Taxation receipts for 2019 amounted to €59.3 billion, the highest level ever and nearly €1.4 billion above the original forecast according to the statement from the Department of Finance. Corporation tax receipts were €1.4 billion ahead of target, the other main tax heads were in line with expectations.

The Minister for Finance and Public Expenditure & Reform, Paschal Donohoe T.D., said “Reflecting the growing economy and increased employment, last year was another strong year for tax receipts. Combined with well-managed expenditure increases, these tax receipts mean a budgetary surplus of 0.4 per cent of GDP for last year.” According to the Minister “‘excess’ corporation tax receipts are not being used to finance day-to-day spending but to reduce debt.”

You can read the full statement from the Department of Finance. The Fiscal Monitor is available from the Department of Finance.