Latest news with #ExchequerReturns
RTÉ News
06-08-2025
- Business
- RTÉ News
Tax take to end of July up 7.5% on same time last year
The amount of tax collected by the State between January and the end of July was up by 7.5% on the same time last year, when once off payments related to the Apple tax ruling are excluded. The latest Exchequer Returns show that so far this year, €56.2bn in tax receipts were collected, an increase of €3.9bn on the first seven months of 2024. All the major tax categories recorded growth last month, reflecting strong economic growth despite the concerns over the impact of tariffs. When the once-off tax receipts arising from the Court of Justice of the European Union on the Apple tax are excluded, the tax revenue so far this year stands at €58bn, which is €5.6bn or 10.8% higher than the end of July 2024. €20.3bn of the total came from income tax, which was 3.9% higher than what was collected in the first seven months of last year. July is not a key month for corporation tax, but excluding the Apple payment, corporation tax take for the year to date is well ahead of last year, up by 14.1% to €14.3bn. The figure represents an increase of €1.8bn on the number at the end of July 2024. July is an important month for VAT returns. The latest Exchequer Returns show receipts of €3.3bn were collected last month, €46m or 1.4% ahead of the same month last year. It takes the total VAT revenue for the year so far to €14.8bn, which is €0.7bn or 4.8% up on 2024. Total gross voted expenditure to the end-July amounted to €60.5bn, which is €4.8bn or 8.6% ahead of the same period last year. The spending is €0.3bn or 0.6% ahead of projections.
RTÉ News
03-07-2025
- Business
- RTÉ News
Tax collected in first half of year up 7% to nearly €48bn
The amount of money collected in tax in the first half of the year rose almost 7% to €47.7bn compare to the same period last year reflecting strong economic growth despite concerns about the impact of US tariffs. Most major categories of taxation are performing ahead of or in line with expectations so far in 2025. Latest Exchequer Returns published by the Department of Finance show when one off payments from iPhone-maker Apple are included tax revenue was €49.5bn to the end of June. There was an underlying Exchequer surplus of €1.2bn in the first half of the year, a decrease of €1.9bn on the same period last year. But when the additional money from Apple is included the surplus was €4.5bn in the first six months of the year. Total spending to the end of June was €58.2bn which included payments of €3bn to the State's two long term savings funds: the Future Ireland Fund and the Infrastructure, Climate and Nature Fund last month. So far this year income tax is up 4.3% at €17.4bn broadly in line with expectations. Corporation tax, which has been highlighted as a concern because of its volatility, was slightly ahead of forecast at €13.1bn up 7.4%. VAT receipts were also ahead of projections at €11.6bn which is 5.6% up on the same period last year. Non tax revenue to the end of June was €2.2bn, up €1.9bn on the same period last year due to payments by Apple.
RTÉ News
05-06-2025
- Business
- RTÉ News
Tax take to end of May up 3.6% on same time last year
Taxes collected by the State rose by 3.6% in the first five months of the year to €36.4bn, according to latest Exchequer Returns from the Department of Finance. When some funds from iPhone-maker Apple, which was forced to pay back taxes as part of settlement of up to €14bn to Ireland are included, the amount of tax collected was up 8.5%. Income tax, a key indicator of the health of the economy, was up by 4.5%, while VAT rose 5.5%. Corporation tax, including funds from Apple, was up 18% in the first five months of the year. However, if the Apple money is excluded, corporation tax is down 9.4% on the same period last year. Minister for Finance Paschal Donohoe said the drop was driven by one-off factors last year. But he added: "It nonetheless highlights the degree of concentration in the corporate tax base, where a small number of multinational firms can significantly impact on the overall tax yield." The figures also show Government spending was up 8% in the first five months of the year to €42bn which was close to its target. There was an exchequer surplus of €4bn in the five months to the end of May. But excluding the money from Apple the surplus was €700m. Minister Donohoe said: "May is one of the most important months for tax revenues and the steady growth in most tax headings points to an economy that is in a in a relatively good position."
Irish Examiner
05-06-2025
- Business
- Irish Examiner
Overall tax take up 8.5% as corporation taxes drop
Tax receipts for the first five months of the year rose to €38.2bn, an 8.5% increase on the same period last year. The latest Exchequer Returns figures show the State enjoyed a €4bn surplus to the end of May, an improvement of €3.2bn on 2024. However, when receipts arising from the Court of Justice of the European Union (CJEU) ruling for the Apple Tax Case are excluded, the underlying position was a surplus of €0.7bn, a decrease of €0.1bn on the same period last year. Income tax receipts of €2.8bn were collected in May with income tax receipts so far this year amounting to €14.5bn up 4.5% on last year. Corporation tax receipts of €2.5bn were collected in May, down by €1.1bn on the same month last year. The Department of Finance said this reflects once-off factors that boosted May 2024 receipts, distorting the year-on-year comparison. May is a VAT-due month and receipts of €3.5bn were up on the same month last year by €0.1bn. On a cumulative basis, receipts of €7.4bn were up by €1.1bn on the same period last year. When once-off CJEU revenues are excluded, cumulative corporation tax receipts to end-May amounted to €5.7bn, down by €0.6bn (9.4%) on the same period last year. Reacting to the figures, the Minister for Finance, Paschal Donohoe said the most notable feature of the returns was the 'marked' year-on-year drop in corporation taxes. "While this reflects once-off factors last year, it nonetheless highlights the degree of concentration in the corporate tax base, wherein a small number of multinational firms can significantly impact on the overall tax yield," he said. 'In a context of unprecedented uncertainty in the international economic landscape, this serves as a timely reminder of Ireland's exposure to changes in the global trading environment, and of the vital importance of adhering to a sensible and sustainable budgetary strategy.'
RTÉ News
06-05-2025
- Business
- RTÉ News
US tariffs of 10% would hit GDP growth in 2026
Continuing US tariffs of 10% would reduce Gross Domestic Product, a measure of economic growth which includes multinationals, by 1.5 percentage points next year, according to the Department of Finance. The growth in the domestic economy would be down 1 percentage point and employment growth would be 0.5 of a percentage point lower, according to the Department's new projections. The lower level of growth in the employment market is the equivalent to around 25,000 fewer jobs by the end of next year. The Department of Finance produced two forecasts for the Irish economy today - one which models the effect of tariffs of 10% and one which assumes no import taxes. The forecast shows that without any tariffs Ireland will grow by 4.1% in GDP terms this year and the domestic economy will expand by 2.5%. Next year it is forecasting GDP growth of 3.4% and domestic growth of 2.8%. At a press conference today. Minister for Finance Paschal Donohoe said "we are in a time of immense uncertainty." He said it was also possible further scenarios could develop in the weeks ahead which could affect Ireland. He added the "the higher level of uncertaintly the worse it is for global growth." He said latest income tax figures showing growth of 4.8% in Exchequer Returns published today showed the economy continued to perform well. On the threatened tariffs on film exports to the US, Minister Donohoe said it was a "cause for concern" for the Irish media sector.
