Exchequer recorded surplus of €2.4 billion on rolling basis
Commenting on today’s Exchequer Tax Receipts, Tom Woods, Head of Tax at KPMG, says: "Tax receipts for the year to date continue to show growth in corporation tax, income tax and VAT. The recent Stability Programme Update revised tax revenue forecasts for 2023 upwards by €1.9 billion relative to last autumn’s fiscal forecast, and actual tax receipts for the year to date appear to be consistent with that revision.
While April is a quiet month for corporation tax and VAT, it posted a 12.5% or €339m increase in income tax receipts compared to the same month last year, reflecting the continued strength of the Irish labour market.
While an Exchequer deficit of €3.7 billion was recorded at the end of April, this reflects the transfer of €4 billion to the National Reserve Fund in February this year, and on a 12-month rolling basis, the Exchequer recorded a surplus of €2.4 billion.
Tax receipts of €24.1 billion were collected in the year to date, ahead of the same period last year by €3 billion."
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Tom Woods
Head of Tax
KPMG in Ireland
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