With only two months of the year gone tax receipts are €1.2 billion ahead of last year, a jump of 19 per cent.
Exchequer figures released this evening show buoyant tax receipts across all the main headings although the property market is again the main driver.
Stamp duty receipts are 37.6 per cent ahead in the first two months of the year, some €40 million ahead of target, helped by the continued strength of the housing market.
About 25 per cent of VAT receipts and 70 per cent of stamp duties are property-market related. Add in capital gains, which is heavily dependent on property. Therefore, about one-third of the total tax increase this year is directly due to the property market.
VAT receipts surged by 12.6 per cent in the opening two months of the year, while customs and excise revenues were up 14.6 per cent on the same period in 2005.
The labour market also started the year strongly as income tax receipts were 14.4 per cent in the opening two months of the year.
Expenditure remains behind target. Day-to-day expenditure is lagging €150 million behind the Government forecast.