Strong income receipts for April
Commenting on today’s exchequer figures for April, Tom Woods, Head of Tax at KPMG, says:
"Income Tax receipts of €3.2 billion for April are up 5.9% on last year, reflecting a dynamic Irish labour market. While there have been marginal increases in monthly unemployment rates, the economy continues to operate at near full employment which bears out in the €11.2 billion in income tax receipts collected in the year to date, up 7% on last year.
The Government made a slight downward adjustment to forecasted tax receipts for 2024 in the recent Stability Programme Update, indicating confidence that the economy can generate another year of record tax receipts of €92 billion. Four months into the year, tax receipts of €24.8 billion are robust, but the performance of Corporation Tax receipts over the coming months will be key to determining whether the Government’s forecast is achievable.
April is a quiet month for VAT and Corporation Tax receipts, but Excise receipts are contributing to the growth in exchequer receipts are driven in part by the winding down of “cost-of-living” supports."
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Tom Woods
Partner, Head of Tax
KPMG in Ireland
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