The Exchequer recorded a surplus of €6.3 billion at the end of August, according to figures released by the Department of Finance.
In the eight months to the end of August, tax revenue is just over 26%, or €10.4bn, ahead of where it was this time last year.
These Exchequer figures for August will give a timely boost to Minister for Finance Paschal Donohoe when he delivers the Budget at the end of this month.
It is also likely to add to pressure on Minister for Public Expenditure and Reform Michael McGrath to accommodate spending demands in the face of escalating inflation.
On a 12-month rolling basis, which the Department of Finance prefers to use, the Exchequer surplus now stands at €5.6bn.
Once again, there has been a surprise boost from corporation tax. August is not normally a month when much corporation tax is collected.
However, almost €2.8bn was collected, which was €1.7bn more than in August last year.
Cumulatively in the year to date, the Exchequer has collected €2.6bn more in corporation tax than it had forecast.
Income tax continues to perform strongly, up over €2.6bn or 16% in the eight months to the end of August, compared to the same period last year.
VAT receipts are up almost 24% or €2.3bn over the same period, but some of this increase is due to comparisons with months when Covid restrictions were in place.
Meanwhile, the economy continued to grow strongly in the second three months of this year, according to figures released by the Central Statistics Office.
Measured by Gross Domestic Product (GDP), the economy grew by 11.1% on an annual basis, today’s CSO figures show. GDP takes in the performance of multinationals.
