The latest exchequer returns show the Government collected €3.2 billion in receipts from the business tax in the first quarter of 2023, €1.3 billion higher than in the same period last year (via IrishTimesBiz )
On the basis of the latest exchequer numbers, the Department of Finance’s chief economist John McCarthy said that “in the absence of any shock to the economy” last year’s record total and the Government’s forecast for corporation tax this year will almost certainly be exceeded.
“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,” he said. The latest exchequer data show the Government collected €19.7 billion in tax receipts across all the headings in the first quarter of 2023, €2.5 billion or 15 per cent up on last year.Listen |Income tax generated €7.4 billion for the three-month period, €560 million or 8.1 per cent up on the same period last year, reflecting the current strength of the labour market.
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