The State coffers look set to enjoy their biggest surplus since the height of the Celtic Tiger in late 1990s after Exchequer figures released this evening show the Government has collected nearly €3.8 billion more than expected in taxes so far this year.
The figures show a budget surplus of €5.9 billion for the first 11 months of the year. Tax revenue for the period stood at over €43 billion, compared with €36.8 billion last year.
Tax receipts were €3.745 billion more than expected mainly because of a continued surge in property tax. The figures show the Exchequer took in over €2 billion more than anticipated in capital gains tax and stamp duty over the period.
A spokesman for the Department of Finance said revenue from capital gains tax was 51 per cent higher than they expected while stamp duty was 39 per cent up on predictions.
The rest of the surplus can be explained by greater than expected returns from corporation tax which was €670 million ahead of projections with income tax and VAT both €475 million and €373 million above expectations.
The figures also show that spending was €1.3 million below what was projected. This was composed of a €655 million capital underspend and a €683 million current underspend.
Total expenditure was €39.5 billion compared with €35.3 billion the previous year.