Business Irish

Thursday 8 December 2016

Government collects almost €3bn more tax than expected so far this year

Published 02/12/2015 | 17:23

Michael Noonan
Michael Noonan

The Government has collected almost €3bn more than it expected in tax up to the end of November, with corporation tax accounting for the bulk of the over performance.

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The latest Exchequer Returns, released this afternoon, show that €41.97bn had been brought into the state’s coffers by the end of last month – 7.5pc higher than initially targeted.

Key tax heads including income tax and VAT remain above expectations, with income tax bringing in €16.57bn, up 0.3pc, while VAT totalled €11.76bn, up 3pc.

Corporation tax receipts were up a massive 57.7pc on what was expected, at €6.36bn.

Month-on-month, a surge in VAT and corporation tax receipts, which were 11pc and 24pc better than targeted respectively, helped push the amount taken in to €6.9bn, €470m better than targeted.

For the first 11 months of the year the Exchequer posted a surplus of €343m, which compares with a deficit of €5.8bn in the same period of last year.

Experts hailed the figures as showing a dramatic turnaround in the public finances.

Philip O’Sullivan with specialist bank Investec said the data “reveals a very strong performance.”

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