Tax returns for July will bring comfort for the time being to Paschal Donohoe and his October budget preparations despite Brexit fears, commentators said, as Vat and corporate tax revenues brought in more than was anticipated in the month.

The lifting of a scare over an unexpected shortfall in corporation tax revenues could pave the way for some sort of giveaway budget even as the gloom over a no-deal Brexit outcome deepens, a leading economist has said.

Paschal Donohoe has nothing in his way to set “a generous” tax package in a possible pre-election budget in October despite the finance minister receiving a scare over disappointing corporate tax revenues last month, a leading economist has said.

No rabbits will be pulled next week from the “budget hat” despite the latest exchequer figures suggesting corporation tax revenues were again picking up steam, analysts said.

The Finance Minister has said the exchequer is on course to meet the Government's fiscal targets for this year.

Ireland could attract fewer manufacturing investments in future years from US pharmaceutical giants, according to a leading analyst, as President Donald Trump unveiled a plan to cut the tax levied on US companies to 20%.

Government revenues have survived the fallout of the UK’s referendum to quit the EU but Finance Minister Paschal Donohoe still only has room for small tax cuts in his budget next month.

Finance Minister Paschal Donohoe will be safe from potential EU spending breaches if he sticks to an early summer plan for a package of €1.7bn in tax and spending measures in his first budget next month, according to the Irish Fiscal Advisory Council.

Government revenues have survived the fallout of the UK’s referendum to quit the EU but Finance Minister Paschal Donohoe still only has room for small tax cuts in his budget next month, experts have said.

Finance Minister Paschal Donohoe will be safe from potential EU spending breaches if he sticks to an early summer plan for a package of €1.7bn in tax and spending measures in his first budget next month, according to the Irish Fiscal Advisory Council.

A strengthening of income and corporate tax receipts in May helped narrow the gap between the Government’s tax revenue targets and what it is actually collecting for the first time this year.

The Department of Finance has expressed disappointment at the continuing underperformance of tax revenues, but will be looking to May’s figures — traditionally a big revenue month on all tax fronts — as a better indicator for the full year.

The Government took in €2.74bn in tax revenue in February — €44m ahead of target — despite both corporation and income tax receipts coming up short of expectations.

A leading economist has said the Government needs to explain to the public just how reliant public services are on the taxes paid by large corporations.

Two tax rates — of 20% and 25% — will be applied on so-called vulture funds and other overseas investors which bought distressed property and loans after the financial collapse.

Finance Minister, Michael Noonan has vowed the country will avoid repeating past mistakes and won’t return to a ‘boom and bust’ cycle on the back of its current strong economic recovery.

The Coalition got good news on the double yesterday after leading economists forecast that rock-bottom interest rates are here to stay, while year-end tax figures massively beat expectations.

Budget 2016 has been labelled a missed opportunity for the Government to support entrepreneurs despite general approval for specific changes on capital gains tax (CGT).

The Government remains on course to significantly beat its annual tax target for 2015 with data showing tax revenue in the year to date is almost €1.4bn ahead of forecast.

Revenue has collected €315m in penalties and interest over the past three years as part of a crackdown on non-compliance since the economic downturn.

Revenue is to take on an additional 400 staff by the end of the year as it scales up its regulatory and compliance capabilities and looks to maintain its strong performance over the past number of years.

Latest exchequer returns have raised hopes Ireland may beat its 2.7% of GDP budget deficit target for 2015.

More than three-quarters of businesses across the world think the OECD’s investigation into tax avoidance will be a failure.

The country’s improving economic fortunes are reflected in the latest exchequer returns released yesterday which show tax revenues to the end of November running more than €1.1bn ahead of target.

Glanbia has defended itself against claims it used Luxembourg-based subsidiaries to lower its Irish tax bill, saying it had an effective corporate tax rate of 17% last year on its global earnings, with the majority of payments made to the Irish exchequer.

The national coffers continue to improve as the tax take for the 10 months to the end of October came in well ahead of the same period last year and also 3.5% above forecast. 

The latest Exchequer figures show that the Government can deliver a neutral budget in two weeks and meet the 3% fiscal deficit target agreed with the Troika.

It is a measure of how far the economy has progressed in the last 12 months that most people now expect to be better off after next month’s budget.

A higher year-on-year tax take over the first seven months of the year has resulted in the Exchequer deficit standing at nearly €800m better than the level forecast in last October’s Budget. This strengthens the chances of a significantly more friendly adjustment in two months’ time.

The budget deficit contracted to €3.5bn at the end of May compared to a €5.3bn deficit for the same period last year.

The silicone docklands look to have dodged EU efforts to tax the digital economy as the expert group on taxation ditched the idea of taxing companies’ profits based on where their products are consumed.

The latest exchequer figures will provide a huge boost to the Government’s efforts to make a successful exit from the EU/IMF bailout programme later this month.

The removal of a hugely controversial piece of tax legislation was outlined in the latest Finance Bill.

The Government has slapped a levy on the banking sector aimed at raising €150m each year.

Tax revenues came in marginally ahead of expectations while spending was lower than forecast, leaving a deficit of €7.1bn, according to exchequer returns to the end of September.

Exchequer figures remain on target even though the cost of servicing the national debt ballooned by more than 13% as the cost of paying IBRC bonds resulted in a €600m bill.

The exchequer deficit fell by 30% year-by-year during the first half of 2013, with tax revenues 1% ahead of Government expectations, latest Department of Finance figures show.

Apple’s ability to shelter billions of dollars of income from tax has hinged on an unusual loophole in the Irish tax code that helps the country compete with other countries for investment and jobs.

The exchequer deficit fell by over 13% — to just under €3.7bn — on an annualised basis, in the first three months of the year, despite the Government narrowly missing its quarterly revenue targets for headline categories such as income tax and Vat.

The Government’s tax take at the end of February was down €77m on the year, mainly because of one-off factors.

There was a further deterioration in tax returns in November, particularly income tax, which could increase the pressure on the Government to meet its 2013 budget targets.

Working households could be paying an average of an extra €3,000 in taxes and charges following next month’s budget.

The Government’s tax take was down significantly in October, although it was ahead of schedule for the first 10 months of the year.