Government takes in €475m more than expected in year's first quarter

New figures show the Government has taken in nearly €500m more than expected in taxes in the first four months of the year.

Exchequer returns published this evening show an extra €475m collected compared to Budget Day predictions, 3.5% above target.

Most of the extra money is from higher-than-expected corporation tax and excise duty driven by new car sales and sales of tobacco products.

Non-tax revenues were boosted by an earlier than expected payment from the Central Bank of €1.8bn in surplus income.

Spending by the Department of Health had overrun by €78m, but spending by all other Departments was at, or below, budget.