Thu, 08 Dec 2022

Irish revenue up 26% year-to-date on corporate tax surge

Robert Besser
06 Oct 2022, 21:40 GMT+10

DUBLIN, Ireland: Due to a jump in corporate taxes, Ireland saw a 26 percent increase in revenues in the first nine months of 2022, compared to the same period in 2021.

Other factors for the increase in revenues collected by the government included large increases in VAT and income taxes in September, finance ministry data reported this week.

Ireland's tax collections in 2021 were recorded at a record level last year, as Ireland became one of the few countries in the European Union to report a budget surplus in 2022, after the enormous public expenditures delivered during the COVID-19 pandemic.

With the September collections, Ireland expands its budget surplus to 6.8 billion euros on a 12-month basis, up from 5.6 billion euros at the end of August.

Officials in the finance ministry said they anticipate a surplus of 0.4 percent of gross national income.

Corporate tax receipts, largely funded by the country's large multi-national firms, were up 72 percent year-on-year at the end of September, as the treasury took in corporate taxes that were twice as high as in 2021.

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