State’s Tax Receipts Surge to Record €62bn as Economy Rebounds
Government tax receipts have reached record levels fuelled by stronger-than-expected consumer spending, employment and corporate profits.
The latest exchequer returns for November show the Government has collected €62.3 billion in tax so far this year, €5.3 billion more than expected. Corporation tax receipts amounted to €4 billion, 31 per cent higher than in November last year.
The 11-month total exceeded the €57 billion in tax receipts generated for the full year last year, and represents that largest annual tax haul to date.
November is the largest tax collection month of the year, and the most important month for income and corporation taxes. Corporation tax receipts in November were very strong, with receipts of €4,001 million. The Department of Finance said this reflects strong export sales and profitability in the life sciences/pharma and ICT sectors. Read more here