August sees €1bn drop in Corporation Tax receipts

Sharp drop highlights volatile nature of the tax, the majority of which is paid by just a small number of companies

Minister for Finance, Michael McGrath: "Serves as a timely reminder of the underlying vulnerabilities that still remain in our public finances." Picture: Sam Boal/RollingNews.ie

There was a sharp drop in the amount of corporation taxes collected in August highlighting the volatile nature of the receipts and giving concern just over a month before the delivery of Budget 2024.

Publishing Exchequer figures for August, the Department of Finance corporation tax receipts declined sharply, dropping to €1.8bn around €1bn lower than in the same month last year.