Government reveals strong income and corporation tax returns

Government reveals strong income and corporation tax returns

The Government has received almost €800m more in tax receipts than planned, according to figures released today.

The new 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 said that this is partly due to repayments being higher than expected.

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

"Today’s exchequer figures are a bit of a mixed bag, with strong income tax and corporation tax figures countering weaker than expected VAT receipts," said Peter Vale, tax partner at Grant Thornton.

"While VAT receipts remain ahead of last year, they continue to lag behind forecasts, perhaps reflecting an element of nervousness amongst consumers.

"The next couple of months are clearly critical for retailers and for the contribution of VAT to the Exchequer.

"On the positive side, November saw a robust set of figures on the income tax side. Corporation tax also continued its strong run, with receipts now 11% ahead of last year.

"While there is little detail behind the numbers, it is quite possibly driven by large multinational groups with a substantial presence in Ireland."

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