€2.8bn surplus in public finances recorded in January

On a twelve-month rolling basis, this means the Exchequer is running a surplus of €5.6 billion.VAT receipts, which reflect some spending patterns in the run-up to Christmas as well as post-Christmas sales, were up €600 million or 18.5% on January 2022.

This includes a €200 million amount that was collected in December but held back 'to fund potential repayments' which didn’t arise. If this were excluded, VAT receipts would have been 12% higher than last year.January is not a significant month for corporation tax. €50 million was collected in corporation tax last month, down €31 million or 39% on January last year.

June and November are normally the main months when the largest amounts of corporation tax are collected.

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