Irish company tax revenues up 59% in yr to end-November on Apple tax

DUBLIN (Reuters) -Irish company tax receipts had been up 59% within the first 11 months of the yr, lifted by a portion of a 14 billion euro Apple (NASDAQ:AAPL) back-tax windfall that has boosted already wholesome revenues, finance ministry knowledge confirmed on Wednesday.

November is by far an important month for firm returns when round 1 / 4 of the yr’s company tax is paid. Eire took in 13.7 billion euros in company tax within the month of November, a rise of 117% on final yr.

“The majority of the rise is because of receipts arising from the Court docket of Justice of the European Union ruling of September 10,” the ministry stated, with out specifying precisely how a lot.

Finance Minister Jack Chambers stated in an announcement that round two-thirds of the income arising from the Apple ruling had been acquired to this point.

Eire is due to attract down the Apple again taxes from an escrow account over a number of months following a ruling in September that its beneficial tax therapy of the iPhone maker had been illegal.

The general tax take within the yr to the tip of November was 20.8% greater than the identical interval final yr, pushed additionally by progress in revenue tax and VAT, the opposite two largest tax varieties. Most self-employed revenue tax returns are paid in November.

Eire expects to financial institution 8 billion euros of the Apple again taxes this yr, pushing its total tax take 20% greater year-on-year, and this yr’s funds surplus to 7.5% of nationwide revenue.