4, 2011
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17,467
but hey on the plus side; Ireland passed the last troika review; so clearly these figures are nothing to worry about
Plus, I think we're getting some money back from Uganda so that should get us through Christmas.
 
M

MrFunkyBoogaloo

In one month the deficit has increased by 2.94 billion (or 26%).
 

niall78

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Joined
Sep 10, 2010
Messages
11,283
but hey on the plus side; Ireland passed the last troika review; so clearly these figures are nothing to worry about
The delusions of many groups, including the troika, continues. In the meantime the country continues circling the plughole on its downward spiral.
 

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