Day of reckoning awaits SMEs on warehoused tax debt

State still carrying exposure to small number of multinationals, according to department

An empty Grafton Street, Dublin, in April 2020, the first full month of pandemic lockdown. Irish tax revenues held up surprisingly well last year, despite more than 700,000 being classified as unemployed in April 2020.  Photograph: Dara Mac Dónaill

An empty Grafton Street, Dublin, in April 2020, the first full month of pandemic lockdown. Irish tax revenues held up surprisingly well last year, despite more than 700,000 being classified as unemployed in April 2020. Photograph: Dara Mac Dónaill

First the positive news: Irish tax revenues held up surprisingly well last year despite the pandemic closing down most of the economy for large periods of time.

This was confirmed in the Department of Finance’s annual taxation report yesterday, which showed that income tax revenues declined by just 1 per cent last year to €22.7 billion. Overall, tax revenues fell by just 3.6 per cent in 2020.

The Irish Times
Please subscribe or sign in to continue reading.
The Irish Times

How can I keep reading?

You’ve reached an article that is only available to Irish Times subscribers.

Subscribe today and get the full picture for just €1 for the first month.

Subscribe No obligation, cancel any time.