Dublin: Ireland’s corporate sector is booming despite the recession. Corporate tax revenue in the country has reached an all-time high. In November, the government received 5 billion euros in corporation tax. According to the figures, this is an all-time record for months. The corporation tax increased by 56 percent compared to the same period in 2021. This year, the target was to collect 21 billion euros in corporation tax, but that target has already been achieved.
The government’s total tax revenue for the year to the end of November was €77.5 billion, €15.2 billion (24.5%) more than in the first 11 months of 2021, and €8.1 billion (11.7%) more than forecast in the 2022 budget.
Not only has corporate tax revenue increased significantly, but revenue from all of the country’s major taxes has also increased significantly.So far, 28.26 billion euros in income tax have been collected, representing a 15.6% increase. This is 4.2% higher than the target. VAT amounted to 18.5 billion euros. This year, there was a 22.1% increase. This is 5.5% more than anticipated.
At the same time, excise duty fell to less than 5 billion euros. This is 2.4 percent less than the year-on-year estimate of 5.2 percent. As stated by the finance department, the reduction reflects government measures to deal with rising living costs.
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