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20 Irish Companies Pay Almost Half Of All Corporate Tax

by Jason Gorringe,, London

06 April 2018

45 percent of Ireland's corporate tax take in 2017 came from 20 multinational groups, Ireland's Finance Minister has said.

Paschal Donohoe was asked to provide Parliament with information on the gross amount of corporation tax paid in 2017 by the top-10 and by top-20 multinational groups, respectively.

Donohoe said that he had been advised by Revenue that the 10 largest multinationals paid EUR3.4bn (USD3.2bn) in corporate tax in 2017. This represented 37 percent of the total gross corporation tax payments.

The top 20 multinationals paid EUR4.2bn, or 45 percent of the total.

Donohoe explained that these figures are provisional, and that Revenue will publish a detailed analysis of the most recently available corporate tax data in April.

EUR8.2m was collected in corporation tax receipts in 2017. The Government has set a target for 2018 of EUR8.5bn, an increase of almost four percent year-on-year.

The European Union has previously warned policymakers in Ireland that the country is too reliant on corporate tax contributions from a handful of large companies. As such, Ireland would be most affected by the European Commission's proposals to overhaul corporate tax rules in the EU so that multinationals are taxed more according to where they generate their revenues, rather than where they are tax resident. Notably, the Commission's proposal for a common corporate tax base would involve the division of tax revenues from multinational enterprises based on a formulary apportionment approach – for instance, based on their turnover, sales, and employment levels in different member states. Unsurprisingly, Ireland is opposed to the proposal, alongside a number of other states.

TAGS: tax | business | Ireland | corporation tax | multinationals | revenue statistics

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