Corporate tax take creating ‘artificially positive picture’ of public finances – Donohoe

The Department of Finance said the increase related to profits in a small number of companies in the multinational sector, “which are unlikely to be repeated next year”.

Mr Donohoe said that the strength of potentially volatile corporate tax receipts continued to provide an artificially positive picture of the public finances. “As I have warned on many occasions, while these receipts are welcome, it is imperative that Government does not build up permanent fiscal commitments on the basis of revenues that may prove transitory,” Mr Donohoe said.

The latest exchequer returns show the Government collected almost €64 billion in taxes overall in the 10 months to the end of October, which was up €13 billion or 25 per cent on an annual basis.

Source: News Formal (newsformal.com)

IrishTimes Problem is any government decides that 1/3 of Corp tax should be used to pay down debt & not included in the budget will be hammered by opposition & public for not spending it on services, housing ect.

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