DAVY VIEW

While October is not a crucial month for the Irish Exchequer, volatility of recent years continued with a near-trebling of corporation tax. This was driven by the first arrival to the Exchequer of back-taxes from Apple following the decision in September by the Court of Justice of the European Union (CJEU). However, non-corporation taxes also grew strongly, with a combined increase of about one-fifth for income tax, value-added tax (VAT), excise and stamp duties. This revenue buoyancy is not being saved however, and public spending continues to be on course to exceed the Budget 2025 projection.