€2.3bn extra in corporate taxes boost Coalition re-election bid

Corporate taxes contributed about 15% of all tax revenues the State raises, Finance Minister Michael Noonan said yesterday, but there was no disguising the extent to which the billions of euro in extra company tax unexpectedly pouring into the exchequer has boosted the chances of the Coalition parties at the looming election.

Overall, the State collected €45.6bn in taxes in 2015 at a time when the economy at last performed to its strengths and posted growth of over 7% — among the fastest of any advanced economy in the world.

Add in other non-tax revenues, including Central Bank income, and the State saw €60.1bn in revenues coming its way, the year-end exchequer returns showed.