Minister for Finance Paschal O’Donohue (left) and Minister for Public Expenditure and Reform, Michael McGrath in the Department of Finance this afternoon

This afternoon.

The public finances recorded a surplus at the end of March of €200m, according to the latest Exchequer figures published by the Department of Finance.

Via RTÉ News:

Today’s figures show that on a 12-month rolling basis, there was a deficit of €3 billion.

On a cumulative basis, for the first three months of this year, income tax was up almost €1 billion or 16% to €6.8 billion. This is also 37% higher than the same period of 2019.

VAT returns were up €1.4 billion or just over 30% to €5.9 billion compared to the same period in 2021. This is 17% higher than the same period in 2019.

Due to what the department describes as a “timing issue” with returns usually expected in August being made in March, corporation tax is up €1.3 billion or 224% to €1.9 billion.

The surge in corporation tax is also explained as “increased profitability of a small number of companies in the ICT sector”.

Tax revenue in total came in at €17.2 billion, some €4.2 billion higher or 32% ahead of the same period last year.

Public finances show surplus of €200m in March (RTE)

Sam Boal/RollingNews

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10 thoughts on “Surplus

    1. Dinkum

      Meanwhile our national debt keeps on growing
      It’s time government tackled price gouging
      Mind you next years corporation taxes are going to dwindle and all that Russian money laundered by shelf companies through our financial services centre should be drying up so no tax there
      For the life of me 250 odd billion national debt for a country with a population of 5 million of which half are working if that is a big ask if it’s called in
      What with 200 thousand Ukrainian refugees being mentioned next year will be pretty lean

      1. jonjoe

        200,000 Ukranians
        Reminds me of Harney who wanted to import a quarter of a million people with ne’er a thought for where they would live, where their kids would go to school, what health and transport services would be available for them etc etc.

        And at the same time McCreevy was handing out public money to the middle classes via SSIAs.

        Is Pathcal and MNC-boy wanting history to repeat itself?

        1. Dinkum

          Yep that’s the number quoted depending on which political muppet is quoted in the media

  1. Frank

    Good times!
    When the Revenue’ debt warehousing scheme ceases at the end of this year and all the ‘parked’ debt becomes payable that will be the bad times.
    A whole lot of businesses will trade out the year and fold up come 2023.
    BAD TIMES!

    1. Dinkum

      I would say they will never see one red cent
      Let’s face it if my tax debt was warehoused it would be very tempting just to just close the door and move on
      I assume many hospitality businesses have squirrelled away that tax and saw the writing on the wall

  2. GiggidyGoo

    Due to what the department describes as a “timing issue” with returns usually expected in August being made in March, corporation tax is up €1.3 billion or 224% to €1.9 billion.
    Will they be out of the traps in August?

    1. Dinkum

      They will be out of the traps a lot quicker but those who cannot pay will just keep their head down and salter as much as they can then pull the plug
      Let’s face it cannot blame them considering what the covid 19 did to many

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