Tuesday 23 January 2018

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

Michael Noonan
Michael Noonan
Colm Kelpie

Colm Kelpie

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.

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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