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Decline in corporate tax receipts; a deficit of €11.7 billion was recorded at the end of October

DUBLIN: Figures for October show a significant drop in corporate tax receipts.

According to the latest figures from the Department of Finance, the public finances recorded a deficit of €11.7 billion at the end of October.

Cumulative tax receipts are €2.4 billion (5.3%) lower than last year. Expenditure is €10.7 billion (24.8%).

The Revenue set aside €550 million for the Covid Restrictions Support Scheme (CRSS) for businesses announced in the budget. This might be the cause for a significant drop in tax receipts.

The figures for October show that income tax receipts continue to hold up.

When it comes to corporation tax on company profits, the figure is €600 million less than it was last October. This highlights how unstable this tax collection can be.

In response to COVID-19, government spending on Health and Social Protection increased by €10.7 billion (24.8%), higher than it was last year.

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