Figures published by the Irish Department of Finance this week have shown that tax receipts are running ahead of target this year, boosted by strong consumer spending and property sales.
According to the Exchequer statement for October, the department has collected a total of EUR29.3 billion in tax in the first ten months of the year, EUR1.2 billion more than the government had anticipated.
Receipts from value added tax and stamp duty on home sales were both EUR425 million ahead of target. Income tax receipts meanwhile, were EUR300 million higher than expected at EUR8.6 billion. However, corporate tax receipts fell short of expectations by EUR200 million, to stand at a total of EUR3.2 billion in the first ten months.
The gap between income and expenditure grew, however, coming close to EUR1.3 billion, up EUR100 million on the same period last year.
In August, the Department of Finance announced that it expects a deficit of EUR2.7 billion for 2005.
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