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Dublin: 1 °C Monday 19 March, 2018

Festive sales helped the Government rake in loads of tax

The Government took in almost €4.2 billion in tax last month.

Image: Laura Hutton/Photocall Ireland

EXCHEQUER RETURNS SHOW the Government took in almost €4.2 billion in tax last month with January revenues €460 million ahead of the same period last year.

Retail sales in the festive period played their part, as the Department of Finance said it received VAT receipts of almost €2 billion – an increase of €225 million or 12.9% compared to last January.

Overall tax receipts were 12.3% higher than January 2014 at €4.19 billion. Income tax was up €58 million and corporation tax was up €49 million compared to January last year.

Net spending, at €3.9 billion, was down 5% and year-on-year reduction in social protection spending means a drop in net current spending of 6.3%.

Local property tax receipts were also up €62 million year-on-year. This considerable increase was expected and is a result of a shift in payment patterns.

There was further good news about Ireland’s finances as the National Treasury Management Agency (NTMA) announced it raised €4 billion today through the sale of a new benchmark treasury bond.

Read: A European country is wiping out thousands of its citzens’ debts. But it’s not Greece> 

Read: Enda Kenny says more tax cuts are on the way>

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