{"id":613708,"date":"2026-09-04T01:22:11","date_gmt":"2026-09-04T01:22:11","guid":{"rendered":"https:\/\/www.newsbeep.com\/ie\/613708\/"},"modified":"2026-09-04T01:22:11","modified_gmt":"2026-09-04T01:22:11","slug":"corporation-tax-up-33-last-month-as-fiscal-watchdog-warns-of-increased-spending","status":"publish","type":"post","link":"https:\/\/www.newsbeep.com\/ie\/613708\/","title":{"rendered":"Corporation tax up 33% last month as fiscal watchdog warns of increased spending"},"content":{"rendered":"<p>CORPORATION TAX RECEIPTS of \u20ac2.8 billion were collected in August, a 33% jump on the same month last year.<\/p>\n<p>The latest exchequer returns, published by the Department of Finance, show that corporate taxes are up 8.3% on last year to \u20ac17.8 billion.\u00a0<\/p>\n<p>This is partly down to a new 15% rate of tax for multinationals with a turnover of more than \u20ac750 million. This resulted in an additional \u20ac1.2 billion in corporation tax payments to the end of August.\u00a0\u00a0<\/p>\n<p>Total tax revenues collected so far this year amount to \u20ac66.3 billion, up by \u20ac3.9 billion on last year.<\/p>\n<p>Income tax receipts amounted to \u20ac25 billion, up by \u20ac1.8 billion, while VAT receipts increased by \u20ac1.1 billion to \u20ac16.3 billion.\u00a0<\/p>\n<p>Total government spending to end of August totalled \u20ac83.6 billion.<\/p>\n<p>An Exchequer deficit of \u20ac1.8 billion was recorded to end-August. At the same time last year, the government recorded a surplus of \u20ac3.2 billion.<\/p>\n<p>Reacting to the figures, the Irish Fiscal Advisory Council (Ifac) pointed to a \u201cpattern of overspends\u201d, saying the government \u201ccontinues to rely heavily on risky corporation taxes\u201d.\u00a0<\/p>\n<p lang=\"en\" dir=\"ltr\" xml:lang=\"en\">3\/4 Corporation tax receipts rose further in August \u2014 a key month for multinational payments. Revenues look set to exceed forecasts for 2026. <a href=\"https:\/\/t.co\/IZk7wLumSM\" rel=\"nofollow\">pic.twitter.com\/IZk7wLumSM<\/a><\/p>\n<p>\u2014 Irish Fiscal Advisory Council (@fiscalcouncil) <a href=\"https:\/\/x.com\/fiscalcouncil\/status\/2095540709474361825?ref_src=twsrc%5Etfw\" rel=\"nofollow\">September 3, 2026<\/a> <\/p>\n<p>\u201cAugust\u2019s update shows taxes growing strongly. But spending is also rising faster than planned, and Department of Health overruns are mounting,\u201d the fiscal watchdog said.\u00a0<\/p>\n<p>In its now-annual pre-budget warning last month, Ifac\u00a0said Ireland would be better off creating its own fiscal rules to rein in spending instead of relying on the EU\u2019s framework.<\/p>\n<p>It said the EU rules \u2013 which use GDP to determine spending, debt and deficit limits \u2013 are \u201cnot appropriate\u201d for Ireland because of the country\u2019s heavy reliance on risky corporate tax receipts.<\/p>\n<p>Essentially, assessing the health of the public finances using GDP does not make sense because so much revenue comes from a small number of multinational corporations, which gives a skewed picture of the \u201creal\u201d economy.<\/p>\n<p>T\u00e1naiste and Minister for Finance Simon Harris said the focus on Budget 2027 is \u201cgetting the balance right\u201d.\u00a0<\/p>\n<p>\u201cThis Government will deliver a Budget that makes work pay, supports business and continues to invest in our public services and infrastructure,\u201d he said.<\/p>\n<p>\u201cAt the same time, we will ensure that Budget 2027 keeps our public finances on a sustainable path by continuing to build fiscal buffers and investing in the Future Ireland Fund.\u201d<\/p>\n<p>                <script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n","protected":false},"excerpt":{"rendered":"CORPORATION TAX RECEIPTS of \u20ac2.8 billion were collected in August, a 33% jump on the same month last&hellip;\n","protected":false},"author":2,"featured_media":613709,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[5],"tags":[166626,72,24463,185599,61,60,207821,5066,144939],"class_list":["post-613708","post","type-post","status-publish","format-standard","has-post-thumbnail","category-business","tag-budget-2027","tag-business","tag-corporation-tax","tag-exchequer","tag-ie","tag-ireland","tag-money-money-money","tag-tax","tag-tax-receipts"],"_links":{"self":[{"href":"https:\/\/www.newsbeep.com\/ie\/wp-json\/wp\/v2\/posts\/613708","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.newsbeep.com\/ie\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.newsbeep.com\/ie\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/ie\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/ie\/wp-json\/wp\/v2\/comments?post=613708"}],"version-history":[{"count":0,"href":"https:\/\/www.newsbeep.com\/ie\/wp-json\/wp\/v2\/posts\/613708\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/ie\/wp-json\/wp\/v2\/media\/613709"}],"wp:attachment":[{"href":"https:\/\/www.newsbeep.com\/ie\/wp-json\/wp\/v2\/media?parent=613708"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.newsbeep.com\/ie\/wp-json\/wp\/v2\/categories?post=613708"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.newsbeep.com\/ie\/wp-json\/wp\/v2\/tags?post=613708"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}