Government has received almost €800m more in tax receipts than planned

Income tax, excise duty and corporation tax are all ahead of projections

Government has received almost €800m more in tax receipts than planned

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The Government has received €790 million more in tax receipts than planned.

The Exchequer Returns for November show income tax, excise duty and corporation tax are all ahead of projections.

VAT is significantly behind schedule, but the Department of Finance says this is partly due to repayments being higher than expected.

Spending is also almost €800 million lower than planned, with all but three Government departments coming in under budget.

Income tax revenues at the end of November were 0.9% (€57 million) above estimates. 

In a statement, the department said: "November is the largest corporation tax collection month of the year and receipts were strong, closing the month €70 million or 8.1% above the monthly target. On a cumulative basis, CT receipts are now €91 million higher than expected at €7,062 million and up €700 million (11.0%), year-on-year.

"However, it is worth pointing out that there are a number of repayments expected this month, which could impact upon the December corporation tax receipts," it adds.