Apple court case ruling sees November's corporation tax take double
The Department of Finance explained that the bulk of November's increase was from the court ruling on the Apple tax case which concluded in September. File picture: PA
The Exchequer recorded a €13.8bn surplus during the month of November driven by the Government receiving a tranche of the money from the Apple tax case. This compares to a surplus of €5.4bn during the same month last year.
In total, €22.8bn in tax receipts were collected during November, up by €7.2bn in the same month last year. This includes €4.7bn in income tax receipts, up €60m.
November is a significant month for income tax receipts as it is when the bulk of self-assessed income tax is received.
It is also often the month for the largest corporation tax receipts, but with the Government continuing to collect money from the Apple court ruling, it increased 116.8% this year to €13.7bn. This is a rise of €7.4bn on last year with the Department of Finance explaining that the bulk of this increase was from the court ruling which concluded in September.
Last month was the last Vat-due month of the year with receipts totalling €3.1bn which is down €25m compared to last year. The department said this is due to a technical factor with receipts withheld to fund potential repayments over the Christmas period.
Excise duty receipts during the month came to €500m.
In the year to the end of November, €99.1bn has been collected in tax receipts — which is €17.1bn ahead of the same period last year driven primarily by a large increase in corporation tax receipts.
Cumulative income tax receipts of €32.3bn are ahead of the same period last year by €1.9bn. Total corporation tax receipts so far this year stand at €35bn, up by €13bn compared to last year.
Total Vat receipts stand at €21.4bn, up €1.3bn year-on-year.
Gross revenue to the end of November stood at €116.8bn — up €17.6 billion year-on-year. Non-tax revenue and capital resources during this period stood at €2.4bn while appropriations-in-aid stood at €15.3bn.
Total expenditure in the year to the end of November was €103bn. Of this, gross voted expenditure stood at €92bn which was €9.6bn ahead of the same period last year. Non-voted expenditure accounted for €11bn.
