Corporation tax still pouring in at record pace with the State collecting €3.5bn in first four months of 2023

For the month of April alone, income tax amounted to €3.1bn, well ahead of the same month last year. Vat receipts have grown 16pc to just over €7bn in the first four months of the year. April is a non-Vat due month. Gross revenue to the end of April - which includes taxes as well as capital resources, returns from shares in state-owned banks and other items such as TV licence fees - was €30.6bn, up 2.4pc on last year. Total spending so far this year amounts to €34.2bn. It brings the public finances Overall, the Exchequer recorded a deficit of €3.7bn in the four months to April, up on last year because of a transfer of €4bn to the national reserve fund. It brings fund to €6bn after an initial transfer last year. The Government has pledged to create a new longer-term fund to save and invest future windfall corporation tax revenues. But the budget is in a surplus of €2.4bn when measured on a 12-month rolling basis, a more accurate indication of the state of the public finances. However, the Department of Finance believes it has an underlying deficit of approximately €4bn if it excludes “excess” corporation tax receipts, transfers to the reserve fund and proceeds from the disposal of bank equity.