The Department of Finance revealed last week that tax receipts have once again exceeded the government's own forecasts, as the Exchequer posted a EUR2.4 billion surplus for the first two months of the year, which compared to a EUR773 million surplus for the same period in 2005.
The largest source of tax revenues for the Exchequer in the period from January 1 to February 28, 2006 was value-added tax receipts at a little over EUR2.4 billion (EUR2.2 billion in the corresponding period in 2005), followed by income tax receipts at just over EUR2 billion (EUR1.76 billion in 2005).
Capital gains tax receipts stood at EUR664 million (EUR425 million in 2005), while corporation tax receipts equalled just under EUR644 million (EUR468 million in 2005).
Total tax receipts were EUR76m ahead of expectations at EUR7.3 billion.
The government also spent EUR500 million less than it expected in the first two months of the year, further boosting the budget surplus.
Total expenditure was EUR5.4 billion in January and February. The government is planning a 13% increase in overall expenditure in 2006.
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