Haul from corporate taxes unexpectedly booms to €6.3bn, dispelling fears over multinationals

The figures have been keenly anticipated because November is when the exchequer collects an outsized share of all its annual revenues from just three major tax sources.

The spotlight has remained on corporation taxes amid concerns the receipts are a sign of the weakness of the Irish economic model, which effectively relies on multinationals funding large amounts of public spending. Photograph: Leah Farrell / © RollingNews.ie

The Government unexpectedly collected a record haul of €6.3bn from corporation tax receipts last month, dispelling concerns about the key tax source, but also starkly illustrating the volatility of the public finances pivoting on the fortunes of a handful of multinationals.

The November exchequer figures also had good news about the rest of the economy, as overall tax revenues collected in what is a key payments month surged by almost 15% from a year earlier to €15.6bn, thanks to income tax receipts. That will go a long way to boosting confidence that the Government's Budget 2024 plans remain on track.