Ireland collected more tax than planned in the first five months of the year after falling behind target in April, data from the finance department showed on Tuesday.

The state collected 20.54 billion euros in tax in the first five months of the year, 0.4% more than planned, after the tax take fell 1.4% behind target at the end of April .

Ireland has consistently beaten its revenue target in recent years, even as it gradually unwinds tax increases introduced during the financial crisis, due to a rapid jobs recovery and the benefits of being a major location for multinational companies.

An exchequer deficit of 24 million euros was recorded in the five months to the end of May, compared with a 383 million-euro surplus in the same period last year.

Expenditure, which has been boosted to meet the demands of the growing economy, was 1.3% below government plans for the period, the finance ministry said. (Reuters)

Source: www.businessworld.ie