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Tax take slightly ahead of expectations

Dept of Finace - Exchequer figures
Dept of Finace - Exchequer figures

Higher-than-expected corporation tax receipts helped boost the November exchequer returns, according to the latest figures from the Department of Finance.

Tax receipts for the year to date are 1.6% or €470m ahead of forecasts.

The corporation tax take for the 11 months to the end of November is just over €3.6 billion, 19% ahead of Department of Finance estimates.

The higher-than-anticipated returns from taxing company profits, boosted by strong export performance, has offset some of the weakness in the domestic economy.

High unemployment and wage cuts are reflected in the income tax take which is €356m behind Budget day predictions.

Despite weak consumer sentiment and retail sales the VAT take at €9.8 billion is €74m ahead of expectations.

The overall tax take at €29.5 billion is 4.1% or €1.3 billion behind the same period in 2009.

Total current and capital spending by the Government for the first 11 month of the year was €40.775 billion, 2.4% below the expected spend. Of this current spending was 0.5% below expectations at €36.390 billion, while capital expenditure was 16.3% lower than what was forcast at €4.635 billion.

Today's figures show the Government's deficit is at €13.349 billion for the first 11 months of this year, down from €22.072 billion this time last year.

November is tradionally the most important month of the year when it comes to exchequer figures.