Tax revenues for the first half of the year were €40.9 billion, according to the recent June Exchequer figures. The figures represent a €4 billion increase (or 10.9 percent) on the same period last year. The 12-month rolling Exchequer surplus stands at €1.1 billion.
The breakdown of tax revenues is as follows:
- Income tax receipts were €15.5 billion to end-June, €1.3 billion, nearly 9 percent higher than the first six months of 2022 and somewhat above profile;
- VAT receipts to end June were strong at €10.3 billion, €37 million (0.4 percent) higher than profiled and over 13 percent higher than to end-June 2022; and
- Corporation tax receipts of €10.55 billion have been collected to end-June, €1.8 billion or over 20 percent ahead of the same period last year, in line with expectations.
Total gross voted expenditure to end-June amounted to €41.9 billion, €3.4 billion (8.7 percent) ahead of the same period in 2022.
Commenting on the figures, the Minister for Finance, Michael McGrath T.D., said:
“We have also today, published the Exchequer figures for the first half of the year. These show that, broadly speaking, we are where we expected to be in terms of tax revenue. Income tax and VAT remain robust, demonstrating the strength of our economy, but volatile corporation tax continues to pose a vulnerability for the public finances.
The best way to ensure that we retain the fiscal firepower to address the issues of today and the challenges on the horizon is by maintaining a sensible budgetary policy that balances investment in our public services and infrastructure with the long-term sustainability of our public finances.
The fiscal strategy for Budget 2024 that we have set out in the Summer Economic Statement today strikes that balance.
Shortly, I will bring proposals to Government on the establishment of a long-term savings fund and a public investment fund to be utilised during an economic downturn.”
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