About half the State’s annual corporate tax take - €12 billion - is now classified as windfall but how should we spend it
Minister for Finance Jack Chambers and chief economist at the Department of Finance, John McCarthy, at a press conference on the publication of the End Q2 2024 exchequer returns on Wednesday. Photo: Sam Boal/Collins Photos
That means we’re accruing €12 billion in business tax receipts that are effectively divorced from the underlying performance of the Irish economy and which could, just as easily as they arrived, disappear. How this unexpected windfall is spent could be crucial to the future development of the State. It is also a once-in-a-generation opportunity to make a lasting difference to some of the country’s nagging problems.
But is it enough? The Government’s fund aims to deal with the pensions time bomb looming at the heart of the exchequer here. Norway’s fund, while on a different scale, has been more transformative, making the country one of Europe’s richest. The fund generated an income of $109 billion in the first quarter of this year and owns 1.5 per cent of all globally listed shares. Amassing the entirety of our windfall taxes in a similar way to Norway would create an income-generating pot for generations.
Ireland Latest News, Ireland Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Dublin pharmacist hails €12 solution for hay fever as it's a 'miracle cure'Telfast Allergy Tablets are becoming more and more popular with people who suffer from hay fever and have been described as a 'miracle cure' for symptoms
Read more »
Hottest summer accessories: Earrings, bags, sunglasses and more from €12Golden Hour: These glimmering and eye-catching buys will complete your summer outfit and impress your companions
Read more »
United States shock Pakistan in T20 World Cup Super OverThe United States and Pakistan are in Group A alongside Ireland, India and Canada.
Read more »
General who led coup gets six months pre-trial detentionDetained Bolivian general Juan Jose Zuniga was ordered to six months 'preventive detention' for his role leading a failed coup against the government earlier in the week, a top prosecutor said.
Read more »
Refugees told to leave direct provision after six yearsRefugees fear losing their ‘home’ next week after being told to leave their direct provision centre after nearly six years.
Read more »
River Island is selling super flattering swimsuit and it comes in six coloursIf you're trying to find the perfect swimsuit for summer, it's worth checking out River Island's swimsuit collection - this textured one piece is a winner in our eyes
Read more »