Eoin Burke-Kennedy: Rocketing budget surplus exerts pressure on Government to share the wealth.
As Minister for Finance Michael McGrath said at the launch of the Government’s latest Stability Programme Update yesterday, the public finances are in “a sweet spot”.
However, the department’s windfall estimate was upped €10 billion late last year on the back of a surge in receipts. In the SPU, the windfall element was put at €12 billion. The extraordinary surge in business tax receipts is barely understood.It’s probably a reflection of increased multinational profitability and the exhaustion of various capital allowances, which result in more taxes being paid. Between 2015 and 2021, Ireland’s corporate tax base grew by about 125 per cent, from €6.
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