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Tax revenue increases by a third to 17.2 billion euros in the first three months of the year after the end of the lockdown

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The amount of tax paid in the first three months of the year was a whopping 32 percent more than in the same period last year.

The ax turnover at the end of March was 17.2 billion euros, which was 4.2 billion euros more than in the same period of the previous year. The increase will be driven by sales tax, corporate income tax and personal income tax, according to new figures from the Treasury Department’s tax returns.

The large increase in tax revenue closed the deficit in public finances in the first three months of 2021, even though expenditure exceeded government revenue by 3 billion euros on a rolling 12-month basis.

Gross revenue at the end of March was 23.8 billion euros, up 15 percent from the same period last year. Non-tax revenues and capital resources fell, but tax revenues increased significantly.

Total spending by the end of March was €23.6 billion, down more than €1 billion from the same period in 2021.

The big driver of higher tax receipts in March was corporate tax receipts, which officials say are partly due to a timing issue, with some taxes not being paid until August.

March is also a VAT month and 2.5 billion euros in revenue was collected, 700 million euros or 36 percent more than in March 2021. In the first three months of the year, VAT receipts amounted to 5.9 billion euros , an increase of 1.4 billion euros compared to March Q1 2021, partly due to the reintroduction of the standard rate at the end of March 2021.

Customs revenue of 160 million euros by the end of March was 46 million euros higher than in the same period last year. The increase in customs revenue is likely due to increased trade with the UK compared to the same period last year.

The government received less tax-free revenue this year. primarily due to the timing of NAMA’s surplus payments.

https://www.independent.ie/business/tax-revenue-soars-by-a-third-to-172bn-in-first-three-months-of-the-year-after-end-of-lockdown-41526322.html Tax revenue increases by a third to 17.2 billion euros in the first three months of the year after the end of the lockdown

Fry Electronics Team

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