Tax receipts in the first two months of this year are up 12% on the same time in 2024, indicating that the economy continues to power ahead.
In addition, the State’s coffers benefitted from a €1.7 billion payment which was part of a settlement made by Apple.
The payment related to the Court of Justice of the European Union judgement which said the iPhone maker had to repay €14 billion to Ireland in back taxes.
The latest Exchequer Returns showed tax receipts to the end of February amounted to €13.5bn (excluding the contribution from Apple).
Income tax was almost 6% ahead of the same period last year at €5.7bn and VAT receipts were up 7% at €4.6bn.
Corporation tax soared by 89% to €1.1bn, helped by significant taxation of multinationals’ profits.
This was partly driven by a one-off payment which was not related to Apple.
Spending in the first two months of the year was €16.7bn, up 11% on same period last year, but slightly behind the Government’s own forecast.
Minister for Public Expenditure Jack Chambers said the figures reflected “additional funding for critical areas across our society including increased Social Protection rates as well as health and education sector investment.”
Capital spending is up 50% on the same period last year, he said.
Minister for Finance Paschal Donohoe said in an “increasingly uncertain environment it is now more important than ever that we maintain our public finances on a positive trajectory.”
Article Source – Tax receipts in year to February up 12% on last year – RTE
