Exchequer returns show strong growth in overall tax receipts; Health overspends by €420m

The latest Exchequer returns show strong growth in overall tax receipts for 2015 up to the end of October.

The Government has collected more than €2bn more in Corporation Tax than expected so far this year.

But despite this latest boost to the coffers, Exchequer returns published this evening show the Department of Health has overspent by more than €420m.

At €4.7bn, Corporation Tax receipts are almost 74% ahead of target, and 60% up on the same period last year.

The overall Exchequer deficit is now €2.1bn, compared to a deficit of €8.5bn in the same period last year.

The Department of Finance says the improvement is driven by increased tax receipts, reduced expenditure and a number of one-off transactions.

Overall tax receipts in October were €732m, 27% ahead of target, but income tax was €24m or 1.7% below forecast.

Over €10bn in VAT is also more than expected and reflects improved consumer confidence and spending by people.

While overall expenditure by the Government is under control, Health has overspent by €422m and the Department of Finance expects that overspend to continue to year end.