According to new figures the Inland Revenue has recieved a staggering €750m more in taxes in the first five months of this year.
The latest statistics published by the Exchequer found there was a €125m shortfall in the first five months of this year compared to a surplus of €641m this time last year.
The Department of Finance said the increased income was due to an improvement in public finances which totaled to almost €1.4 billion.
It is understood new car sales, the price increase on the sale of tobacco products and the rise in corporation tax is the main contributors to the increased revenue.
