DUBLIN, Feb 2 (Reuters) - Ireland collected 4.9 percent more tax in January than a year ago, driven by strong growth in value-added tax receipts submitted for the busiest shopping months of November and December, the finance ministry said on Friday.
Ireland's economy has been the best performing in the European Union since 2014, swelling the tax take to a record level last year even as the government gradually unwinds some of the tax increases introduced during the financial crisis.
The finance ministry has forecast that tax receipts will grow by 6 percent year-on-year in 2018, the same level as last year when revenue rose across all categories and were led by another bumper year for corporate tax receipts.
Income tax returns and VAT receipts account for the bulk of all revenue collected each January and VAT rose 5.7 percent, or 132 million euros, year-on-year with income tax up 6.6 percent on where it stood 12 months earlier.
Very little corporate tax is collected in January but there was a notable increase in stamp duty to 124 million euros from 84 million a year ago as house builders slowly begin to tackle a major supply shortage that has been pushing prices up sharply.
The finance ministry forecasts that Ireland's budget deficit will fall to 0.2 percent of gross domestic product this year from an estimated 0.3 percent in 2017 as the state broadly balances its books for the first time in a decade.
The exchequer recorded a surplus of 1.53 billion euros in January, compared to a 1.47-billion-euro surplus a year ago, the finance ministry said.
(Reporting by Padraic Halpin)Keywords: IRELAND ECONOMY/BUDGET
Disclaimer: The views expressed in this article are those of the author and may not reflect those of Kitco Metals Inc. The author has made every effort to ensure accuracy of information provided; however, neither Kitco Metals Inc. nor the author can guarantee such accuracy. This article is strictly for informational purposes only. It is not a solicitation to make any exchange in commodities, securities or other financial instruments. Kitco Metals Inc. and the author of this article do not accept culpability for losses and/ or damages arising from the use of this publication.