DUBLIN, Jan 4 (Reuters) - Ireland recorded a budget surplus of around 2% of gross national income in 2022, one of the few expected across the European Union last year and far in excess of the 0.4% projected three months ago, the finance ministry said on Wednesday.
The 5.2-billion-euro surplus represented a turnaround from a deficit of 7 billion euros or 3% of gross national income in 2021, reflecting a fall in spending related to COVID-19 as the pandemic has receded, as well as strong tax revenue growth.
Advertisement · Scroll to continueReport an ad
VAT and income tax grew by 21% and 15% year-on-year. Corporate tax receipts, mostly paid by a small number of large foreign-owned multinationals whose European headquarters are in Ireland, jumped by 48% to a record 22.6 billion euros.
The annual corporate tax take stood at just 4 billion euros a decade ago, and the finance ministry raised its estimate for the amount of corporate receipts that may not be repeated in the future to 10.5 billion euros from 9 billion euros in September.
Futures muted as Fed minutes confirm more tightening ahead
Putin tells Erdogan: Ukraine must accept loss of territories for there to be dialogue
China has a 10,000 euro cost advantage in small EVs, auto supplier says
Morning bid: Rate cut talk, already!
Juve and Milan look to close gap as Napoli stumble in Serie A
The government said last year that it plans to set aside 6 billion euros of those receipts in a reserve fund by the end of 2023.