| 15°C Dublin

Tax take €386m ahead of target

THE amount of money collected in tax by the Government in the period to the end of May is 2.8pc or €386m ahead of target, figures show.

It raked in €14.396bn in taxes, with income tax 3.1pc ahead of forecasts.

There was a budget surplus in the month of May of €603m, which means the budget deficit to the end of May is €6.53bn.

The cost of servicing the national debt was €111m less than expected at just under €4bn.

However, the figure is €1.95bn more than it was by the same point in 2011.

Corporation tax is also up. It jumped by 17.8pc but this was largely due to a change in the method of calculation of corporation tax.

The amount collected in income tax so far in 2012 is 18.5pc or €937m more than by the end of May last year.

The budget deficit of €6.53bn compares with a deficit of €10.231bn in the same period last year.

It is largely explained by the saving on the Anglo Promissory note, which accounts for €3.5bn of the difference.

Receipts from Capital Gains Tax stand at €167m at the end of May 2012, double the May 2011 figure of €83m.

Three of the big four taxes - income tax, VAT and corporation tax - were all ahead of expectations.