Record tax revenues provide Government with temptation for bumper spending budget

Finance Minister Michael McGrath hailed the 'robust' income tax revenues and a 'steady growth' for Vat receipts. Picture: Daragh Mc Sweeney/Provision

The Government collected a record €47.8bn in tax revenues for the first seven months of the year, easing concerns about the health of the economy, but providing further temptation for a bumper spending budget this autumn, experts said.

The latest exchequer returns show that income tax and Vat receipts again played starring roles, despite a number of tech corporate giants having shed a large number of jobs in recent months.