€1.1bn Exchequer surplus for November but income and corporation tax below expectations
THE Exchequer posted an anticipated monthly surplus in November but income and corporation tax figures were below expectations, new figures show.
The €1.1bn surplus last month was the biggest since November 2008 but the second last month of the year usually records a surplus because of the concentration of taxes collected in the period.
According to the last Exchequer Return figures, the deficit at year end November 2012 was €13bn compared to €21.4bn last year – with the drop accounted mainly from lower non-voted capital expenditure including the settlement of the Anglo Irish Bank promissory note.
However, income tax is now €231m behind profile cumulatively at end November, following a €300m shortfall in the month due main to lower income tax generated from the self-employed.
But the debt to Gross Domestic Product (GDP) ratio for the year is 8.2pc – a better target than that set out by the EU/ECB/ IMF troika of 8.6pc.
Other returns showed that VAT performed well following a €74m surplus in the month.
Corporation tax receipts are marginally behind target a €21m below profile.
Excise duties came in below target again in November – continuing the trend from mid-year.
The figures come ahead of the €3.5bn budget which will be presented by Finance Minister Michael Noonan tomorrow.