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Irish tax take slips further behind target on corporate returns

Written by Business World, on 6th Jun 2019. Posted in Financial

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Ireland's tax take fell further behind target for 2019 at the end of May, the finance department said on Wednesday, as corporate tax receipts dropped more than expected.

Although the 22 billion euros Ireland collected in tax was up 5.7% year-on-year, it was 1.1% or 253 million euros below expectations, a worse outcome than a month earlier.

That was mainly due to corporate tax coming in 11.4% behind target following the third-busiest month for company returns. The figures for June, which are primarily determined by 2019 corporate profitability, will likely provide a clearer picture for the year, the finance department said.

Corporate tax receipts, mainly from Ireland's large cluster of multinational firms, have more than doubled in recent years but are forecast to fall back this year after a portion of last year's surge was adjudged to be a one-off.

The exchequer recorded a deficit of 62 million euros at the end of May, broadly similar to a year ago. Ireland is aiming to record its first budget surplus in more than a decade this year. (Reuters)

Source: www.businessworld.ie

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