Ireland’s Department of Finance has revealed that corporation tax receipts amounted to EUR 21.1 billion in the year to end-November.
“Corporate tax receipts in November were very strong, with receipts of €5 billion, up €1 billion compared with the same month last year,” according to a government release.
The Department of Finance noted that the increase in the corporate tax receipts is driven by strong increases in profitability in the multinational sector.
Commenting on the figures, Finance Minister Paschal Donohoe, said: “The strength of potentially volatile corporation tax receipts provides an artificially positive picture of the public finances.”
“Corporation Tax collected this year will be double the level in 2019 and around five times the level a decade ago. If windfall corporation tax receipts were excluded a significant deficit would be in prospect this year,” he added.
“The Government has not used corporation tax receipts that may prove transitory to fund higher levels of permanent spending,” he said.