Tax Revenues Rise in Ireland
June 4, 2015 Taxation in Ireland
DUBLIN – Tax collections in Ireland so far this year are almost EUR 1.7 billion higher than during the same period in the last year, leading some to call for the government to cut taxes.
On June 3rd the Department of Finance of Ireland released the latest tax collection data, showing that the tax take for the first five months of the year was higher than expected, and significantly better than during the same period in 2014.
The total tax revenue collected over the first five months of the year reached EUR 17.29 billion, an amount which is EUR 734 million higher than forecasted for the period, and EUR 1.69 billion more than the collections for the same period in the previous year.
The tax take rose for every tax type when compared to last year, but the increase was especially notable for personal income tax, which rose from EUR 6.6 billion to EUR 7 billion, corporate income tax, which rose from EUR 981 million to EUR 1.5 billion, and VAT, rising from EUR 5.2 billion to EUR 5.7 billion.
Some experts have already come forward to claim that with the rising tax revenue levels and the country’s falling unemployment rates, the government now has ample room to introduce some tax reductions measures for businesses and individuals.
Photo By: Emilian Robert Vicol