Exchequer surplus of €2.8 billion recorded in year to the end of January

January is an important month for tax receipts and the largest month for VAT receipts as it encompasses the Christmas trading period.However, the Department of Finance noted the latter tax head was inflated by a technical factor which boosted receipts. When this technical factor is adjusted for, total tax receipts increased by 9% compared to the same period last year.VAT receipts in January were €3.7 billion, up 18.5% or €0.6 billion on the same period in 2022.

“Today’s figures show that the strong momentum in tax receipts has continued into the start of this year,” Minister for Finance Michael McGrath. “Indeed, the latest incoming data, including today’s figures along with the pickup in core retail sales and consumer sentiment suggest that the downturn in the domestic economy may not be as severe as previously anticipated,” he added.

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