Ireland records $750m in tax revenue amid Brexit windfall reports The emerald isle has significantly benefited from Brexit, recording over €700m ($750) in tax revenues. With its long-standing reputation as a thriving hub for global tech and digital companies, including...
This story originally appeared on Due
The emerald isle has significantly benefited from Brexit, recording over €700m ($750) in tax revenues.
With its long-standing reputation as a thriving hub for global tech and digital companies, including Alphabet, Google’s parent company, Ireland has been well-positioned to capitalize on the economic opportunities presented by Brexit.
Ireland is a significant exporter of goods to the European market, but its trade dynamics have undergone a significant shift due to Brexit.
With the United Kingdom’s departure from the European Union, Ireland has emerged as a central checkpoint for nationally provided goods and those from the United States, a shift that has directly contributed to the substantial increase in tax revenue.
Ireland becomes a post-Brexit bastion.
The duties imposed by Ireland on goods such as clothing, tech, and food have soared since the British people voted to say farewell to the European Union.
Previously, this economic revenue stream was non-existent as Ireland and Britain were part of the single market and customs union. So, no significant charges or checkpoints were in place that would drive tax revenue for Ireland.
The Irish Revenue Commissioners report published last week said, “Prior to the United Kingdom’s departure from the EU, a significant proportion of goods destined for Ireland came via distribution centers in the UK and would have received customs clearance for release into free circulation there. The UK would have collected the customs duties on behalf of the EU. As the UK is no longer part of the EU, Ireland is now required to clear and collect the customs duties on these goods on the EU’s behalf.”
The report continued, “The level of customs duties has effectively doubled in recent years compared to the previous decade, reflecting the transformation of Great Britain into a Third Country in 2021.”
Customs on Britain contributed 45% of the tax revenue generated by Ireland, totaling $282 million. Surprisingly, China is the top country of origin for items inbound to Ireland, but these are small goods. Meanwhile, the bond between Ireland and the United States holds strong.
The US accounts for the biggest and most expensive items that hit Ireland’s shores. Still, the value of imports has decreased slightly year-on-year since 2022 by a slight dip of 3%, while the customs tariffs have remained the same.
Image: Ideogram.
The post Ireland records $750m in tax revenue amid Brexit windfall reports appeared first on Due.
