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Ireland’s tax take unexpectedly holds up in May

Ireland’s tax take so far this year was broadly stable at the end of May as bumper corporate tax returns and a greater than expected resilience in income tax and VAT receipts to the coronavirus shutdown staved off a forecast collapse.

Ireland had expected its tax take for the year to be almost 10% or 2.1 billion euros lower year-on-year by the end of May when it published revised figures taking account of the shutdown but data on Wednesday showed it was just 8 million euros lower.

That was due to falls far less steep than anticipated in income tax and VAT receipts and the 2.6 billion euros returned in corporate taxes in May compared to the 1.6 billion forecast for what is typically the second largest month for corporate tax returns with 15% of the total year’s take due.

http://international-journal.com/

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