May's income tax receipts also held up surprisingly well, probably reflecting the number of jobs that are being supported by the pandemic and wage-subsidy schemes, Prof McQuinn said. “It is still June and November which are the big months for collecting corporation tax receipts and that will ultimately tell how strong the receipts are for the year, but that they are strong so far is encouraging,” he said. “If the corporation tax receipts do hold up, it will help Government revenues to hold up because the big unknown is corporation tax receipts,” he said. On Government unemployment supports, he predicted the pandemic payments and wage-subsidy schemes would likely be extended to the end of the year to support the economy. The Government should be credited with the speed by which it introduced the pandemic and wage-subsidy schemes, he said.

Source: Irish Examiner June 07, 2020 18:10 UTC