Perhaps most importantly, the latest events underline Ireland’s vulnerability and its financial reliance on a small number of very big companies
Corporation tax receipts have now fallen below 2022 levels for three months in a row. Does this represent a trend? And if so, how significant is it?
Nonetheless, there are reasons to believe that corporation tax this year may come in below target for the first time in many years. What is less clear is whether this represents just a fall-back from an extraordinary performance in 2022, or the start of a weaker trend. The answer to this question will be very important for the outlook for the public finances.
The latest events do underline Ireland’s vulnerability and its financial reliance on a small number of very big companies. The decisions to put aside some of the excess revenues in recent years, and now to create two new funds for this purpose, have been both important and welcome. So too is the fact that the State enters this period with a significant budget surplus and considerable cash in hand.
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