July delivers another month of high-performing tax yields
Commenting on today’s exchequer figures for July, Tom Woods, Head of Tax at KPMG, says:
“The strong performance of Corporation Tax, Income Tax, and VAT continues to drive growth in tax receipts which are ahead of the same period last year by €4.3 billion or 10%. July is traditionally not a key month for corporation tax but receipts for the month are still up on last year indicating that profitability in the corporate sector continues to hold firm.”
“While July is not the most significant month for CT, it is significant as a VAT payment month, with over €2.9 billion collected in VAT in July, reflective of consumer spending in May and June. Total VAT receipts in the year to date at €13.2 billion are well on track to meet the Government’s €20.4 billion projected VAT take for 2023. Cumulative income tax receipts are also on target to achieve the forecasted €32.8 billion income tax take for the full year.”
“Clearly, this sustained performance gives the Government options for the upcoming budget such as investing in personal tax reform to improve Ireland’s proposition as a location for global talent and to help mitigate the cost of job creation for SMEs.”
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