Government collects over €76bn in massive tax haul for first 10 months of the year
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The Government has collected a massive €76.3bn tax haul in the first 10 months of the year, up almost 15% on the period in 2023.
Corporation tax returns are now up by almost 36% ahead of this time last year, with a total of €21.4bn being collected up to October.
In recent years, corporation tax receipts have rapidly increased and concerns have been raised about the volatile nature of such returns.
Government ministers have repeatedly warned that corporation tax receipts are a windfall, with such funds being set aside in pots like the Future Ireland Fund.
Overall corporation tax receipts collected in October were €2.8bn, which the Department of Finance says are being driven by the once-off tax windfall from the Apple case which was ruled on in September.
According to the Department of Finance, a quarter of the total liability from Apple has been transferred so far.
In a statement on the release of the figures, Finance Minister Jack Chambers said it was “another really strong set of exchequer returns” that show steady growth across most revenue streams.
Mr Chambers said the October exchequer returns take account of the landmark Apple tax ruling by the European Court of Justice.
“As Minister for Finance, I am developing a framework for how these windfall receipts can be best used in the interest of our people, communities, businesses and our country,” Mr Chambers said.
Mr Chambers said these windfall receipts must be used to “massively ramp up investment in our public and strategic infrastructure including housing, water, energy and transport as well supporting our enterprise economy”.
“Fianna Fáil is setting out a clear strategic direction so we best utilise the strong economic position we are in to support current and future generations by creating more jobs and enhanced opportunities for workers and businesses.”
Other tax receipts recorded include income tax, which was valued at €2.8bn for October. This is up by €0.2bn compared to October 2023.
A total of €27.6bn was recorded in income tax across the first 10 months of the year, while excise receipts reached €5.3bn in the same period.