The Government collected a record \u20ac10 billion in corporation tax in November, according to the latest exchequer returns.<\/p>\n
The November total was more than the State used to collect in an entire year just a decade ago and comes on the back of a surge in multinational exports linked to US tariffs. It is \u20ac2.7 billion ahead of the figure in the same month last year.<\/p>\n
The figures showed the Government has collected \u20ac29.4 billion in receipts from the business tax so far this year, up \u20ac3.8 billion (14.9 per cent) on the same period last year when once-off receipts from the Apple tax case are excluded.<\/p>\n
The Government expects corporation tax receipts to hit \u20ac32 billion for the full year, providing it with another big surplus this year – in excess of \u20ac10 billion – despite significant overspending.<\/p>\n
Receipts are also expected to rise again next year as a new minimum 15 per cent tax rate applying to large multinationals kicks in.<\/p>\n
\u201cWhile Ireland is exposed to downside risks from revenues concentrated among a small number of large multinationals, the surge in output and activity in the pharma sector in 2025 ahead of expected US tariffs and continued robust performance of the tech sector could drive higher-than-expected CT revenues in the short run,\u201d AIB\u2019s chief economist David McNamara said.<\/p>\n
November is a key month for the exchequer as it is the biggest month for corporation tax and also the last VAT-due month of the year.<\/p>\n
The Department of Finance also published a \u201cfiscal vulnerabilities\u201d report, highlighting what it described as \u201cthe fiscal blind-spots that could jeopardise the sustainability of the public finances\u201d.<\/p>\n
It noted that \u20ac9 in every \u20ac10 received in tax revenue last year was sourced from either income tax, corporation tax and VAT and that this concentration was \u201cabove the norms evident in other advanced economies\u201d.<\/p>\n
It also highlighted that the top 10 per cent of earners here generated 40 per cent of income tax receipts and 60 per cent of USC (universal social charge) contributions while one third of income recipients paid no income tax or USC. <\/p>\n
The latest returns show the Government\u2019s financial position also benefited from strong income tax and VAT receipts in November, reflecting the strength of the labour market and ongoing consumer spending.<\/p>\n
On a cumulative basis, tax revenues to the end of November amounted to \u20ac97 billion, up by \u20ac7.3 billion (8.2 per cent) relative to the same period last year.<\/p>\n
Income tax generated \u20ac33.7 billion, up \u20ac1.5 billion (4.6 per cent) on the corresponding period last year while the sales tax generated receipts of \u20ac22.5 billion, up \u20ac1.1 billion (5 per cent).<\/p>\n
Overall, the figures pointed to a headline exchequer surplus of \u20ac10.4 billion for November, down \u20ac3.4 billion on the same period last year. However, the department noted the year-on-year comparison was impacted by revenues arising from the Apple tax ruling.<\/p>\n
\u201cToday\u2019s figures are in line with the revised projections for tax revenue that we set out in Budget 2026: strong income tax and VAT returns reflect the strength and resilience of our economy, while corporation tax remains at an elevated level,\u201d <\/b>Minister for Finance Simon Harris said.<\/p>\n
\u201cGovernment is committed to making sure our spending commitments are sustainable and built on solid foundations. We will continue to run budget surpluses and continue to invest in the Future Ireland Fund and the Infrastructure, Climate and Nature Fund,\u201d Mr Harris said. <\/p>\n
Total voted expenditure for the 11-month period amounted to \u20ac97.3 billion, which was \u20ac5.2 billion (5.7 per cent) ahead of the same period in 2024.<\/p>\n
\u201cThe exchequer return figures for November outline this Government\u2019s strong commitment to investment in our public services and infrastructure,\u201d Minister for Public Expenditure Jack Chambers said.<\/p>\n
\u201cThe level of spend laid out in Budget 2025 has enabled the delivery of vital services across the country \u2013 funding our hospitals, schools and a wide range of social protection supports,” he said.<\/p>\n","protected":false},"excerpt":{"rendered":"The Government collected a record \u20ac10 billion in corporation tax in November, according to the latest exchequer returns.…\n","protected":false},"author":2,"featured_media":213572,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[73],"tags":[79,8452,18,19,5233,17,24727],"class_list":{"0":"post-213571","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-business","8":"tag-business","9":"tag-corporation-tax","10":"tag-eire","11":"tag-ie","12":"tag-income-tax","13":"tag-ireland","14":"tag-vat"},"share_on_mastodon":{"url":"https:\/\/pubeurope.com\/@ie\/115656917358219694","error":""},"_links":{"self":[{"href":"https:\/\/www.europesays.com\/ie\/wp-json\/wp\/v2\/posts\/213571","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.europesays.com\/ie\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.europesays.com\/ie\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.europesays.com\/ie\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.europesays.com\/ie\/wp-json\/wp\/v2\/comments?post=213571"}],"version-history":[{"count":0,"href":"https:\/\/www.europesays.com\/ie\/wp-json\/wp\/v2\/posts\/213571\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.europesays.com\/ie\/wp-json\/wp\/v2\/media\/213572"}],"wp:attachment":[{"href":"https:\/\/www.europesays.com\/ie\/wp-json\/wp\/v2\/media?parent=213571"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.europesays.com\/ie\/wp-json\/wp\/v2\/categories?post=213571"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.europesays.com\/ie\/wp-json\/wp\/v2\/tags?post=213571"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}