independent

Thursday 17 April 2014

€1.1bn Exchequer surplus for November but income and corporation tax below expectations

Finance Minister Michael Noonan. Photo: Getty Images

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.

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