Last year’s tax take jumps by 50% compared to 2020 – CSO
Total tax revenue last year was 50% higher than it was in 2020, new data from the Central Statistics Office shows.
€116 billion in taxes and social contributions were collected by the State in 2023, the CSO said, an increase of 5% on a year earlier.
The growth was in large part propelled by corporation tax receipts, which have more than doubled in the four years since 2019 and last year accounted for 21% of the total received.
€24 billion in corporation tax was taken in during the 12 months of last year, up 5% on 2022.
Income tax reached €33 billion and made up nearly a third of the total.
When social contributions were included, the income tax figure climbed to €54 billion, growth of 6% on the previous year.
The VAT take during the period was €20 billionn, also 6% higher, the CSO figures show.
Other taxes for 2023 came to a total of €17 billion, up 3% from the previous year.
There was a 9% rise in PRSI receipts to €15 billion.
Overall, more than half of the total tax take came from direct taxes.
Taxes on products accounted for 26% of the total, including VAT and also excise duties totalling €7 billion.
VAT comprised two thirds of the taxes on products, with excise making up 20%.
Article Source – Last year’s tax take jumps by 50% compared to 2020 – CSO – RTE