Solid corporation tax receipts in June

Commenting on today’s exchequer figures for June, Tom Woods, Head of Tax at KPMG, says:

“Corporate Ireland continues to drive Ireland’s strong economic growth, which is all the more notable in the more challenged global environment. Corporation tax receipts for June are 38% or €1.6 billion up on the same month last year.  June is traditionally the second largest month for corporation tax after November.  Based on historical trends, corporation tax receipts in November are strong when June receipts are robust, so today’s figures bode well for the overall performance of corporation tax this year.

Income tax receipts have increased every month in the year to date, culminating in €1.2 billion more income tax collected in the first half of the year compared to last year due to higher wages and a record 2.7 million people in employment. 

Overall tax receipts grew by a healthy 9.3% or €3.8 billion for the first half of the year which is ahead of plan and should provide the Government with additional resources in Budget 2025 to address some of the challenges facing the country, such as housing, the green transition and competitiveness."

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