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Exchequer tax take up by almost 7% on last year

Corporation Tax receipts of almost €1.58bn were collected in October, closing the month at 95.9%, or €773m, above target
Corporation Tax receipts of almost €1.58bn were collected in October, closing the month at 95.9%, or €773m, above target

Tax revenues collected by the state in the year to date are almost 7% higher than at this time last year - helped by significantly higher payments of Corporation Tax.

Exchequer figures published this evening show revenues to the end of October were just over €42 billion. 

This is 1.4%, or almost €600m, higher than expected at the start of the year. 

Voted spending of €40bn was 0.4%, or €168m, below target, but was up just over 9% (€3.3bn) in year-on-year terms

Income tax receipts to the end of October were €16.3bn - representing year-on-year growth of 6.7%, or just over €1bn. 

It is fractionally below the forecast amount - by €10m, or 0.1%.

Corporation Tax receipts of almost €1.58bn were collected in October, closing the month at 95.9%, or €773m, above target.

This is chiefly due to the higher than projected payments from some large companies which was signalled to the Department by the Revenue Commissioners earlier in the year and included in Budget 2019.

Cumulative Corporation Tax receipts at end of October of €6.75bn, are up 24.3% (€1.3bn) in year-on-year terms and are 19.1% (€1.08bn) ahead of target.

October is a non VAT due month, with little money collected under this heading. 

Of the money that was paid - €241m - it was significantly below expectations, by almost 17% or €49m. 

For the year to date, VAT receipts are 5.3% up on the same time last year, and at €11.8bn are just €89m or 0.7% below target.

Overall the biggest miss in revenue terms is in Excise Duty, which is now 7.7% lower than forecast at the start of the year - a shortfall of €341m. 

This has been blamed on inventory issues in the cigarette business, and an upsurge in used car imports from the UK due to weak sterling.