Tax receipts of €40.9 billion were collected by the Government in the first half of this year, €4 billion more than the same period last year.
New figures from the Department of Finance show the increases were mainly driven by growth in corporation tax, income tax and VAT.
Corporation tax receipts amounted to €10.5 billion between January and the end June, €1.8 billion higher than the same period last year.
In June alone, €4.3 billion in corporation tax receipts were collected, up €700 million on the same month last year.
"All eyes were on corporation tax receipts in the latest Exchequer figures for June," said Peter Vale, Tax Partner at Grant Thornton Ireland.
"After a relatively weak May, today's corporation tax figures will be warmly welcomed by the Department, with receipts for the month 19% ahead of what was a strong June 2022.
"A strong June generally translates into robust November receipts, meaning that full year corporation tax figures look set to exceed what was a stellar 2022," he added.
Income tax receipts of €15.5 billion were recorded so far this year, €1.3 billion ahead of the same period last year.
June is a non-VAT due month and so receipts of €300 million were relatively minor, but ahead of June last year by €200 million.
So far this year, VAT receipts reached €10.3 billion, €1.2 billion higher than in the same period last year and somewhat ahead of target.
Excise duty receipts of €400 million were broadly in line with the same month last year.
In the year to June, €2.6 billion of excise receipts were recorded, flat on the first half of last year.
Today's figures show that the surplus in the public finances dropped to €300 million at the end of June.
That is down from €4.2 billion in the same period last year, and was driven by the transfer of €4 billion to the National Reserve Fund in February this year.
However, this total falls to an underlying deficit of €5.5 billion on a 12 month rolling basis, when transfers to the NRF, proceeds from the disposal of bank equity and excess corporation tax receipts are taken into account.
The Summer Economic Statement (SES), which was signed off by the Cabinet this morning, reveals that ministers are planning to boost core spending in the Budget by €5.2 billion.
There will also be tax measures totalling €1.1 billion, bringing the overall Budget package of €6.4 billion which is an increase in core spending of 6.1%.
"The strong performance of tax receipts in the year-to-date enables Government to proceed with a 2024 budgetary package of additional spending of €6.4 billion including €1.1 billion in tax measures, as set out in today's Summer Economic Statement," said Tom Woods, Head of Tax at KPMG.
"It’s clear from today’s Statement that a key priority of the tax measures is to avoid workers paying additional tax due to wage inflation," he added.
