Corporation tax receipts were €1.4 billion ahead of expectations, totalling €10.9 billion in 2019
The surplus is on the back of corporation tax on company profits with the take totalling €59.3 billion.The over performance resulted in a surplus of 0.4% of GDP, up from the expected 0.2% set out in October. This will bolster the Exchequer going into this year and will help reduce, over time, the overall level of public borrowing.
Last month, Minister for Finance Paschal Donohoe announced his intention to continue to run budget surpluses over the next several years. Total net voted expenditure was just over €54 billion, up 7.3% on the previous year. It included a 5.3% increase in current spending and a 22.2% increase in capital spending.
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