Exchequer tax take up 15.9% in May

Tax take for May was €1.43 billion (15.9%) higher than in the same month of last year, according to the Department of Finance.

The Exchequer received almost €10.42 billion in tax revenue in the month – with the increase predominantly fuelled by a jump in Corporation Tax.

Corporation tax take rose 30.6% year-on-year to almost €3.57 billion, making it the biggest the single biggest tax heading in May.

VAT take rose 12.1% to €3.37 billion, while Income Tax and USC was 5.2% higher at €2.7 billion.

It brought to €35.19 billion the amount taken in by the State since the start of the year.

That figure is €2.06 billion (6.2%) higher than in the same five month period of 2023.

More than a third of tax received so far this year was Income Tax – which made up almost €13.9 billion of Exchequer receipts between January and May.

That figure is €874m (6.7%) higher year-on-year.

More than €10.8 billion was received in VAT – up €804m (8%) on the same period of 2023.

Despite the jump in May, Corporation Tax take so far this year is actually slightly lower when compared to the first five months of last year.

So far this year €6.266 billion has been received in Corporation Tax, €11m (0.2%) lower year-on-year.

Meanwhile Excise Duties were €321m (14.9%) higher at €2.47 billion.

Exchequer expenditure between January and May stood at €42.8 billion, according to the Department.

Gross voted expenditure made up €38.8 billion of that – which was €5 billion (14.7%) higher year-on-year.

There was an additional €4 billion in non-voted expenditure, down €4.6 billion on the same period of 2023 due to a transfer to the National Reserve Fund in February 2023.

According to the Department, there was a €800m Exchequer surplus recorded in the first five months of the year.

That compares to a €600m deficit in the same period of last year.

On a 12-month rolling basis, the Exchequer had a surplus of €2.6 billion.