The Irish Exchequer deficit at the end-November 2014 was €5.8bn compared to €8.6bn in the same period last year.
The deficit represents an improvement of €1.8bn on the Budget 2014 consistent target, driven by increased tax receipts of €1.2bn, an increase in the Central Bank surplus income and reduced interest expenditure. However, health spending was €533m or 5% above target.
Total tax revenue of €38.2bn was collected to end-November, an increase of €2.98bn (8.5%) on the same period last year. In addition, cumulative tax revenues are €1.13bn (3.0%) ahead of target.
Income tax totalled €15.77bn to end-November, an increase of €1.29bn (8.9%) year-on-year and up €122m (0.8%) on target. For the month of November, income tax receipts of €264bn were €70m (2.7%) above target driven by strong schedule D receipts from the self-employed.
Corporation tax receipts were at €4.2bn, €209m or 5.3% ahead of target.
Local Property Tax (LPT) receipts of €449m to end-November are €26m (5.5%) below target.
Overall Net voted expenditure to end-November, at €37.88bn, is down €951m (2.4%) year-on-year and is €184m (0.5%) above target.
Total Exchequer debt serving costs at end-November 2014 were €7.78bn, a year-on-year increase of €263m or 3.5%. Interest expenditure – the largest component of debt servicing – was 5.7% below the Budget 2014 consistent target at end-November 2014.
Michael Noonan, finance minister, said: “The economy is growing, more people are at work and this is reflected in today’s Exchequer figures. November is the final due month for VAT and performance has been strong in the year to date, with receipts up €575m year-on-year. November is also an important month for Corporation Tax and again there was an increase of €240m on the same period last year”.
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