What the latest corporation tax bonanza means for the economy

<p>The Government received an early Christmas gift this week with the latest exchequer data pointing to another surge in corporation tax as well as increases in income tax and VAT.</p><br><p>The figures show total tax receipts for the 11 months to the end of November amounted to €82 billion, which was €4.5 billion (5.8 per cent) more than the same period last year. This puts the Government on course to at least meet or exceed a projected budget surplus of €8.8 billion for 2023 and comes against a backdrop of slowing global growth and tighter financial conditions as a result of the European Central Bank’s interest rate hikes, which had been expected to limit the Government’s tax revenue.</p><br><p>Cliff Taylor explains why November is a key month for tax receipts and why these latest figures will calm jitters. Presented by Bernice Harrison. Produced by Suzanne Brennan.</p><br /><hr><p style='color:grey; font-size:0.75em;'> Hosted on Acast. See <a style='color:grey;' target='_blank' rel='noopener noreferrer' href='https://acast.com/privacy'>acast.com/privacy</a> for more information.</p>