Corporation tax receipts for this year are set to reach at least the same level as 2018 despite an anticipated dip from last year’s € 10.4 billion haul.
Exchequer figures to be published on Wednesday are expected to show that corporation tax is up on the same period for last year.
Last year Minister for Finance Paschal Donohoe said part of a corporation tax overshoot, some €700 million, was a once-off and would not be included in the 2019 projections. However, earlier this year he upgraded the 2019 forecast to €9.9 billion, which is now expected to be surpassed.
The updated projections for 2019 – with November one of the highest yielding months – will be included in the budget white paper to be published this weekend. The no-deal Brexit budget will be unveiled next Tuesday, October 8th.
Budget meetings between Fianna Fáil and Mr Donohoe continued on Tuesday night.
The Cabinet on Tuesday heard warnings from Mr Donohoe, Taoiseach Leo Varadkar and Tánaiste Simon Coveney about the tight budgetary parameters due to a potential no-deal Brexit.
However, Finian McGrath, the Independent Alliance Minister of State, said requests from Independents should be facilitated. The Government must be caring, he said, and there should be no income tax cuts while public services were under pressure.
Fianna Fáil’s Willie O’Dea is demanding €5 welfare increases.