Michael McGrath hails ‘strong momentum’ in economy as €7.5bn tax collected in January

New tax receipts show a 12 per cent increase in the amount collected driven by strong growth in income tax and Vat

Michael McGrath, the Minister for Finance, said the tax receipts for January show “strong momentum. Picture: Barry Cronin

The amount of tax collected by the state increased by 12 per cent in January to €7.5 billion, according to new figures released by the Department of Finance.

The double-digit growth in the overall tax-take by the exchequer was driven by strong growth in income tax receipts and Vat last month.

January is traditionally the largest month in the calendar for Vat receipts as it covers the busy Christmas trading period. The amount of Vat ...