What the latest corporation tax bonanza means for the economy

The Government received an early Christmas gift this week with the latest exchequer data pointing to another surge in corporation tax as well as increases in income tax and VAT.The figures show total tax receipts for the 11 months to the end of November amounted to €82 billion, which was €4.5 billion (5.8 per cent) more than the same period last year. This puts the Government on course to at least meet or exceed a projected budget surplus of €8.8 billion for 2023 and comes against a backdrop of slowing global growth and tighter financial conditions as a result of the European Central Bank’s interest rate hikes, which had been expected to limit the Government’s tax revenue.Cliff Taylor explains why November is a key month for tax receipts and why these latest figures will calm jitters. Presented by Bernice Harrison. Produced by Suzanne Brennan. Hosted on Acast. See acast.com/privacy for more information.