Higher than expected corporation tax receipts to be used to improve deficit, better positioning Ireland for the future.
Taxation receipts up considerably in November, mainly due to very strong performance of corporation tax receipts.
Corporate tax receipts reflect higher levels of corporate profitability in the economy.
For the year to end-November, total tax receipts were €51.4 billion;
Expenditure is marginally ahead of profile.
Exchequer figures published today (Tuesday) by the Department of Finance show that taxation receipts for the month of November were €631 million (7.3 per cent) ahead of target.
Tax receipts in November were €938 million (11.3 per cent) higher than in the same month last year, mainly due to very strong corporation tax receipts. November is the most important month of the year for corporation tax collection. These data are consistent with figures from the Central Statistics Office which show an increase in corporate profitability this year.
Welcoming the figures, the Minister for Finance and Public Expenditure & Reform, Paschal Donohoe TD, said:
On the spending side, gross voted expenditure to the end of November is €56.0 billion, €73 million ahead of profile.
Minister Donohoe stated:
Tuesday, 4th December 2018
Around €700 million of the corporation tax receipts for this year is assumed to be ‘one-off’ and does not recur next year.
National accounts data show that corporate profitability (after allowance for depreciation) rose by 20 per cent in the first half of this year.