Contact Us

Record corporation tax take in 2018

The Exchequer is 20% ahead of its target for corporation tax revenues in 2018, having taken a record €9.4 billion so far this year; a figure which could see the government run a budget surplus for the first time in more than a decade.

November’s corporation tax take was a near-record €2.7 billion, recouping €500 million more than anticipated.

It’s an impressive haul when you consider that the corporation tax take for the first 11 months of 2017 was a then-record €8.2 billion.

The unexpected windfall this year is expected to push the government’s finances into the black two years ahead of schedule. The last time this occurred was in 2007 when a budget surplus of €570 million was yielded, followed by a €13 billion deficit in 2008 due to the global recession.

Corporation tax receipts in Ireland have doubled in the last three years thanks largely to a significant transfer of multinational assets to Irish shores following a crackdown on global tax avoidance and improved corporate profitability as a whole.

The finance ministry also attributed the increase in corporation tax revenues to technical amendments in global accounting rules relating to the allocation and timing of corporation tax receipts.

A spokesperson for the Department of Finance said: “November is the largest corporation tax collection month of the year and receipts were once again very strong, reflecting, in part, higher levels of corporate profitability in the economy.”

It should also be said that the strict financial penalties enforced by the Revenue is encouraging limited companies throughout Ireland to keep up with their corporation tax liabilities.

Penalties for late filing, as well as interest charged on overdue tax are acting as effective deterrents.

If you’re unsure whether you’re liable for corporation tax, or how to calculate how much corporation tax is payable based on your company’s profits, your local TaxAssist Accountant can help.

They can assist with the preparation of company accounts, tax returns and tax computations to ensure you only pay the corporation tax you owe and not a cent more.

To arrange a free initial consultation with your nearest TaxAssist Accountant, call us today on 01 9060400 or drop us a line using our online enquiry form.

Date published 17 Dec 2018 | Last updated 2 May 2024

Choose the right accounting firm for you

Running your own business can be challenging so why not let TaxAssist Accountants manage your tax, accounting, bookkeeping and payroll needs? If you are not receiving the service you deserve from your accountant, then perhaps it’s time to make the switch?

Local business focus icon

Local business focus

We specialise in supporting independent businesses and work with 6,246 clients. Each TaxAssist Accountant runs their own business, and are passionate about supporting you.

Come and meet us icon

Come and meet us

We enjoy talking to business owners and self-employed professionals who are looking to get the most out of their accountant. You can visit us at any of our 23 locations, meet with us online through video call software, or talk to us by telephone.

Switching is simple icon

Switching is simple

Changing accountants is easier than you might think. There are no tax implications and you can switch at any time in the year and our team will guide you through the process for a smooth transition.

See how TaxAssist Accountants can help you with a free consultation

01 9060400

Or contact us