Revenue: Rising profitability explains tax surge

Sixteen thousand firms across the country which didn’t pay any corporation tax in 2014 paid €470m in corporation tax last year.

New analysis shows the main factor driving the increased tax receipts during 2015 is likely to have been “increased profitability”, according to Revenue Commissioners chairman Niall Cody.

Last year, net corporation tax receipts of €6.87bn were 49% ahead of receipts received in 2014 and 50% ahead of forecast.