30% jump in corporation taxes help erase first quarter drop

Increases in Vat and income tax take

Minister for Finance Michael McGrath issued a caution on corporation taxes and their 'significant volatility'

Corporation tax receipts jumped by almost 30% in May helping erase the sharp drop recorded in the first quarter but further highlighting the volatile nature of the receipts.

The Department of Finance reported overall tax receipts of €10.4bn in May, a 15.9 per cent jump on last year, with particular growth reported across VAT and corporation taxes drawn largely from just a handful of key multinationals.