Not for the first time in 2023, receipts from the tax on company profits have dropped precipitously
Minister for Public Expenditure Paschal Donohoe and Minister for Finance Michael McGrath: this month is a critical one for corporation tax receipts. Photograph: Alan Betson
The €1 billion plunge in October’s corporation tax figure, a whopping 45 per cent decline on the sum collected in October 2022, is more significant, however, than the €1 billion or 36 per cent fall recorded in August. Indeed, it is as close as you can get to what is the key month for corporation tax each year, with both the extent and timing of October’s weakening in receipts hinting that the Government’s recent €500 million trim to its official forecast for overall 2023 tax revenues might not have been enough of a cut.
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