May sees a sharp fall in corporation taxes

When the Apple tax receipts are excluded, corporation taxes are down almost 10% this year

The Department of Finance said a drop in Corporation taxes reflects once-off factors that boosted May 2024 receipts.

Corporation tax receipts saw a marked drop in May, falling by almost a third compared to the same month last year.

The latest Exchequer Returns show that on a cumulative basis, corporation tax receipts to the end of May amounted to €5.7 billion, down 9.4% on the same period last year. The drop again highlights the volatile nature of the tax pillar, dominated by a small number of multinational companies. The Department of Finance said the drop in May reflects once-off factors that boosted May 2024 receipts, distorting the year-on-year comparison.