Corporate taxes continue to flow in above forecasts

Public finances continued to improve in September, with an additional 1.6 billion euros in taxes collected during the month compared to the same time last year.

These receipts flowed in as ministers finalized the 2023 budget, with total tax receipts for the year to date now reaching a record €57.9 billion.

As of today, the government has collected an additional 12 billion euros – or 26.2 percent – in taxes than in the same period in 2021, with most of the improvement being paid for by multinationals.

A budget surplus of 7.9 billion euros recorded for the year to the end of September compares to a deficit of 6.2 billion euros at the same point a year ago.

Along with higher taxes, the figures show a fall in approved current expenditure due to the unwinding of Covid-19 support.

On a rolling 12-month basis, a better indicator of the trend, the budget surplus is 6.8 billion euros. The Treasury has forecast a surplus of €4.45 billion for the full year – the key factor in Ministers Paschal Donohoe and Michael McGrath’s budget giveaway announcements last month if corporate taxes continue to come in well above even revised forecasts, which could improve further .

Corporate income tax is not the only factor driving the improvement in the state’s overall position. With record figures in the workplace Income tax receipts of 2.2 billion euros were recorded in September, 300 million euros ahead of September 2021

September is a VAT month and 3.1 billion euros in revenue was collected, another 500 million euros better than the same month in 2021.

Almost all tax positions are ahead of last year as the central bank and NAMA continue to return their excess revenue to taxpayers. Corporate taxes continue to flow in above forecasts

Fry Electronics Team

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