Exchequer returns - November 2024
Commenting on today’s Exchequer figures for November, Tom Woods, Partner at KPMG, says:
With November being the bumper month for Corporation Tax receipts, it’s now clear that Ireland is on track to deliver another record-breaking performance in 2024. Not counting the Apple payments, the second tranche of which we understand to be approximately €6 billion, Corporation Tax receipts for the year to date are up €4 billion or 18%. As many companies make their Corporation Tax payments in November, today’s results demonstrate continued strong profitability in the corporate sector.
As expected, Income Tax receipts for the year to date are €1.9 billion or 6% up on last year, reflecting the ongoing strength of the labour market. VAT receipts also continue to grow with €1.2 billion or 6% more collected compared to last year. December’s outcome will be closely watched as it is the key month of the year, the results of which will be known in February.
As Government formation talks get underway in the wake of the election, the rude health of the economy, combined with the Apple payments, should facilitate an ambitious Programme for Government. Now is the time to act to address the deficits in infrastructure and strengthen the economy’s competitiveness for inward investment, especially in this time of uncertainty in global tax policy with the new administration coming into office in the US. Our competitiveness shouldn’t only be the domain of FDI - it is also imperative that the Programme for Government addresses the increasing cost of doing business for SMEs in Ireland.
