Surge in March tax revenues to €7.1bn 'will help fund fallout from Ukraine war'

Citing the fallout of the Ukraine war, the Central Bank this week reduced its growth outlook for the Irish economy but said it still projected robust expansion

Minister for Finance Paschal Donohoe said: “The overall costs of providing for the reception of people arriving from Ukraine are likely to be very substantial."

Tax revenues surged to €7.1bn in March meaning the public finances are in a healthy shape to fund the costs of a new package in targeted inflation supports and to meet the costs of refugees from the Ukraine war, experts said. 

The Government collected €2.4bn more in tax receipts compared with March 2021, as the three big tax sources – Vat, income and corporation tax – all delivered last month, the latest Exchequer figures show.