News
€110 billion collected in taxes in 2022, up 17% on 2021 – CSO
The Exchequer collected €110 billion in 2022 in taxes and PRSI, according to figures from the Central Statistics Office published today.
This is an increase of €16.3 billion or 17% on the total tax revenue figure in 2021.
Included in this figure was what the CSO described as an “unprecedented” 48% increase in corporation tax to €23 billion.
The CSO notes that in the last three years corporation tax receipts have almost doubled from €12 billion in 2020.
Elaine O’Sullivan, Statistician in the Government Accounts Division, said: “General government taxes have increased significantly and in 2022 are double the levels seen ten years ago. Much of this growth has been in more recent years.”
Income tax and PRSI taken together were up 14% to €51 billion, while VAT was up 16% to €19 billion.
PRSI contributions, including both from employees, employers and the self-employed, rose by 19% to €14 billion in 2022.
The CSO notes that PRSI has been rising steadily with the exception of the years 2008 and 2009 during the financial crisis and in 2020, due to the Covid-19 pandemic.
The concentration of corporation tax amongst a small number of multinationals is well known.
In its analysis, the CSO says over 93% of companies paid less than €100,000 in corporation tax in 2021. This delivered 6% of total corporation tax.
However, less than 1% of companies paid more than 85% of the tax collected in amounts of €1m and more.
29% of corporation tax is paid by companies in industry, excluding construction, while the next largest group making up 22% of the tax collected are in the ICT sector.
The CSO records that €157m was paid by private households for TV licences in 2022, a fall of 11% from 2021. The TV licence is classified as a tax by the CSO.
Article Source – €110 billion collected in taxes in 2022, up 17% on 2021 – CSO – RTE
Back to Uncategorised
