November's corporation tax receipts set a monthly record for Ireland, generating €5bn for the exchequer, despite worries over recent jobs in the tech sector.

This number represents a huge increase, 56%, on the same period last year.

The overall figure now stands at €77bn for the year, already €21bn ahead of the target set out in the budget in September.

Across the board, all taxes performed ahead of expectation, with increases in income tax standing at 15.6% ahead of the last year, registering €28.26bn for the period.

VAT was €18.5bn, 22.1% higher for the year and 4.2% larger than expected. Excise duties fell below €5bn, lagging 2.4% behind projections and 5.2% lower year on year.

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Commenting on the latest figures, Peter Vale, Tax Partner at Grant Thornton Ireland said: "The latest Exchequer figures again show the remarkable resilience of the Irish economy. Despite significant global headwinds, November’s tax returns were strong across the board.

"Despite concern around recent job losses, income tax figures were robust. It is possible that the natural lag before the impact of job losses is felt will see income tax figures slip in coming months. However, the Department will hope that the relatively low number of redundancies will mean income tax receipts remain buoyant.  A year-to-date increase of 16% is impressive.

"In what may surprise many, VAT receipts also remain strong, 19% ahead of the month of November and 22% ahead year to date."

"November is a key month for corporation tax returns and the figures were again stellar, Vale continued. "The November numbers for the most part reflect full calendar year 2022 profit forecasts and are consistent with strong returns earlier in the year.  The figures show the resilience of certain MNCs based in Ireland against global headwinds, in particular those in the technology and pharma sectors."

Mr Vale concluded that "while uncertainty remains the key theme, there will be huge relief in Government circles at the latest Exchequer figures. Tax receipts running €15.2bn ahead of the same period in 2021 is a remarkable performance as we enter the final month of the year.”