Exchequer returns for the first three months of the year show the Government’s tax take running 1% ahead of target, while spending was €15m below target.
However, a delay on payments of some taxes until April first makes the figures look slightly worse than they really are.
The end March returns show income tax and VAT revenues 3.5%-4.5% lower than expected, due to the timing of payments - but the shortfall is made up by higher excise, and much higher corporation tax payments, leaving the exchequer €119m or 1.1% above profile.
Compared to a year ago, the Government has taken in 5% more tax revenue.
Exchequer Returns show Ireland continues to move in the right direction https://t.co/9cVsN4JxVS pic.twitter.com/jwDxEkcAMv
— Dept of Finance IRL (@IRLDeptFinance) April 4, 2016
Voted spending - at just over €10bn - was on target, while debt service costs for the first quarter of €2bn were down 1% on the same time a year ago.
Meanwhile, the figures show the cost of servicing debt for the first three months of the year was in line with expectations at €2.036bn.
This was €1m or 0.1% below profile and €23m lower than for the same period in 2015.
Minister for Finance Michael Noonan said the figures “highlight the continued growth in the Irish economy and the benefits of collecting revenues from a broad base.
“Each of our key tax headings are close to target and collectively our tax take is on track”, he added.
With regard to spending figures, Minister for Public Expenditure and Reform Brendan Howlin said: “At this stage of the year, with only just over 23% of Departmental allocations spent, it is too early to assess spending figures trends for the year.
“However, it continues to be the case that Ministers and Departments are well aware of the importance of managing the delivery of public services within their annual allocations.”
In his assessment of the figures, Tax Partner at Grant Thornton Peter Vale said they "show consumers are continuing to spend, with strong VAT figures reflective of a buoyant January sales period.
"Statistics released in the past week point to the strength of our domestic economy, with car sales well ahead of last year and importantly strong commercial van sales. Driving the growth is an increasing number of people at work, with income tax figures continuing to surge", he added.
