The amount of tax taken in by the exchequer during the first four months of the year is up 2.6% on the same period last year.
The latest exchequer returns for April, published this afternoon, show €24.8bn in tax was collected between January and the end of last month, €600m higher than the same months in 2023.
€4.7bn of that tax take came in April, an increase of €300m or 6.4% on the same month last year, driven primarily by increased income tax.
However, the figures also show that total gross voted spending over the same period is 12.1% above what was recorded during the first four months of 2023.
Total gross spending to the end of April amounted €30.1bn, up €3.2bn on a year ago and €400m or 1.5% ahead of what had been budgeted.
The Minister for Public Expenditure, Paschal Donohoe, said while spending of €30bn to the end of April illustrates the Government's continued investment in strengthening public services, current expenditure risks are emerging.
"Careful management of expenditure by all Departments is required to ensure we can continue to provide public services in a sustainable way for both our economy and society and to ensure that our hands are not tied in terms of the decisions we can make in the public interest in Budget 2025," he said.
Two weeks ago, the Cabinet was warned by the Ministers for Finance and Public Expenditure that spending needed to be reined in because it was already well ahead of where it was this time last year.
The returns show that at the end of April the exchequer had a deficit of €1.2bn, compared to a deficit of €3.7bn in the same period last year.
Overall, gross revenue including non-tax income, stood at €31.7bn at the end of last month, an increase of 3.6% on the same period in 2023.
Income tax receipts continued to grow strongly rising by 5.9% in the month and are now up 7.1% over the first four months of the year, when compared to the January to April period of last year.
April is not a significant month for corporation tax receipts and just €265m was collected, which is 14% lower than the same month a year ago.
Year to date corporation taxes are now €847m or almost 24% lower than they were at this point in 2023.
But this is mostly reflective of a large decline in March, which the Department of Finance thinks was down to a timing factor that will be offset later this year.
April is not a VAT due month, but receipts were up nearly a third at €305m, while excise duty receipts were up by 12.1%.
"While April is a non-VAT month for the Exchequer, growth of 6.3% year to date provides further evidence of a resilient domestic economy," said Peter Vale, tax partner at Grant Thornton.
"With at least one round of interest rate cuts expected before year, greater disposable income should see VAT receipts remain strong for 2024."
However, capital gains tax receipts fell in April by €36m or 12.3% to €260m.
"April is one of the less significant months for tax revenues, but insofar as conclusions can be drawn from today's figures, the most notable feature of the April performance is the strength in income tax receipts, continuing the trend that has been apparent so far this year," the Minister for Finance, Michael McGrath said.
"The 6.4% increase in overall tax receipts in April compared to the same month last year is a solid performance, and is in line with budget expectations."
"The performance of income tax and Vat year to date is encouraging, and points to a domestic economy that is holding up well despite a number of headwinds."
