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Tuesday, May 21, 2024

Ireland beats expectations

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Ireland’s financial performance in March exceeded expectations, according to Davy’s Chief Economist, Conall MacCoille. Tax receipts rose by 15% to 19.7 billion Euro, with corporation taxes soaring 71%. Income taxes also indicated job growth, increasing 8% to 7.4 billion Euro, while consumer spending was strong, with value-added taxes growing 16% to 6.8 billion Euro.

The real show-stopper, though, was corporation taxes, which rocketed 71% in the first three months of 2023 to 3.2 billion Euro. This impressive performance creates an upside risk to the forecast of a €9 billion surplus in 2023, as the Department of Finance had predicted a ‘windfall’ of 10 billion Euro.

This influx of revenue will cause an increase in the amount of government debt issued, as existing bonds mature and budget surpluses are invested. Despite this, the impressive growth in corporation taxes is a great sign for Ireland’s financial future.

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Eric
Eric
Eric is a talented writer who has worked as a journalist for 8 years now. With a wealth of experience in journalism, he brings a unique perspective to his work. Eric is known for his ability to write about complex topics in a way that is easy for readers to understand. His articles are insightful and thought-provoking, and he always strives to provide balanced coverage of the news. Eric is dedicated to his craft and spends countless hours researching and fact-checking his stories. When he's not writing, Eric enjoys hiking, reading, and spending time with his family.

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