More corporate tax was paid in November than in all of 2014

Companies paid more taxes on profits in November this year than in all of 2014, taking the total number of taxes paid here to an unprecedented 100 billion euros, according to the latest tax returns

Corporate tax receipts amounted to 5 billion euros in November. This compares to net corporate tax receipts of €4.575 billion for all of 2014 ahead of a massive and still ongoing increase in the amount of taxes paid here, mainly by multinational companies following global tax reforms to combat profit shifting.

Despite initial resistance, Ireland is the main beneficiary of the reforms.

The cumulative corporate tax revenue for the year now amounts to €21.1 billion, which is €7.6 billion more than in the same period last year.

The tax is now the second largest in the state’s total income after the income tax, having overtaken the sales tax this year.

The speed and scale of the increase in corporation tax, and the fact that the amounts paid are significantly decoupled from activity within the Irish economy, have led to widespread warnings about the development of an over-reliance on windfall income that may not recur, which is what Donohoe was spearheaded by Treasury Secretary Paschal for the decision to make the winter living package mainly a series of one-off payments.

From today’s perspective, however, the latest figures from the Ministry of Finance show that the country is now sitting on a surplus of €12.1 billion for the first 11 months of the year.

It’s a massive reversal from a deficit of 1.5 billion euros at the same time last year. However, the magnitude of the excess of taxes paid over spending will diminish once the costs of the winter living package, including energy subsidies and additional social benefits, are fully accounted for.

The gross receipts of the state amounted to 99 billion euros by the end of November, an increase of 11.1 percent compared to the end of November 2021.

Total spending over the same period was 86.9 billion euros, around 4 billion euros less than 2021, thanks to the end of the pandemic and the recovery of jobs.

https://www.independent.ie/business/more-corporation-tax-paid-in-november-than-in-all-of-2014-42191588.html More corporate tax was paid in November than in all of 2014

Fry Electronics Team

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