May delivers another strong performance for tax receipts

Commenting on today’s Exchequer Tax Receipts, Tom Woods, Head of Tax at KPMG, says: “The Irish economy continues to generate record tax receipts for the year to date of €33.1 billion.

Accumulated corporation tax receipts for the year to date are coming in 20.7% higher than last year with an element of these receipts exceptional/windfall in nature.  As in previous months this element should be dealt with separately. 

VAT receipts are up by 11.7% on the same period last year.  However, the impact of inflation on VAT receipts is one to watch in the months ahead, as a fall in inflation may reduce the rate of growth in VAT receipts experienced over the last twelve months."

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