merrion street

The End November Exchequer Returns were released today by the Departments of Finance and Public Expenditure and Reform.

Commenting on the exceptionally strong tax receipts, Finance Minister Michael Noonan  said:

The Exchequer Statement for end  November shows a strong performance across all major  tax heads. With one month remaining in 2015, €41,972 million in tax revenue has been collected, €2,942 million ahead of target and up €3,815 million when compared to the same period last year. As has been the trend throughout the year, Corporation Tax receipts have been particularly strong, finishing the month €312 million or 24% above target. The Revenue Commissioners have advised me that this over-performance is primarily related to improve trading conditions and is broad based.  

November is an important month for VAT returns, and when compared to the same period last year, receipts are now up €934 million or 8.6%. This is a reflection of improved consumer confidence and increased retail sales for the year to date.

Public Expenditure and Reform Minister Brendan Howlin:

Our end year deficit is now set to exceed our budget day prediction by a full percentage point.  To date, we have spent €48.2 billion to fund day to day public services and invest in our infrastructure.

I am satisfied that our end year expenditure outrun including supplementary estimates will be under the estimate set on budget day.  We are now borrowing money only for investment purposes – we are meeting day to day revenue from day to day income.  That will feed into a better position for next year.  Given the disastrous position we inherited from Fianna Fáil in 2010 it is a remarkable turnaround.