Tax revenue for Quarter 1 of 2021 continued an extraordinary upward trend, increasing by €130 million or 1 percent on the same period last year. However, total gross voted expenditure to end-March 2021 amounted to €19.5 billion which is €2.5 billion or over 14 percent ahead on the same period in 2020.

VAT receipts to end-March were up by €350 million or 8.4 percent compared to the same period last year, which the Department of Finance suggests is a reflection of the severity of the spring 2020 lockdown. Income tax receipts remain resilient up by 4 percent on Q1 2020.

Corporation tax receipts were down €55 million on March last year. The decline is due to a €70 million deduction for payments made under the CRSS. Cumulatively, corporation tax receipts are down 33 percent on the same period last year, with much of the deterioration being attributed to CRSS payments.

The 12-month rolling Exchequer deficit stands at just under €14 billion.

For full details see the Department of Finance website.