Minister for Finance Paschal Donohoe said on Tuesday that corporation tax receipts for November will be €700 million more than what the Government had forecast.

For the year as a whole, total taxes will come in €600 million higher than what had been projected in early October, when the 2020 Budget was unveiled.

“On foot of today’s figures, I now believe a surplus of 0.4 per cent of GDP (gross domestic product) is in prospect for this year,” Mr Donohoe said at an event hosted by the Institute of International Affairs (IIEA). “In cash terms, this represents a surplus of around €1.4 billion.”

The Minister highlighted the need to run budgetary surpluses over the medium term in order to address the vulnerabilities associated with the rising share of corporation tax receipts.