Irish tax revenues up 13% year-on-year at end-February
12:35 pm Thursday, March 02nd, 2023
DUBLIN (Reuters) – Ireland collected 13% more tax in the first two months of the year than the same period in 2022, data from the finance department showed on Thursday, as income tax receipts increased again last month.
Ireland has taken in record levels of tax over the last two years with a strong recovery from the COVID-19 pandemic boosting income levies and VAT, while the country’s hub of large foreign multinationals have paid significantly more corporate tax.
The level of corporate tax collected early in the year is relatively small but the 646 million euros taken in the first two months was still up on 301 million euros a year ago and reflected increased profitability, the finance ministry said.
The exchequer recorded a deficit of 2.5 billion euros to the end of February but officials said this was due to the transfer of 4 billion euros into the state’s national reserve fund, and that it was in surplus to the tune of 1.5 billion euros on a 12-month rolling basis.
Ireland recorded a budget surplus of around 2% of gross national income in 2022 and expects that to increase this year.
(Reporting by Padraic Halpin; Editing by Mark Heinrich)
