INLAND Revenue collections during the first five months of 2012 increased by €56.5m or nine per cent to reach €688.7m, compared to €632.2m in the corresponding period of 2011.
However, based on data released yesterday the Department’s collections recorded a decrease in May of €17.79m or 14.7 per cent and stood at €102.64m, compared to €120.4m in May 2011.
For the first five months of 2012, the Department’s collections of income taxes paid by employees increased by 4.0 per cent and stood at €237.8m, compared to €229.7m in the corresponding period of 2011. Income taxes paid by self-employed during the same period also recorded an increase of 144 per cent amounting to €40m, whereas in the same period of 2011 stood at €16.3m.
Similarly, corporate taxes collected by the Department from January until May 2012, reached €134.7m, increasing by 8.0 per cent, compared to €124.4m in the same period last year.