Tax revenues continue to perform well in November; Expenditure continuing to invest where we need it
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Ó: An Roinn Airgeadais; Department of Public Expenditure, NDP Delivery and Reform
- Foilsithe: 4 Nollaig 2024
- An t-eolas is déanaí: 4 Nollaig 2024
Tax revenues continue to perform well in November; Expenditure continuing to invest where we need it – Ministers Chambers & Donohoe
- November is the most important month of the year for tax collection.
- A total of €22.8 billion was collected in November, €7.2 billion (46.1 per cent) higher than in the same month last year, primarily driven by once-off receipts arising from the Court of Justice of the European Union (CJEU) ruling of September 10th;
- This brings total tax revenues collected at end-November to €99.1 billion, €17.1 billion (20.8 per cent) ahead of the same period last year.
- The main driver of the annual increase was corporation tax receipts.
- Income tax amounted to €32.3 billion to end November, up by €1.9 billion (6.4 per cent) on last year.
- Corporation tax receipts, including CJEU receipts, amounted to €35.0 billion for the year to date, €13.0 billion (59.1 per cent) ahead of last year.
- VAT receipts to end-November stood at €21.4 billion, up by €1.3 billion (6.4 per cent) on the same period last year
- Total gross voted expenditure to end-November amounted to €92 billion, €9.6 billion (11.7 per cent) above the same period in 2023 and €5.2 billion or 6.0 per cent above profile;
- An Exchequer surplus of €13.8 billion was recorded to end-November.
Tax receipts of €22.8 billion were collected in November, an increase of €7.2 billion (46.1 per cent) on last year. The tax yield in November includes another sharp increase in corporation tax driven by receipts related to the ruling of the CJEU on September 10th.
On a cumulative basis, tax revenue amounted to €99.1 billion to end-November. This was €17.1 billion (20.8 per cent) ahead of the same period last year.
At €32.3 billion income tax receipts have recorded steady growth throughout the year and are €1.9 billion (6.4 per cent) ahead of the same period last year. November is the key month for income tax as it is when the bulk of the self-assessed income tax is received. Income tax receipts in the month amounted to €4.7 billion, €60 million (1.3 per cent) ahead of November last year.
November is the last VAT-due month of the year. Receipts of €3.1 billion were down slightly on November last year due to a technical factor (some receipts have been withheld to fund repayments over the Christmas period). If this technical factor is adjusted for, underlying growth stood at around 5½ per cent, in line with expectations. Cumulative VAT receipts to end-November amounted to €21.4 billion, €1.3 billion (6.4 per cent) up on the same period last year.
Excise duties of €5.8 billion are ahead of the same period last year by €0.6 billion (11.9 per cent), largely reflecting the unwinding of cost-of-living policy measures. Receipts for the month were down somewhat (by €94 million) on November last year.
November is the key month for corporation tax receipts, with this year also including receipts arising from the CJEU ruling. Receipts of €13.7 billion were ahead of November last year by €7.4 billion (116.8 per cent). Two-thirds of the total liability from the CJEU ruling has been transferred to date. If these receipts are excluded, corporation tax receipts would still have recorded robust growth in the year to date, albeit somewhat behind the Budget 2025 projection. Overall, corporation tax receipts of €35.0 billion are €13.0 billion (59.1 per cent) ahead of the same period last year.
Total gross voted expenditure to end-November amounted to €92 billion, €9.6 billion (11.7 per cent) above the same period in 2023 and €5.2 billion or 6.0 per cent above profile.
An Exchequer surplus of €13.8 billion was recorded to end-November. This was an improvement of €8.4 billion on the same period last year. The increase in the surplus reflects the receipt of revenues arising from the CJEU ruling of the 10th September.
Commenting on the figures, the Minister for Finance, Jack Chambers T.D. said:
“The Exchequer returns to end-November show most tax heads have demonstrated steady growth across the year. The growth in income tax and VAT receipts demonstrates the strength of our economy and labour market, but our public finances remain exposed to highly volatile corporation tax receipts. This revenue stream is also skewed by the receipt of around two-thirds of the revenue arising from the CJEU ruling of September 10th.”
The Minister for Public Expenditure, NDP Delivery and Reform, Paschal Donohoe T.D. said:
“End November spending reflects the continued investment in public services and infrastructure. The exchequer returns figures show strong capital spending in Housing and Education as delivery under the housing and schools building programme continue. The Cost of Living measures announced as part of Budget 2025 supporting people and businesses are reflected in spend levels also, with a number of cost-of-living supports since the last week of October shown in Social Protection spending and Energy Credit payments.”