Commenting on today’s exchequer figures for September, Tom Woods, Partner at KPMG, says:
“Today’s exchequer returns show continued strength in corporation tax receipts, now totalling €17.8 billion year to date, up €3.4 billion or 23% on the same period last year. To put this performance into perspective, more corporation tax was collected in the first nine months of 2024 than in all of 2021. This upward trajectory is expected to continue with Government revising its forecasts for 2024 and 2025 upwards this week by €5 billion and €4 billion respectively, separate from the Apple payments coming into the Exchequer.
Income Tax receipts of €24.8 billion for the year to date are also up on last year by €1.6 billion, which exceeds the income tax cuts of €1.3 billion provided in last year’s Budget. It is likely that the net income tax package of €1.4 billion announced on Budget Day this week will be offset by growth in income tax receipts next year, as record employment rates are expected to continue.
VAT receipts are also ahead by €1.2 billion, coming in at a robust €17.9 billion for the year to date, reflecting resilient consumer confidence.”
