Exchequer tax revenue surged by €11 billion to €68 billion through 2021, as the tax burden on Ireland's economy increased by 20%.

The yield from Income Tax increased by €4bn to €26.7bn last year, illustrating the negligible impact on state finances of imposing trading restrictions on low pay sectors of the economy such as hospitality, tourism and the live economy.

Spending taxes were also buoyant, with VAT receipts up by €3bn through 2021 to €15.4bn. The improvement reflected retail activities largely escaping the trading curbs imposed by government in 2020.

Buoyant M&A and commercial property activity was reflected in a 70% increase in the Capital Gains Tax yield to €1.6bn. However, the Stamp Duty tax on housing transactions decline sharply from €2.1bn to €1.5bn.

Corporation Tax revenues provided a €3.5bn uplift to state coffers, expanding from €11.8bn to €15.3bn. Astonishingly, the tax on company profits now equals the Value Added Tax levied on goods and services across the entire economy.

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