In a promising start to 2024, the government has reported a significant boost in tax revenue, reaching 12 billion euros for the first two months. This marks a noteworthy 5.5% increase compared to the same period last year, driven by substantial rises in income tax, VAT, and excise duty.
Income tax alone experienced a surge of 5.7%, contributing 5.3 billion euros to the total revenue. However, there was a slight dip in corporation tax, with the government receiving 500 million euros in the first two months of the year.
On the expenditure front, the government’s gross spending reached 15 billion euros during the same period, reflecting a substantial 22% increase from 2023. The Finance Department attributes this uptick to the allocation of additional grants and funds outlined in the 2024 budget.
These financial dynamics signal a robust economic landscape, with increased government revenue offset by heightened expenditure commitments in pursuit of broader fiscal goals.