DUBLIN: According to figures published the Irish Department of Finance, income tax receipts, the largest revenue stream for the state at just under 40%, will amount to €21,45bn, an increase on last year of 7%.
The “Big Four” taxes of income, VAT, corporation and excise duties, are to account for 90% of projected receipts.
VAT receipts will increase by 6% to a projected total of €14bn, while corporation tax will bring in €8.5bn an increase of 4%.
However, excise duties receipt are expected to decline by 2%, and will bring in €5.8bn in 2018, which according to the department, is due to the frontloading of excise duty on tobacco because of the introduction of plain packaging in September 2017.
The other change highlighted by the finance department was that of property tax, worth a projected €470m in 2018, will no longer be paid to the exchequer but rather directed to the local government fund (LGF).
Meanwhile, motor tax which previously had been paid to the LGF will now be paid directly to the exchequer – it will be worth a projected €985m in 2018.
It was announced in December that Apple is to finally pay Ireland the €13bn it owes in back taxes, more than a year after the company was initially ordered to by the European Commission.
