Exchequer tax take up

Almost €6.57 billion in tax was received by the Exchequer in July, up €303m (4.6%) on the same month of last year.

Figures from the Department of Finance show Corporation Tax take continuing to surge, with €333m taken in the month, 43.3% more than in July 2022. Income tax receipts were 8.7% higher year-onyear, at €2.7 billion. Meanwhile €2.93 billion was received in VAT, up 4.9%. It means that almost €47.8 billion has been received by the Exchequer so far this year - up €4.34 billion (10%) on the first seven months of 2022. Corporation tax take is €1.87 billion (20.7%) higher so far this year at almost €10.9 billion.

Income taxes are €1.48 billion (8.8%) higher at €18.22 billion, while €13.2 billion has been received in VAT; up €1.36 billion (11.5%).

However there has been a decline in some other tax categories in the first seven months of the year.

Stamp duties are currently €289m (26.4%) lower year-on-year at €806m. Capital gains tax take is down €105m (21.6%) to €382m, while capital acqui- sitions taxes are down €16m (10.2%) at €141m.

Overall, the Exchequer recorded a €700m surplus in the year to the end of July, compared to a €5 billion surplus in the same period of last year.

Commenting on the figures, the Minister for Finance, Michael McGrath T.D. said: “Today’s Exchequer returns continue the trends established in the first half of the year, with robust income tax returns and steady growth in VAT receipts reflecting the strength of an economy that is now operating at essentially full employment’.

X marked the spot

Elon Musk's X, formerly known as Twitter, is facing a bill from San Francisco authorities after placing an unauthorised flashing X sign on the roof of its headquarters.

The sign was put up on a week ago as part of the company's rebrand, but it attracted 24 complaints over that weekend. It was taken down on Monday and X will be charged the cost of building permits for its installation and removal.

It is not the first obstacle Mr Musk's company has run into as it changes its downtown headquarters.

An attempt to remove the firm's old name had to be temporarily abandoned, meaning for a brief period only the letters ER remained on the building.

Greek PM offers free holidays to tourists as wildfire compensation

Greece will grant a one-week free holiday to tourists whose vacation was cut short by the wildfires which devastated Rhodes recently, Prime Minister Kyriakos Mitsotakis said on Wednesday.

"For all of those whose holidays were cut short as a result of the wildfires, the Greek government, in cooperation with the local authorities, will offer one week of free holidays on Rhodes next spring or next fall," Mitsotakis adding the island was now "back to normal."

A favoured holiday destination, Greece is heavily reliant on tourism, which accounts for a quarter of its GDP. Around 20,000 people were evacuated from Rhodes in recent weeks after wildfires burned through around ten percent of the island's land area.