Minister for Finance Michael McGrath with Minister for Public Expenditure Paschal Donohoe: fall in corporation tax receipts has been driven by weak exports, particularly in the pharmaceutical sector. Photograph: Alan Betson
The €1.3 billion in corporation tax receipts recorded last month was down €1.05 billion on October 2022, with the slump appearing to confirm that the exchequer’s period of bumper returns – which are gleaned from the profits of a small number of multinational companies – has come to an end for now. Corporation tax receipts in 2023 to date are now trailing the figure recorded in the first 10 months of last year. At €15.7 billion, they are €435 million or 2.7 per cent lower than in the same period in 2022.
Total tax receipts collected in the first 10 months have reached €66.5 billion, up €2.5 billion or 4 per cent on 2022, with the gains driven primarily by income tax and VAT, the Department of Finance said. Minister for Finance Michael McGrath and Minister for Public Expenditure Paschal Donohoe both warned ahead of last month’s announcement of Budget 2024 that the State could not rely forever on the unexpectedly huge sums generated by the tax throughout 2022 and in the early months of this year.
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