CONTINUEThis site uses cookies. By continuing to browse this site you are agreeing to our use of cookies. Find out more.
  1. Front Page
  2. News By Topic
  3. High Tax Revenues Contribute To Ireland Budget Surplus

High Tax Revenues Contribute To Ireland Budget Surplus

by Jason Gorringe, Tax-News.com, London

03 December 2015


A ten percent year-on-year increase in tax receipts helped the Irish Government record a budgetary surplus of EUR343m (USD362.8m) for the first 11 months of 2015.

Commenting on the "exceptionally strong" tax receipts, Finance Minister Michael Noonan said: "The Exchequer Statement for end-November shows a strong performance across all major tax heads. With one month remaining in 2015, EUR41.97bn in tax revenue has been collected, EUR2.94bn ahead of target and up EUR3.82bn when compared to the same period last year."

Tax revenue for the January-November period was up ten percent year-on-year and 7.5 percent on target. Tax receipts for November were up 7.3 percent on target. There was a 5.1 percent year-on-year rise in income tax receipts, and a 52 percent increase in corporation tax receipts. There was a surplus of EUR343m for the first 11 months of 2015, compared to a budgetary deficit of EUR5.76bn for the same period in 2014.

Noonan explained: "As has been the trend throughout the year, corporation tax receipts have been particularly strong, finishing the month EUR312m or 24 percent above target. The Revenue Commissioners have advised me that this over-performance is primarily related to improve trading conditions and is broad based."

"November is an important month for value-added tax (VAT) returns, and when compared to the same period last year, receipts are now up EUR934m or 8.6 percent. This is a reflection of improved consumer confidence and increased retail sales for the year to date."

TAGS: tax | value added tax (VAT) | Ireland | budget | corporation tax | ministry of finance | tax authority | revenue statistics | retail | individual income tax

To see today's news, click here.

 















Tax-News Reviews

Cyprus Review

A review and forecast of Cyprus's international business, legal and investment climate.

Visit Cyprus Review »

Malta Review

A review and forecast of Malta's international business, legal and investment climate.

Visit Malta Review »

Jersey Review

A review and forecast of Jersey's international business, legal and investment climate.

Visit Jersey Review »

Budget Review

A review of the latest budget news and government financial statements from around the world.

Visit Budget Review »



Stay Updated

Please enter your email address to join the Tax-News.com mailing list. View previous newsletters.

By subscribing to our newsletter service, you agree to our Terms and Conditions and Privacy Policy.


To manage your mailing list preferences, please click here »