Corporate Tax Receipts Surge in Ireland

DUBLIN (Reuters) – Irish corporate tax receipts were up 59% in the first 11 months of the year, driven by a part of a 14 billion euro Apple back-tax windfall that has boosted already strong revenues, according to finance ministry data released on Wednesday.

November is the most significant month for corporate returns, with around a quarter of the year's corporate tax collected. In November alone, Ireland received 13.7 billion euros in corporate tax, marking an impressive 117% increase compared to last year.

> “The bulk of the increase is due to receipts from the Court of Justice of the European Union ruling on September 10,” the ministry noted, though it did not specify the exact amount.

Finance Minister Jack Chambers stated that about two-thirds of the revenue from the Apple ruling had already been received.

Ireland will access the Apple back taxes from an escrow account over the coming months following a ruling in September deeming its favorable tax treatment of the iPhone maker as unlawful.

The overall tax revenue for the year until the end of November has risen 20.8% higher than the same period last year, fueled by growth in income tax and VAT, which are the other two largest tax types. Most self-employed individuals submit their income tax returns in November.

Ireland anticipates banking 8 billion euros of the Apple back taxes this year, projecting an overall tax revenue increase of 20% year-on-year, and this year’s budget surplus will reach 7.5% of national income.