Corporation Tax Receipts Hit Record High

The Government collected a record €6.3 billion in corporate tax receipts in November, according to the latest figures from the Department of Finance.  

November is the biggest month of the year for corporate tax as most companies with a December financial year-end make a preliminary payment. The record €6.3 billion intake was €1.3 billion or 27 percent higher than in the same month last year. It comes after corporate tax income had been down year-on-year in the previous three months.  

Despite this, the strong figures in November bring the corporate tax receipts for the year to date to €22 billion, up 4.2 percent up on last year. The Government is now on course to exceed its €23.5 billion forecast for corporate tax income in 2023.

The strong performance was linked to better-than-expected earnings in the tech sector and strong multinational performance. 

It comes as the results from AmCham latest FDI Insights survey show that 91 percent of respondents say their corporate headquarters have a positive view of Ireland as an investment location. In the same survey, 60 percent of respondents said they expect the number of employees in the Irish operations of their organisation to increase over the next 12 months, while 33 percent said they expect to maintain current numbers.  

AmCham has consistently highlighted the dedication of US multinationals to Ireland, with 1 in 3 multinationals here for more than 20 years. 

Government figures show that income tax also held up strongly in November, generating receipts of €4.6 billion last month, up €300 million or 5.7 percent on the same month last year. 

Overall, an exchequer surplus of €5.4 billion was recorded in November. This compares with a surplus of €12.1 billion in the same period last year, with the deterioration driven by a number of factors including increased public expenditure and the transfer of €4 billion to the National Reserve Fund (NRF) in February.