05/12/18

IRELAND: Government Takes in Near Record €2.7bn in Corporation Tax in November.

The Government took in a near record €2.7 billion in corporation tax in November, nearly half a billion more than expected, reports the Irish Times

Exchequer returns for the first 11 months of the year show receipts from the business tax are now €9.4 billion for the year, 20 per cent ahead of the Government’s target.

The total for 11 months is also ahead of last year’s record €8.2 billion haul. Corporation tax receipts have doubled since 2015 amid a massive transfer of assets here in the wake of a clampdown on multinational tax avoidance and increased corporate profitability.

“November is the largest corporation tax collection month of the year and receipts were once again very strong, reflecting, in part, higher levels of corporate profitability in the economy,” the department said.

About 40 per cent of business tax receipts in the Republic are generated from a handful of firms, understood to include tech giants Apple, Microsoft, Dell, Google and Oracle.