Corporate tax generated a record €21.1 billion for the first 11 months of the year, which is €7.6 billion ahead of the same period last year. via IrishTimesBiz
The department has linked the windfall to increased corporate profitability, rather than the on-shoring of intellectual property assets as some have maintained.
The department also cautioned that “some of these receipts are expected to be once-off in nature and will not reoccur next year”. Responding to the latest figures, the Irish Fiscal Advisory Council warned the over-reliance on the potential for corporation tax windfalls each year “needs to be unwound”.
The Government has been repeatedly warned that with just 10 large multinationals, including Apple, Google and Microsoft, providing more than 50 per cent of receipts, corporate tax poses a serious concentration risk for the public finances. More than three-quarters of receipts last year came from foreign-owned enterprises or multinationals.
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