IRELAND HAS REPORTED a €343 million surplus for the end of November 2015.

The exchequer returns released today by the Departments of Finance and Public Expenditure and Reform show that the country has taken in €41 billion in tax so far this year.

That is over €3.8 billion ahead of last year. In total, tax receipts were €739 million (11.9%) higher when compared to the same month in 2014.

It is the first time the country has had a surplus at the end of November since 2007. However, the underlying deficit is around €1 billion when one-off expenditures and incomes are removed.

Finance Minister Michael Noonan says that the strong performance is down to better-than-expected corporation tax yields.

“Corporation tax receipts have been particularly strong, finishing the month €312 million or 24% above target. The Revenue Commissioners have advised me that this over-performance is primarily related to improve trading conditions and is broad based.”

With November a massive month for the intake of VAT receipts, receipts are now already up €934 million or 8.6%.

“This is a reflection of improved consumer confidence and increased retail sales for the year to date,” says Noonan.

Public Expenditure Minister Brendan Howlin says the country has spent €48.2 billion this year, but expects to close the deficit by a full percentage point more than had been planned in the Budget.