With the corporate tax rate increasing to 15 per cent next year, there is a real risk of overheating the economy if the extra revenue is spent domestically
In the early 1970s, Norway first began to develop its enormous oil and gas resources, creating a state-owned industry that would deliver the benefits directly to the Norwegian people. Almost immediately, the Nordic country began to see significant economic surpluses as the oil money rolled in. Yet in the early years, this caused more problems than benefits for the country.
“When Norway first got the oil money, it was a disaster,” Sebastian Barnes, chair of the Irish Fiscal Advisory Council, told the Business Post.
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