Tax revenue saw a strong increase for January and February year on year, new Exchequer figures from the Department of Finance show.
Revenue collected €7.2bn by the end of February, a year-on-year increase of €478m or 7.1%..
The increase was partly due to a recovering labour market and growth in car sales.
€515m growth in Exchequer balance is driven by increased tax receipts & reduced expenditure https://t.co/ihm2bmKeX7 pic.twitter.com/VaruYghyKn
— Dept of Finance IRL (@IRLDeptFinance) March 2, 2016
Income tax receipts were €3.1 billion to the end of February, which represents a year-on-year increase, of €251m or 8.7%.
"This performance is consistent with the recovering labour market, employment growth and increases in the average weekly earnings," a department statement said.
Excise Duties was €946m to the end of February, representing a very strong year-on-year increase of €168m (21.6%).
"A contributory factor is an increase in car sales which has boosted VRT receipts," the statement said.
February is a non-VAT due month, with receipts in the year to date amounting to €2.4 billion, an increase of €43m (1.8%), when compared to the corresponding period last year.
Corporation tax was on profile with receipts of €248m (+€1m or 0.4%) at end-February 2016.
€159m was collected in Stamp Duties receipts to end-February 2016, up €7m or 4.7% year on year.
Local Property Tax receipts amounted to €92m in the first two months of the year, up €4m or 4.6% on profile.
Of the remaining small tax heads, CGT, CAT and customs combined were up €43m (34.6%) year on year.
