According to the most recent Exchequer returns, a record €5 billion in corporation tax was collected in November, making it the largest monthly total ever.
The Exchequer has already surpassed the Budget Day target of €21 billion in corporation tax for the entire year thanks to the tax collection, which is supported by a flourishing multinational sector.
Additionally, it represents a 56 percent increase in corporation tax revenue over the same period in 2021.
Through the end of November, tax collections totaled just over €77.5 billion.
That is an increase of €15.2 billion, or 24.5%, from the first 11 months of 2021. Additionally, it is €8.1 billion (11.7%) more than what was anticipated in the Budget 2022.
With income tax taking reaching €28.26 billion during the period, all significant tax categories were performing better than anticipated.
That is 4.2% above the target and 15.6% higher than the prior year.
VAT revenue reached €18.5 billion, up 22.1% from the previous year and 5.5% more than forecast.
However, the tax taken from Excise Duties fell below €5 billion, down 5.2% year-on-year and 2.4% behind expectations.
The Department of Finance said the fall reflected measures introduced by the Government to counter the rising cost of living.
It also said the end-of-year surplus would also be impacted as December is the largest month for Government expenditure, and its fiscal accounts do not yet fully reflect its most recent cost of living measures.
The Exchequer had a surplus of €12.1 billion at the end of November as compared to a deficit of €1.5 billion during the same period last year.
That occurred as spending decreased by €4.1 billion year over year, largely as a result of the termination of Covid-19 support.
The Exchequer figures were released at the same time as CSO data that showed the economy expanded by 2.3% over the three months ending in September.
When the effects of multinational corporations are taken out, the domestic economy contracts by 1.1%.