Exchequer collects a record €19.7bn tax haul as economy weathers cost-of-living crisis

Growth in economic activity creates a larger pool of taxable revenues for the Government, and the outsized performances of Vat and, in particular, by corporation tax receipts were again in the spotlight in the latest exchequer returns.

At €3.2bn, corporation tax revenues increased by €1.3bn, or over 70%, from the same quarter last year, despite the opening months of the year not traditionally being major months for large companies to pay their tax bills.  Photo: Laura Hutton/RollingNews.ie

The Government collected a record €19.7bn in tax revenues in the March quarter, up by €2.5bn from a year earlier, as the latest bumper Vat, income, and corporation tax receipts point to an economy that is so far weathering the cost-of-living crisis and the shake out of tech jobs.

The Department of Finance figures will help underpin recent projections by the Economic and Social Research Institute, the Central Bank, the European Commission, and other forecasters, that the Irish economy will grow strongly this year, despite rocketing borrowing costs for households and businesses, and the highest consumer price inflation for decades.