Government sees a €2.42bn surplus in the first quarter

THE Government has a surplus of €2.42 billion in the first quarter of 2006 against a figure of €880 million for the same period last year

It has forecast a deficit of €2.927bn for the year as a whole, but the buoyant figures suggest tax receipts will be much better than allowed for in the Budget.

The figures show corporation tax, capital gains tax and stamp duties are above target for the three months with income tax and VAT marginally below target.