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Noonan hails first end-of-November surplus recorded by Exchequer in eight years

Published 03/12/2015

The 343 million euro surplus has been generated by higher than anticipated tax returns
The 343 million euro surplus has been generated by higher than anticipated tax returns

The first end-of-November surplus recorded by the Exchequer in eight years has been hailed by the Minister for Finance.

The 343 million euro surplus has been generated by higher than anticipated tax returns.

For the first 11 months of the year, cumulative tax receipts of almost 42 billion euro have been collected, almost three billion euro ahead of target.

Minister for Finance Michael Noonan said the tax receipts were "exceptionally strong".

"The Exchequer Statement for end November shows a strong performance across all major tax heads," he said.

"With one month remaining in 2015, 41,972 million euro in tax revenue has been collected, 2,942 million euro ahead of target and up 3,815 million euro when compared to the same period last year.

"As has been the trend throughout the year, corporation tax receipts have been particularly strong, finishing the month 312 million euro or 24% above target. The Revenue Commissioners have advised me that this over-performance is primarily related to improve trading conditions and is broad based.

"November is an important month for VAT returns, and when compared to the same period last year, receipts are now up 934 million euro or 8.6%. This is a reflection of improved consumer confidence and increased retail sales for the year to date."

Minister for Public Expenditure and Reform Brendan Howlin said an initial deficit prediction of 2.7% for 2015 was now set to be reduced by 1%.

"Our end year deficit is now set to exceed our budget day prediction by a full percentage point," he said.

"To date, we have spent 48.2 billion euro to fund day-to-day public services and invest in our infrastructure.

"I am satisfied that our end year expenditure outrun including supplementary estimates will be under the estimate set on budget day.

"We are now borrowing money only for investment purposes - we are meeting day-to-day revenue from day-to-day income. That will feed into a better position for next year.

"Given the disastrous position we inherited from Fianna Fail in 2010 it is a remarkable turnaround."

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