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The positives and negatives of corporation tax receipts a feature in 2022 Tax Statistics.
In what was a surprise to many, the Advocate General has referred the Apple case back to the General Court. In the opinion of the Advocate General, several errors were made in the ruling of the General Court, meaning that a rehearing is necessary.
October continued the trend seen in recent months for the Exchequer, with a very mixed set of results on the tax receipts front, down over 16% on October last year. Corporation tax continues to be of most concern. Corporation tax receipts for October were down by €1bn, or 45%, on the same month last year. These figures are stark.
The September figures represent a mix of preliminary tax payments based on 2023/2024 estimates but also final payments for 2022, hence they are not necessarily a good indicator for the trajectory of future receipts. However, if this performance is repeated in the key month of November, the expected large Budget surplus for 2023 will be under threat.
Exchequer tax receipts for August were surprisingly poor, reversing a sustained period of positive results.
The proposed Budget 2024 includes a tax package of €1.1 billion, primarily aimed at addressing the issue of workers moving into higher tax brackets.