Taxes collected by the State rose by 3.6% in the first five months of the year to €36.4bn, according to latest Exchequer Returns from the Department of Finance.
When some funds from iPhone-maker Apple, which was forced to pay back taxes as part of settlement of up to €14bn to Ireland are included, the amount of tax collected was up 8.5%.
Income tax, a key indicator of the health of the economy, was up by 4.5%, while VAT rose 5.5%.
Corporation tax, including funds from Apple, was up 18% in the first five months of the year.
However, if the Apple money is excluded, corporation tax is down 9.4% on the same period last year.
Minister for Finance Paschal Donohoe said the drop was driven by one-off factors last year.
But he added: “It nonetheless highlights the degree of concentration in the corporate tax base, where a small number of multinational firms can significantly impact on the overall tax yield.”
The figures also show Government spending was up 8% in the first five months of the year to €42bn which was close to its target.
There was an exchequer surplus of €4bn in the five months to the end of May.
But excluding the money from Apple the surplus was €700m.
Minister Donohoe said: “May is one of the most important months for tax revenues and the steady growth in most tax headings points to an economy that is in a in a relatively good position.”
Article Source – Tax take to end of May up 3.6% on same time last year – RTE
