The Minister for Finance has said that Corporation Tax this year will be about €1 billion more than originally expected.

The Government had originally projected it would receive just over €8bn in Corporation Tax this year.

However due to changed international accounting regulations there is expected to be a much larger payment by multinational companies.

Most of this money is a one-off payment and will not recur in future years.

Minister Paschal Donohoe said the Revenue Commissioners believe around €300 million of this additional tax will recur in future years.

Much of the additional tax revenue for this year is expected to be used for an overspend for the Department of Health of some €700m.

The figure for the health overspend was revealed today ahead of the publication later tonight of the Government’s pre-Budget white paper which will set out the expected revenue and spending figures for next year, before any Budget changes are introduced next Tuesday.

The minister said as a result of the generally increased tax revenues and stronger growth Budget 2019 will be a balanced budget and will not have a deficit of 0.1% of GDP as set out in the summer economics statement, published in July.

The minister also said he will go ahead with the establishment of the rainy day fund with €500m being allocated in Budget 2019.

The minister also said he expected other department savings of about €170m this year, and that there would be savings on servicing cost which would also help to offset dept of health overspend.

He also said he expected an extra €200m in PRSI payments this year.