merrion street

• At end-November €44,684 million was collected in tax revenue,
• All four major Tax heads were up on the same period Last year.
• Tax Revenue at end November was €790 million above profile

Income tax receipts in November closed the month 8.8% (€252 million) above profile. In cumulative terms, income tax revenues at end-November were 0.9% above profile (€57 million) and 5.9% (€978 million) higher in year-on-year terms.

November was the final "due" VAT month of the year, and receipts closed the month 6.6% (€128 million) behind expectations mainly accounted for by larger than expected repayments. Looking at the performance in the year-to-date, VAT receipts are now 3.2% (€413 million) below profile. However, despite this, receipts were up 4.7% (€556 million) in annual terms.

November is the largest corporation tax collection month of the year and receipts were strong, closing the month €70 million or 8.1% above the monthly target. On a cumulative basis, CT receipts are now €91 million higher than expected at €7,062 million and up €700 million (11.0%), year-on-year. However, it is worth pointing out that there are a number of repayments expected this month, which could impact upon the December corporation tax receipts.

Excise duties recorded an expected shortfall of €24 million (25.3%) against profile in the month. In cumulative terms, excise duties of €,280 million at end-November, were up €00 million (1.9%) against profile and up €55 million (11.8%) in year-on-year terms.