DUBLIN: Tax revenues in January advanced by some €460 million ahead the same period last year. Exchequer figures released on Tuesday afternoon show the Exchequer is taking the benefit of the recovery in the labour market and in consumer spending.
The Department of Finance said the State collected almost €4.2 billion in tax last month, with VAT receipts increasing strongly and income tax on the rise as well. Corporation tax returns rose, as did returns from the local property tax and excise and stamp duties.
Net voted current expenditure stood at €3.74 billion, down €254 million year-on-year largely as a result of reduced social protection payments.
Although revenues at the start of last year were distorted by the introduction of the single European payments system (Sepa), the department said the year-on-year revenue increase was “in the order of €460 million” when taking the payment system into account.
