Last month broke the record for the biggest tax take ever by the Exchequer, the Public Accounts Committee has heard today.
The chief of the Revenue Commissioners revealed that the Government raked in €13 billion in November, "the largest month on record".
Niall Cody, Revenue Chairman, noted that corporation tax has "increased massively" in recent years, and accounted for €5.5 billion of last month's record receipts.
That brings total corporation tax receipts to €21 billion for the year to date, he said, and it could hit €23 billion by the end of the month.
Total tax receipts are at €77 billion for first 11 months of 2022, he added, and will rise to "at least €82 billion".
Mr Cody recently completed his seven year term at the helm of the organisation, but has agreed to stay on for another three years.
Revenue has recouped €107m in Employee Wage Subsidy Scheme (EWSS) payments, he told the committee today.
Now there is "nothing outstanding", with all overpayments having either been recouped or warehoused, he said.
"By and large we haven't imposed penalties" for failure to repay, Mr Cody added, noting that repayment was required in under 5% of cases.
He also revealed that he shares the concerns of the Central Bank over the massive levels of debt which was warehoused during the Covid-19 pandemic.
The Central Bank has warned against any tax write-offs for viable firms.
Having got tax debts down to "under a billion" before the pandemic struck, Mr Cody recounted that the figures have surged in the past few years.
Tax debt available for collection amounts to €1.4 billion, with €2.5 billion "in the warehouse" and €1.5 billion under appeal.
"We have never had a debt warehouse before in 100 years of the State", he said, and acknowledged that "some businesses will not be in a position to pay all of it".
