Tax revenues almost €2bn higher than last year

Tax revenues almost €2bn higher than last year

Exchequer returns published this afternoon show the Exchequer deficit is now €2.5bn better than this time last year.

At the end of September the coalition had taken in €36.1bn, but had spent €42.1bn.

The shortfall is down €2.5bn on a year ago.

Tax revenues are almost €2bn better than a year ago, and €703m more than expected on Budget Day last year.

Income tax returns show more people at work, while big returns in VAT and excise show people are spending more. Stamp duty continues to perform better than expected showing increasing housing sales.

Spending is also under control with overspending in health off-set by under-spending in Social Protection and other departments.

In a statement, Ministers Michael Noonan and Brendan Howlin say while they need to remain vigilant, it is now time to look beyond consolidation and to put in place measures to allow the economy to grow.

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