January tax take up 7.3pc compared with same period last year - Exchequer Returns
Published 02/02/2016 | 16:53
The Government collected over €300m more in taxes in the first month of 2016 than it did in January of last year, the latest Exchequer Returns show.
About €4.5bn was taken into the State’s coffers, up 7.3pc on the €4.2bn collected in January 2015.
Income tax receipts were €1.6bn to the end of January, a year-on-year increase of 8.7pc.
The Department of Finance said the improvement in income tax is consistent with the recovering labour market, employment growth and increases in average weekly earnings.
About €2.1bn was collected in VAT, with January regarded as a key month as it relates to the Christmas trading season. VAT receipts were up 6.6pc compared with last year.
Corporation tax receipts were €24m last month, down from €49m in January of last year.
The Department of FInance said January was not a significant month for corporation tax receipts.
Finance Minister Michael Noonan said the figures highlight the effort made in stabilising the economy.
"Overall, taxes have grown by 7.3pc in January. This is an improvement when compared to the same period last year and to the Budget 2016 projection of a 5.8pc increase in tax take for 2016," he said.
"Taken in conjunction with today’s fall in the unemployment rate to 8.6pc (lowest since December 2008), it is clear that the strong end to 2015 for the economy is continuing into 2016."