There was an Exchequer surplus of €130m in the first half of this year, according to figures from the Department of Finance this evening.
Finance Minister Charlie McCreevy said the figures showed that the public finances were ahead of target for the year.
Tax and spending figures indicate that the Exchequer deficit for 2004 could be €1 billion lower than the €2.8 billion projected at budget time.
Tax receipts for the first half of the year were more than €1 billion ahead of the budget target at €16.5 billion. This was mainly due to an extra €580m from the Revenue's probe into offshore assets and bogus non-resident accounts and better than expected receipts from Capital Gains Tax.
Tax receipts are up 13.7% on the same period last year. The budget target was for an increase of 6.8% for 2004 as a whole.
Current spending, at €13.1 billion, is running slightly behind the targeted 8% increase, but Minister McCreevy said he expected it to be in line with forecasts for the full year.
Income tax is up 29% on last year at €4.9 billion, although much of this came from non-resident accounts. Stamp duty is up 20% to €899m, proof that the property market is still booming.
Capital gains tax was boosted by a massive 226% to €497m, but Department officials put this down to changes in the method of collection.
Corporation tax at €2.4 billion is weaker than expected, suggesting that not all companies are doing as well as forecast.
