Exchequer figures for January 2022 show tax revenues in January were €6.7 billion, 24 percent higher than last year and 13 percent higher than 2020. Contributing to this were strong VAT receipts of €3.1 billion, which include spending over the Christmas period, and were 15 percent more than pre-pandemic receipts. Income tax receipts were up 13 percent on 2021 figures, with €2.6 billion collected. January is not a significant month for corporation tax, and this is reflected in the numbers, with €81 million collected, €24 million ahead of January 2021. Capital gains tax receipts of €70 million were ahead of 2020 figures while the take from capital acquisitions tax was broadly in line with 2020.
Commenting on the figures, the Minister for Finance, Paschal Donohoe T.D. said:
“Today’s figures show that the strong momentum in tax receipts has continued into the start of this year. While annual comparisons flatter the performance of tax receipts, the underlying trends are a positive sign of the strength of the domestic economic recovery. VAT receipts reflect the significant rebound in consumer spending and the ongoing recovery in the labour market continues to drive the strong income tax performance.”
Read more about the Exchequer Returns.
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