Corporation tax yield drives an exchequer surplus of €6.3 billion

Commenting on the Exchequer Tax Receipts for August, Tom Woods, Partner and Head of Tax in KPMG Ireland says “Corporation tax receipts amounted to €2.8 billion in August, which represents an increase of €1.7 billion compared to last year. Cumulative corporation tax receipts are 68.5% higher than last year.

While some of the gains may be due to early payments of corporation tax, it appears likely that receipts will be considerably higher than last year.   We will have better visibility of the corporation tax trend in November which is the most significant month for corporation tax payments.

Cumulative income tax receipts are 16% ahead of last year representing a return to near full employment and wage inflation. August is not a VAT payment month so it is difficult to determine the extent to which inflation has impacted consumption in the domestic economy. We will have a better sense of this next month.”  

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