Another unexpected surge of Corporation Tax payments has boosted the Government's coffers during November - giving it enough extra cash to eliminate the headline deficit

Exchequer returns for November show corporation tax receipts brought in almost €500 million more than anticipated.  

That 21% surge - or €470 million - left the total amount of Corporation Tax paid last month at €2.7 billion.  

That was even more than the VAT take of €2.3 billion (November is a VAT due month).

For the 11 months to the end of November, Corporation Tax receipts are now €1.5 billion  - or 19.6% -higher than expected at the start of the year.

The Department of Finance had initially projected a cumulative Corporation Tax take of €7.8 billion by November - the biggest month for Corporation Tax payments.  

But today's figures show payments by firms of €9.4 billion - a year-on-year increase of 23.4%.

Prior to the Budget the Government said it was in line for an additional €1.1 billion in Corporation Tax, but today's figures take that sum even higher.  

With the Government projecting a headline deficit in Budget 2018 of €350 million, this extra revenue from business should enable the State to eliminate the headline deficit (assuming next month does not see a collapse in revenues).

VAT also performed strongly in November, coming in almost 9% ahead of projections for the month at €2.3 billion.

The VAT take for the year to date of €14 billion is exactly on profile. 

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Income tax for the year to the end of November at €19.5 billion, is €93 million - or 0.5% - short of target.  

An €83m shortfall in Income Tax collected in November - a key month for self employed payments - accounts for the vast bulk of the shortfall.  

The State collected €3.186 billion in Income Tax in November, compared with a target of €3.270 billion.

The year-on-year increase in all revenues was 7.6%.  

Income tax and VAT increased by 6.4% and 6.5% respectively, and are broadly in line with most estimates of growth in the economy.  

The 23.4% year on year increase in Corporation Tax payments is far ahead of these estimates.  

Stamp Duty and Capital Gains tax also saw large year on year percentage increases, but on much smaller amounts of money - the 23% Stamp Duty increase amounted to an extra €246 million, while the 31% CGT rise  was €89 million.