The 2021 record haul was driven by exceptionally strong returns from both income tax revenues and corporation tax revenues, while Vat receipts also held up well in difficult circumstances, the exchequer figures will show. For the second economic crisis in 10 years, corporation tax revenues paid by multinationals will again feature as a star performer. December’s figures will complete the new annual record for the State for corporation tax revenues and will again raise concerns that over 20% of all tax revenues raised by the Government is derived from this single tax source. Senior economist Jim Power said the momentum from the tax revenues in 2021 will carry through to the early months of this year. He said the resilience over the last two years means that the public finances are in good shape should another Covid variant emerge, and predicted that this year will set another new tax receipts record.

Source: Irish Examiner January 05, 2022 04:04 UTC