Tax revenues holding up well, but crisis spending runs up €12bn loss for State

Income tax receipts totalled €12.2bn for the six months to the end of June, nearly 16% up year-on-year and almost 4% ahead of target

Public Expenditure and Reform Minister Michael McGrath and Finance Minister Paschal Donohoe.

The Government collected €29.5bn in taxes in the first six months of this year, with both income tax and corporation tax holding up despite the Covid crisis, latest exchequer returns show.

However, the figures show the State has run up a deficit of almost €12.3bn in the last 12 months due to the amount of money it has pumped out in a bid to stem the economic emergency caused by the pandemic.