The Government collected almost €9bn in tax revenues in May, marking only a 1% rise from the same month a year ago, as “volatile” corporation tax receipts fail to perform. The tax haul in the month was boosted by over 9% rise in income tax receipts but, the Department of Finance highlighted a decline in corporation tax receipts due to “higher repayments and lower profitability” in the month. Total corporation tax receipts in May ran to €2.7bn, down more than 6% from the same month a year ago. And the Government collected almost €2.6bn in income tax receipts, up more than 9%. At the moment it looks like strong corporation tax receipts will help generate large budget surpluses for the foreseeable future,” Mr Vale said.

Source: Irish Examiner June 03, 2023 04:20 UTC