Minister for Finance Michael McGrath said there would be a further “modest increase” in corporate tax to around 24.5 billion euro this year but around 11 billion euro of that would be “potentially windfall in nature”. There was an Exchequer surplus of 1.2 billion euro at the end of 2023, down from 5 billion euro recorded in 2022. The drop is due in part to 4 billion euro being transferred from the Exchequer to the national reserve fund. “But certainly based on the assumptions that we have made, it is our view cost-of-living crisis will progressively ease across 2024.”On corporation tax receipts, he said: “Of course, the most notable feature of the 2023 tax performance was corporation tax receipts of 23.8 billion, or 1.2 billion euro up on 2022. He also said that a global plan to increase corporate tax receipts to 15% would not be felt by Ireland until 2026.

Source: The Herald January 04, 2024 18:38 UTC