# Irish corporate tax boom breaks more records in November
Author:  Pal Sinha, Barnali 
Author URL: https://financedigest.com/author/pal-sinha-barnali
Published: 2022-12-02
Category: FINANCE
Category URL: https://financedigest.com/category/finance
Meta Title: Ireland's Corporate Tax Boom: Record-Breaking 2022
Meta Description: Ireland's corporate tax take hit 5 billion euros last month, surpassing previous annual totals, with multinationals driving receipts higher.
URL: https://financedigest.com/irish-corporate-tax-boom-breaks-more-records-in-novemberhtml

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DUBLIN (Reuters) – Ireland took in more corporate tax in November than it used to collect in entire years a decade ago, as a recent boom in receipts from multinationals picked up more pace to push the total tax take 25% higher year-to-date.

The treasury took 5 billion euros ($5.24 billion) last month, mostly from a small number of large companies whose European headquarters are in Ireland. That lifted the total corporate receipts so far this year to 21.1 billion euros, up 56% from the same point last year.

The November total was more than the 4.6 [billion euros](https://www.financedigest.com/mercedes-benz-to-buy-back-up-to-4-billion-euros-in-shares-by-2025.html "Mercedes-Benz to buy back up to 4 billion euros in shares by 2025") of corporate receipts collected for the whole of 2014. The total so far this year has already far eclipsed the previous annual record of 15.3 [billion euros](https://www.financedigest.com/unicredit-gets-ecbs-green-light-for-second-1-billion-euro-share-buyback.html "UniCredit gets ECB’s green light for second 1 billion euro share buyback") recorded in 2021.

The [finance ministry reiterated that some of the receipts are expected to be one-off and will not happen again next year](https://www.financedigest.com/2019-year-must-re-build-public-trust-finance.html "2019 is the year we must re-build public trust in finance"). It has also warned that recent lay-offs in Ireland’s large multinational tech sector could signal a dip in profitability and therefore [corporate tax payments for some firms](https://www.financedigest.com/top-north-east-financial-adviser-firm-talks-corporation-tax.html "Top North East financial adviser firm talks corporation tax").

November was also another strong month for income [tax and VAT](https://www.financedigest.com/goodbye-to-all-vat-eu-indirect-tax-after-brexit.html "GOODBYE TO ALL VAT? EU INDIRECT TAX AFTER BREXIT"), the other largest categories.

Income [tax receipts of 4.4 billion](https://www.financedigest.com/walmart-paid-most-of-1-billion-tax-for-phonepe-shifting-base-to-india.html "Walmart paid most of  billion tax for PhonePe shifting base to India") euros were up 16% year-on-year, which the finance ministry said reflected continued increases in earnings as well as the strength of self-employed income, much of which is paid in November.

VAT receipts for the month were up 19% year-on-year, reflecting the [recovery in consumption as well as higher](https://www.financedigest.com/european-shares-end-higher-on-china-recovery-optimism.html "European shares end higher on China recovery optimism") prices.

Total government expenditure so far this year was marginally lower than in 2021, contributing to a [budget surplus of 12.1 billion euros](https://www.financedigest.com/croatia-heading-to-enter-euro-zone-adopts-first-budget-in-euros.html "Croatia, heading to enter euro zone, adopts first budget in euros") at the end of October, compared with a 1.5 billion euro deficit a year ago.

The finance ministry said the end-year surplus will be much [lower as December is the largest month for expenditure and will include further government assistance to help consumers](https://www.financedigest.com/britains-next-sees-lower-profit-in-2023-as-consumer-outlook-darkens.html "Britain’s Next sees lower profit in 2023 as consumer outlook darkens") with rising prices.

Its most recent [forecast is for a budget](https://www.financedigest.com/how-financial-planning-starts-with-a-new-approach-to-budgeting-and-forecasting.html "How financial planning starts with a new approach to budgeting and forecasting") surplus of 0.4% of gross national income for 2022.

($1 = 0.9553 euros)

($1 = 0.9540 euros)

(Reporting by Padraic Halpin; Editing by Andrew Heavens)


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