Due to increased income tax, excise, and VAT receipts, the State's tax collection in January was 5% greater than it was in the same month of the previous year.

According to Department of Finance figures, income tax collections increased by 2.9% and VAT by 4% from January 2023.

The department stated that January's VAT receipts would have increased by more than 7% if a technical factor—the withholding of VAT receipts from December statistics in 2022 and 2023—had not been taken into account.

January's total gross voting expenditure increased by 17% over the same month the previous year.

According to the data, there was a €2.3 billion budget surplus in the same month of previous year, which is a decrease from €2.8 billion. -Reuters