24 Nov 2022

Over €93 billion in tax generated by Govt in 2021, up 21% on 2020 revenue

Filed under: Business News

Total tax revenue collected by the Exchequer in 2021 was €93.3 billion, according to the Central Statistics Office.

This was €15.9 billion more or 21% higher than in 2020.

Today’s figures are contained in a new CSO publication, which is different to the figures published monthly by the Department of Finance.

It includes a wider range of taxes, including the property tax and commercial rates.

Income tax, including USC, was €23 billion which made up 30% of tax receipts.

Corporation tax was €15 billion, accounting for 16% of taxes.

The amount of corporation tax collected has almost doubled since 2017 when it was €8 billion.

This year, official forecasts are for corporation tax to come to over €21 billion.

VAT receipts came in at €17 billion, accounting for 18% of taxes, while excise duties were €6 billion.

VAT increased by 30% compared to 2020, but during that year commercial activity was affected by Covid-19 restrictions and VAT returns actually fell by 16%.

PRSI receipts were €12 billion in 2021, up 12% on 2020.

The release also shows that local authorities collected €1.5 billion, most of which was commercial rates.

There was €735m paid in taxes to the rest of the world, the bulk of which was just over €500m in customs duties which Ireland as a member state of the EU collects on its behalf.

Excise duty on imported alcohol and tobacco products was just over €2 billion, while excise on domestic products was €457m.

Duty on imported hydrocarbons was just over €1.5 billion while €412m was collected on domestic hydrocarbons.

The report also shows that the sugar tax collected €31m while the plastic bag levy collected €4m.

The National Training Fund Levy collected €797m.

Article Source: Over €93 billion in tax generated by Govt in 2021, up 21% on 2020 revenue
– Robert Shortt – RTE

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