Corporation tax windfall is equivalent to €5,000 for every man, woman and child in the State via IrishTimesBiz
The iPhone maker is one of a few companies with a fiscal year ending in September and under Irish tax rules corporate payments for a company with a fiscal year ending in September are due in March and August.
Between 2009 and end-2014, corporate tax receipts remained in a narrow range between €3.9 billion and €4.6 billion, averaging €4.1 billion for the six-year period. Since then, receipts have skyrocketed. The total this year will be close to six times the pre-2014 average. If ever there was a golden goose at the heart of the economy, it’s corporate tax.
Increased multinational profitability is certainly part of the equation. Between 2015 and 2021, Ireland’s corporate tax base grew by about 125 per cent, from €6.87 billion to €15.3 billion. Over the same period, the pretax profits of 33 large US multinationals with operations in Ireland grew by the same amount .
We’ve been talking about a corporate tax windfall for eight years but it’s only now the Government is coming up with a sensible plan for what to do with the excess. Up until now, the Government has been content to place some of the excess receipts in a rainy-day fund . But this has been criticised as ad hoc and unstrategic.
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