November tax take almost €500m higher than expected

Finance Minister Michael Noonan has confirmed that the tax take for November was almost €500m higher than expected.

Minister Noonan has said the surprisingly good figures mean that overall tax revenues are €3bn higher than planned so far this year.

The figures mean the State will probably be able to stop borrowing in 2017, a year ahead of schedule.

Official figures for November will be released this afternoon, but Minister Noonan has indicated that they are well ahead of target.

““We’re approximately €470m ahead of profile for November,” he said.

“This brings the position after 11 months of the year to shade under €3bn of taxes forecast.”