The state collected €93.3bn in taxes last year, an improvement of 21% or €15.9bn year-on-year, with income tax receipts of €23m and corporation tax of €15bn.

In all almost half (48%) of the total tax take was generated from taxes on income, while corporation tax receipts have almost doubled in four years from a base of €8bn in 2017, although they have been projected to top €20bn this year.

Taxes on products accounted for 28% of the value of all tax receipts, including VAT of €17bn and excise duties of €6bn. Income from VAT increased 30% year-on-year after falling 16% in 2020, while PRSI was up 12% to €12bn.

"Almost half of all tax receipts are from the taxes on income category; the largest taxes in this area are PAYE and corporation tax," said Elaine O'Sullivan, statistician in the government accounts division at the Central Statistics Office (CSO).

"There was €45bn in revenue from taxes on income in 2021, this category has been increasing steadily since 1995 when €7bn in receipts was generated.

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"There were strong revenues for taxes on products which include VAT and excise duties. The pandemic led to a decrease in revenues from such products in 2020 to €21bn, but there was strong recovery in receipts in 2021 to €26bn.”

The proportion of the total tax take contributed by corporation tax has doubled from 8% to 16% since 1995. Income tax's share has also increased in that time, from 28% to around 30%, but VAT as a proportion of all revenues has decreased to 18%.

PRSI (13%), excise and VRT (6%), property taxes (2%) and all other taxes (15%) make up the remaining share.

The value of VAR has more than quadrupled from €3.7bn to €16.6bn over the past 26 years, with excise duty being the second most valuable tax on products at €6bn, up from €2.6bn in 1995, with 34% coming from alcohol and tobacco products and 25% from petrol and diesel.

Taxes on products also include Stamp duty (€2bn in 2021), Customs duties (€519m) and Other Taxes, which include the Risk Equalisation Fund and National Lottery Surplus.

Taxes on production such as taxes on land, buildings and other structures, made up 4% of all tax receipts. Commercial rates were the biggest contributor in this category, raising €1.1bn last year, despite the Covid waiver.

Income tax of €23.4bn contributed more than half of all income raised from taxes on income, profits, wealth and capital gains (€44.7bn).

In terms of other current and capital taxes, €681m was collected in motor tax, down 3.4% year-on-year, and €178m was paid in TV license fees, and there was a 15% increase in Capital Acquisition Tax receipts (€582m).

The vast majority of taxes (€79bn) are paid to the central government sector, and local government tax revenues, coming mainly from commercial rates, totalled €1.5bn.

PRSI of €12bn was paid to the Social Insurance fund, and taxes of €735m, including over €500m in customer duties collected on behalf of other EU member states, were paid overseas.

(Pic: Getty Images)