Exchequer Returns to be revised as €100m incorrectly classified

THE Department of Finance is to issue revised Exchequer Returns for March after it discovered about €100m in collected tax was wrongly classified as VAT.

A department spokesman said the money should have gone into the income tax pot.

The discrepancy arose because one of the banks wrongly classified the tax, the spokesman said. The Central Bank notified the department of the error.

The Department stressed, however, that the overall level of tax collected is unchanged.

“The Department, the Revenue Commissioners and the Central Bank are currently examining the issue and a revised Exchequer statement will issue in due course,” the Department of Finance said in a statement.