rte.ie

Irish Taxes Surge Amidst Accelerated Government Spending

Ireland experienced a remarkable 61% increase in tax revenue last month compared to October last year, significantly boosted by €3bn in Apple tax payments. Total tax collection for the year has risen by 15%, indicating a robust economy, with income tax up 7% and corporation tax soaring 35%. However, government expenditure is also rising, hitting €67bn, which exceeds previous forecasts. Finance Minister Jack Chambers emphasized the importance of prudent spending of windfall receipts while acknowledging potential geopolitical risks affecting future tax income, particularly from the US elections.

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