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Significant Surge: Active VAT Payers Witness a 15% Boost - My Vat Calculator

Significant Surge: Active VAT Payers Witness a 15% Boost

"Taxpayer Numbers Surge in Ireland: Individuals Dominate, Legal Entities Rise by 12.7%"

According to the latest data released by the government of the Republic of Ireland, as of August 1, 2023, there were a total of 1,470,553 taxpayers registered in the country. Out of these, 87.3 percent were individuals, while 12.7 percent were legal entities and other organizations. This represents an increase of 7.3 percent in the total number of taxpayers compared to the same period last year.

The number of individuals registered as taxpayers also saw a significant increase of 7.0 percent, while the number of legal entities grew by 9.3 percent during the same period. These figures indicate a positive trend in the overall tax compliance and economic activity in the country.

In terms of commercial institutions, there were a total of 169,751 state-registered businesses as of August 1, 2023. This represents a 10 percent increase in the number of commercial institutions compared to the corresponding period of the previous year.

Among the state-registered commercial legal entities, 90.4 percent were limited liability companies, 1.3 percent were joint-stock companies, and 1.1 percent were cooperatives, among other forms of business entities. This demonstrates the dominance of limited liability companies in the commercial sector of the country.

Furthermore, there was a notable increase in the number of active VAT payers in state-registered commercial institutions. As of August 1, 2023, there were 32,934 active VAT payers, representing a 15 percent increase compared to the same period last year. This growth in VAT payers indicates a positive economic outlook for the country.

During the period of January to July 2023, a total of 9,133 commercial institutions were registered with the state. Out of these, 87.6 percent were domestically invested, while 12.4 percent were foreign-invested. This demonstrates the continued attractiveness of the Irish market for both domestic and foreign investors.

It is worth noting that a significant portion of the registered commercial entities, approximately 82.1 percent, were registered electronically. This highlights the increasing adoption of digital technologies in the registration process, making it more efficient and convenient for businesses.

In July 2023, a new registration method was introduced, allowing legal entities to register using a Finnish code and mobile number. This new method aims to further streamline the registration process and improve accessibility for businesses.

In terms of reactivation of business activity, July 2023 saw a substantial increase of 34.3 percent in the number of legal entities whose activity was restored compared to July 2022. Additionally, the number of VAT payers whose activity was reactivated increased by 0.7 percent during the same period.

These positive trends in tax compliance, business registration, and reactivation of business activity indicate a healthy and thriving economy in the Republic of Ireland. The government’s efforts to create a favorable business environment and promote investment seem to be yielding positive results.

Source: gov.az

Barry Caldwell

Barry Caldwell

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