Tax revenues post annual growth of 5% in January

The State collected 5 per cent more tax in January than in the same month last year on the back of higher income tax, excise and VAT receipts.

Figures from the Department of Finance show income tax takings were up 2.9 per cent from January 2023, while VAT was up 4 per cent.

Adjusting for a technical factor, whereby VAT receipts were withheld from December figures in 2022 and 2023, January's VAT receipts would have been up by over 7 per cent, the department said.

Total gross voted expenditure in January was 17 per cent higher than the same month last year.

The data showed a budget surplus of €2.3 billion euros last month, down from €2.8 billion in the same month last year. -Reuters