Latest news with #ExchequerReturns
RTÉ News
3 days ago
- 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
3 days ago
- 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.
RTÉ News
06-05-2025
- Business
- RTÉ News
Tax take to end of April up 15% on same time last year
Tax receipts for the first four months of the year are up 15.3% on the same time last year, the latest Exchequer Returns from the Department of Finance show. Today's figures show that the tax take reached €28.6 billion at the end of April. When once-off tax revenues from the Apple tax case are excluded, underlying tax receipts of €26.8 billion are up by 8.3%, the Department of Finance added. The latest Exchequer figures show that income tax rose by 7.5% to €3.5 billion in April compared to the same time last year. April is not a key month for corporation tax receipts and just €0.1 billion was collected in the month, a fall of €0.1 billion compared to April last year. On a cumulative basis, receipts of €4.9 billion were up by €2.2 billion in the four months to the end of April on the same time last year. When the Apple funds are excluded, cumulative corporation tax receipts to the end of April amounted to €3.2 billion, €0.5 billion ahead of the same time last year. Today's figures show that excise duty receipts rose by 13.2% to €0.6 billion compared to April 2024, while excise receipts to the end of April amounted to €2.1 billion, an increase of 8.3% on the same four month period in 2024. April is also a non-VAT due month and receipts in the month of €0.3 billion were down slightly on the same month last year by €38m. Cumulative receipts of €7.9 billion were ahead by 6% for the four months to the end of April. The Department of Finance also said that Stamp Duty receipts of €613m were collected in the four months to the end of April, up by €119m on the same time last year, while Capital Gains Tax receipts amounted to €412m, an increase of €152m on the same time last year. The Department of Finance today reported an Exchequer surplus of €2.8 billion for the four months to the end of April. This compared to a deficit of €1.2 billion recorded in the same period last year. It said that when receipts from the Apple tax case in the Court of Justice of the European Union ruling are excluded, the underlying Exchequer position was a deficit of €0.5 billion, an improvement of €0.7 billion on the same time last year. Today's figures also show that Exchequer spending to the end of April totalled €35.8 billion, consisting of gross voted and non-voted expenditure of €33.1 billion and €2.7 billion respectively.
