Ibec, the group that represents Irish business, welcomed the exchequer returns announced today showing corporation tax 5.5% ahead of target in the first 11 months of the year, as further evidence that the substance of the Irish business model continues to directly benefit households.
Ibec Head of Tax and Fiscal Policy Gerard Brady said: “The figures released today show that corporation tax receipts are now on a run-rate to beat €8 billion this year. Corporate taxation is one of many revenue streams the State receives from business and now makes up almost one in every six euro the Government has to spend.
“Ireland has been one of the major beneficiaries of global tax reform over recent years as profit more closely aligns with substance. Corporation tax revenue has now doubled since 2014 with receipts now almost equivalent to the total education Budget of the State.”