Corporation tax receipts for the first quarter of 2023 are up by 71% from the same period last year, but Finance Minister Michael McGrath has said around half of that is unlikely to be permanent
Corporation tax brought in €3.2 billion in the first three months of this year, an increase of €1.3 billion from the same period in 2022.
“It is, of course, essential that windfall corporation tax receipts are not used to fund permanent expenditure. This is why I transferred €4 billion to the National Reserve Fund in February – there is now €6 billion in the Fund.”Income tax receipts of €7.4 billion were collected, up 8 per cent from the same period last year.
An Exchequer deficit of €2.1 billion was recorded in the first quarter, although the Department said that this is due to the transfer of €4 billion to the National Reserve Fund in February.
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