Exchequer returns for the year to the end of October shows tax revenues running 3.5% ahead of target, with just over €1bn in extra revenue for the State.

Compared with the same period last year, revenues are up 9.5%.

In the year to the end of October, more than €9.32bn worth of VAT was collected, 3.8% (€344m) higher than was anticipated at the end of last year.

More than €4.05bn in excise duty has also been received, 6.1% (€234m) above expectations.

Just above €2.95bn was collected as corporation tax during the ten month period, 8.2% (€225m) higher than forecast.

Meanwhile, capital gains tax was 15% (€196m) ahead of target at €1.5bn.

Only two tax categories stood behind expectations as of the end of October, according to the figures, with capital acquisitions tax down 9.9% (€19m) at €175m and the local property tax 5.2% (€23m) behind forecasts at €409m.

On a monthly basis, stamp duty was 102.1% (€237m) ahead of expectations at €470m, while corporation tax was 90.7% (€117m) higher at €246m. 

VAT take was up 21% (€64m) on forecasts at €366m, while excise duties were 8.2% (€37m) higher at €493m.

Income tax was down sharply on the month, however, coming in 5.8% (€84m) behind expectations at €1.36bn.

This was attributed to a low take from DIRT tax, due to low interest rates on savings products.