VAT receipts were up by nearly 12 per cent year-on-year at €10 billion.
Economists are warning, however, that while a temporary spike in inflation can boost VAT receipts, persistently high inflation has historically led to a decline in consumer and business spending, resulting in weaker tax revenues. “Today’s Exchequer returns present a mixed picture of our public finances. Income tax receipts remain encouraging, reflecting an economy where the unemployment rate is now at its lowest level on record, but growth in VAT receipts slowed compared to previous months,” Mr McGrath said.
On a cumulative basis, corporate tax receipts amounted to €6.3 billion, €1.1 billion higher than in the same period last year. Business tax receipts of €2.7 billion in May were marginally down on the same month last year, “reflecting higher repayments and lower profitability and highlighting the volatility inherent in this revenue stream,” the department said.
Business Business Latest News, Business Business Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Source: businessposthq - 🏆 8. / 71 Read more »