While the Irish public continues to struggle just to meet the exorbitant increase in the cost of living in Ireland. The public finances recorded a surplus of €5bn at the end July which it accredited to higher tax returns and lower levels of Covid-related expenditure.
Compared to a deficit of €5.7 billion at the end of July last year, the Department of Finance’s measure of a rolling 12-month tally now puts the Exchequer surplus at €3.4 billion.
For the seven months of the year until the end of July, income taxes were up €2.4 billion or 17% on the same period last year at €16.7 billion. VAT receipts were up €2.2 billion or 23% at €11.9 billion. And corporation tax is up 51%, or €3 billion ahead, at €9 billion.
So while Irish finances are in a significantly better place than this time last year. The Irish government still refuses to acknowledge the pressure that has been placed on all Irish households just to meet the increases across basic living costs. With some Irish households forced to choose between putting food on their table or heating their homes, many people will be outraged to learn that the Irish government has the money to provide relief but is choosing not too.
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