Over €93 billion in tax generated by Govt in 2021, up 21% on 2020 revenue
Total tax revenue collected by the Exchequer in 2021 was €93.3 billion, according to the Central Statistics Office.
This was €15.9 billion more or 21% higher than in 2020.
Today’s figures are contained in a new CSO publication, which is different to the figures published monthly by the Department of Finance.
It includes a wider range of taxes, including the property tax and commercial rates.
Income tax, including USC, was €23 billion which made up 30% of tax receipts.
Corporation tax was €15 billion, accounting for 16% of taxes.
The amount of corporation tax collected has almost doubled since 2017 when it was €8 billion.
This year, official forecasts are for corporation tax to come to over €21 billion.
VAT receipts came in at €17 billion, accounting for 18% of taxes, while excise duties were €6 billion.
VAT increased by 30% compared to 2020, but during that year commercial activity was affected by Covid-19 restrictions and VAT returns actually fell by 16%.
PRSI receipts were €12 billion in 2021, up 12% on 2020.
The release also shows that local authorities collected €1.5 billion, most of which was commercial rates.
There was €735m paid in taxes to the rest of the world, the bulk of which was just over €500m in customs duties which Ireland as a member state of the EU collects on its behalf.
Excise duty on imported alcohol and tobacco products was just over €2 billion, while excise on domestic products was €457m.
Duty on imported hydrocarbons was just over €1.5 billion while €412m was collected on domestic hydrocarbons.
The report also shows that the sugar tax collected €31m while the plastic bag levy collected €4m.
The National Training Fund Levy collected €797m.
Article Source: Over €93 billion in tax generated by Govt in 2021, up 21% on 2020 revenue
– Robert Shortt – RTE