Corporate profits surge nearly 20% driving huge tax haul 

The Government is projecting to take in €24.3bn in corporation tax this year and €25.1bn next year.

Gross corporate profits in 2022 - which includes both Irish-owned and foreign-owned entities - came to €297.5bn, an 18.6% increase compared to 2021

Corporate profits surged by nearly 20% during 2022 driven by large increases in sectors dominated by multinational companies such as industry and technology, new figures from the Central Statistics Office (CSO) show.

The increasing profits being made by companies based in Ireland is leading to the boom in corporation tax receipts which is expected to continue into the near future. The Government is now expecting to run surpluses over the coming years based largely on the tax take from these corporations.