2022 saw a record amount of taxes collected in Ireland. Luckily, this also means an increase in tax returns to aid those struggling with Ireland’s current financial state. The following articles contain all you need to know about the changes to taxes in Ireland.
Exchequer collected record €83bn in tax last year
A record amount of €83.1 billion in tax was collected by the Exchequer in 2022. These are the figures according to the Department of Finance. The record amount is largely due to an increase in corporation tax paid. These figures reflect a recovery of the Irish economy as a result of lifting COVID restrictions. Surprisingly, VAT receipts remain strong but it is unclear if they will remain strong with growing pressures in 2023.
370,000 tax returns processed for PAYE taxpayers so far
More than 370, 000 tax returns have been processed for PAYE taxpayers, according to data from Revenue. This is a significant improvement from 2022. It is believed that three quarters of these returns are the result of overpayment of tax. Approximately €193m is to be refunded to taxpayers. Preliminary end of year statements, providing a provisional tax position, are now available for all PAYE taxpayers.
Rent tax credit adds to volume of calls to Revenue
Revenue has seen a marked increase in calls related to the new rent tax credit. This measure allows tenants paying rent on private rental accommodation to claim a €500 rent tax credit. An estimated 400,000 are eligible for this credit, but have yet to claim it. Revenue has increased its staff to deal with this increase of service requirements. Taxpayers looking to take advantage of this credit are advised to contact Revenue through MyEnquiries, via Revenue’s MyAccount portal.
For guidance and advice in navigating personal and commercial taxes, reach out to Mark Kennedy & Co.